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Every year, the IRS and State of New Jersey relentlessly pursue back taxes, and often, small business owners find themselves under the agency’s scrutiny. But why do business owners become prime targets for IRS back tax enforcement and State of New Jersey back tax enforcement? Let’s explore the key reasons behind this prioritization. A US … Continued
With the pandemic, many business owners struggled to keep aloat, including paying payroll taxes to the IRS, hoping the day would come when they could catch up but they never could. Not dealing with payroll taxes can result in jail time, fines and penalties and the loss of your business. The IRS has stated this … Continued
Mortgage rates are sitting near historic lows, which means if you sign up for a home loan today, you might spend less money on interest than you normally would. Here’s how to lock in as low a rate as possible on a home loan. Have a high credit score -Your credit score speaks to how reliable … Continued
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It is important that you ask the right questions prior to filing bankruptcy. Below are important questions you should ask when considering whether to file. SHOULD I FILE BANKRUPTCY? Only you can answer this common question. While an attorney can explain the pros and cons of filing a bankruptcy and tell you which way they … Continued
Over 110 million Americans have credit card debt with past due balances. As if Covid19 has not been stressful enough, the weight of this extra debt with either a loss in income or an uncertainty about future income can be overwhelming. While bankruptcy can help with that by potentially wiping it out, here are some … Continued
Forming a New Jersey LLC does not settle questions about ownership, money, and management. Learn what can happen without a clear written operating agreement—and how to protect your business.
The IRS says you failed to report income and now owe additional taxes. But what if the IRS is wrong? Learn why CP2000 notices may contain incorrect adjustments, how to challenge proposed taxes, and what New Jersey taxpayers need to know about critical deadlines.
Accepting more than $10,000 in cash is legal, but your business may have to report the transaction to the IRS. Learn when Form 8300 is required, what happens if you fail to file, and why splitting cash payments can create serious legal problems.
The IRS is urging taxpayers to review their withholding, estimated payments and tax records before filing season. A simple year-end checkup may uncover missing payments, incomplete records or an unexpected tax balance while there is still time to respond.
Unpaid payroll taxes can lead to growing penalties, personal liability and even a criminal investigation. Learn why New Jersey business owners should address the problem now—before it becomes much more serious.
Closed your business years ago but New Jersey keeps sending tax bills? Learn why inactive corporations may still owe taxes, how arbitrary assessments arise, and what business owners can do to challenge incorrect liabilities.
Thinking about closing your New Jersey LLC or corporation? Shutting your doors does not necessarily end your tax obligations. Learn why unpaid taxes, minimum corporation taxes, and filing requirements can continue—and how to avoid costly mistakes when closing your business.
The IRS wants your business records. Do you have to provide everything? Learn your rights, how to respond to an IRS audit document request, and why having an experienced tax audit attorney on your side can make a difference.
Has an IRS revenue officer been assigned to collect your back taxes? Learn what to expect, what rights you have, and how a tax attorney can deal with the IRS on your behalf, challenge collection decisions, and negotiate a resolution based on your financial situation.
Expecting a tax refund, only to discover the IRS kept it to pay old tax debt? The IRS can take your refund even if you have a payment plan or Currently Not Collectible status. Once the money has been properly applied to your debt, you generally cannot get it back. Learn what New Jersey taxpayers need to know and why acting before the IRS takes your refund matters.