Introduction to IRS Tax Brackets The IRS tax brackets form the foundation of the United States’ progressive federal income tax system, which determines the percentage of federal taxes individuals owe based on their income. Tax brackets categorize taxable income levels into ranges, with each range assigned a specific tax rate. These rates increase incrementally as […]
Introduction: Understanding the Role of IRS Tax Attorneys The Internal Revenue Service (IRS) represents one of the most intricate areas of law due to its deep entanglement with federal tax codes and regulations. IRS tax attorneys play an essential role in navigating this complexity, helping individuals and businesses understand, comply with, and maximize the opportunities
IRS Tax Attorneys: Are they good for anything… but looking out for #1? Read More »
Introduction to Subpart F: Historical Context and Purpose When examining Subpart F, we must first understand the historical developments that gave rise to its legislative framework. Introduced as part of the Revenue Act of 1962, Subpart F was established to address the growing concern surrounding the use of foreign corporations as vehicles for deferring U.S.
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Understanding the Role of Tax Auditors When we engage with tax auditors, their role is to meticulously examine financial records to ensure compliance with tax laws and regulations. Their expertise lies in identifying errors, inconsistencies, or discrepancies in financial statements and tax filings that could lead to penalties or legal issues. This process requires a
Introduction: Understanding the Benefits of Filing as an S-Corp When it comes to structuring a business, selecting the right tax classification can significantly impact how much money we keep in our pockets. Filing as an S-Corp is a strategic choice that gives certain business owners unique tax advantages while ensuring compliance with state and federal
How Filing as an S-Corp Can Save You $10,000+ in Taxes Read More »
Understanding the Consequences of Unfiled Taxes When we neglect to file our taxes, it’s not just an administrative oversight—it can result in significant legal and financial repercussions. The IRS enforces strict policies to ensure compliance, and missing filing deadlines can lead to escalating consequences that impact our finances and long-term stability. One immediate consequence of
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Understanding the Consequences of Unfiled Taxes Failing to file taxes can result in serious financial and legal repercussions, affecting not only an individual’s current financial standing but also their future opportunities. The IRS has stringent policies in place to address unfiled taxes, and ignoring these obligations often compounds the problem over time. One of the
Unfiled Taxes? IRS Amnesty & Tax Debt Solutions Explained Read More »
Introduction to IRS Form 1120 and Its Purpose IRS Form 1120, officially titled the “U.S. Corporation Income Tax Return,” is a critical document that C corporations must use to report their income, gains, deductions, and tax liabilities to the Internal Revenue Service (IRS). This form is specifically designed for C corporations, which are business entities
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Understanding Self-Employment Taxes: A Brief Overview Self-employment taxes are mandatory contributions individuals operating as sole proprietors, freelancers, or independent contractors make to fund Social Security and Medicare programs. Unlike traditional employees, self-employed individuals bear the responsibility of paying both the employee and employer portions of these taxes. This combined rate is currently set at 15.3%,
Self-Employment Taxes Explained: Key Deductions to Save Big Read More »
Understanding an IRS Audit for an ERC Claim When we are audited by the IRS regarding an Employee Retention Credit (ERC) claim, it’s important to recognize what the IRS is examining and why. The IRS conducts these audits to verify that the claims meet eligibility requirements, adhere to legal provisions, and involve no miscalculations or
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