It is never fun to receive a letter from IRS, especially one that says you are being assessed penalties due to filing late, paying your taxes late, or understating income on your tax return!  In many cases taxpayers are fearful of additional consequences so they just pay what is owed, but it is important to […]

In response to the Tax Cuts and Jobs Acts of 2017, there were a number of changes to the disclosure requirements for partnerships and LLCs filing as partnerships – specifically, on the K-1s of Form 1065 returns, some of which became effective for the 2019 tax year. For the current (2020) tax year, however, the […]

If your business was impacted by either a disaster or COVID-19, you may be eligible to receive the Employee Retention Credit (ERC).  It is a refundable credit against payroll taxes that was originally introduced in the CARES Act, expanded by the Consolidated Appropriations Act (CAA) signed into law on December 27, 2020, and broadened even […]