You’re a business owner with lots of back taxes – Now what?

The stress of owing the IRS money can be crippling. The IRS can place a lien on your property or even levy your bank account. For whatever reason, you’ve gotten into a tough situation but how do get out? Here are a few options the IRS offers to help. 1. Offer in Compromise (OIC): With an OIC, you offer the … Read More

What’s the difference between the house and senate tax bill so far?

Here’s how the Senate proposal, summarized by the Joint Committee on Taxation, compares with the House version so far on some key areas, as of today. Please note this is not law yet and is to provide awareness of potential planning opportunities:  INDIVIDUAL Income Tax brackets   WHAT’S IN THE SENATE BILL: The Senate would include seven individual brackets with these taxable income thresholds for married … Read More