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This week, Peter advises Rob in Dallas – a small business owner – about unpaid payroll taxes. In trying to deal with tightened cash flow, Rob has spent his firm’s payroll taxes in hopes of funds being available when the money was due to the IRS. Now that it is due, he doesn’t have the funds any longer to pay the IRS. Peter talks about this issue in detail. Read More

One of the worst kept secrets leading up to the emergency budget in June was that VAT would rise. The business world had braced itself for the change and the fact that the increase to 20% is not taking effect until 4 January 2011 actually went some way towards boosting business confidence. Unfortunately, the fact that we have some six months to get ready for change has also meant that many businesses are adopting the ostrich mentality. .. Read More

Keith Hall, tax expert for the National Association for the Self-Employed, joined me on Microbusiness Conversations for an informative chat about microbusiness and taxes and, specifically, about those nasty (and stupid) new 1099 reporting requirements that were slipped into the Patient Protection and Affordable Care Act. This is an important conversation, so I hope you take the time to listen.
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This is a follow-up article to on written by the author last week - 4 Tips to Get the Most from your Tax Planning. The focus of this addition is to embrace any complexity that will legitimately add value to your business through tax savings Read More

Good review of new 1099 reporting requirements for businesses. This is likely to add a lot of cost and time to the annual 1099 reporting process Read More

Tax time is never truly over. If you plan ahead, and spend the rest of year staying organized, you will be less stressed when next April comes around. Read More

“There may be liberty and justice for all, but there are tax breaks only for some” (Martin A. Sullivan, Economist). Well, yes, if you know where to find them and apply them correctly. For small business owners, these tax breaks often come in the form of tax deductions. To help you navigate the complex world of business tax deductions, here is some guidance that will help you take the deductions you deserve Read More

What records should your small business keep and how long should you keep them? Simple answer is 7 years. Some categories of records are important to a business and some are not. Some are for internal purposes and some for external (IRS). Let’s take a look at these by category. Read More

Every year the Revenue estimate there are millions of possible tax refunds left unclaimed. As the average refund is in excess of €500 filing a return is worth following up.. Read More