by Michael Hogberg EA | Aug 28, 2024 | Federal Tax, Updates
As businesses continue to navigate the financial relief options made available during the COVID-19 pandemic, the IRS has recently issued a new set of warnings regarding incorrect claims for the Employee Retention Credit (ERC). This pandemic-era credit was designed to...
by Michael Hogberg EA | Aug 21, 2024 | Enforcement Updates, Federal Tax, Tax Reminders, Updates
The IRS has reopened its Voluntary Disclosure Program (VDP) for a limited time, giving businesses that made improper Employee Retention Credit (ERC) claims a crucial opportunity to come forward and correct their mistakes. This program, which runs through November 22,...
by Michael Hogberg EA | Aug 14, 2024 | Federal Tax, Updates
Crowdfunding has become an increasingly popular way for individuals and businesses to raise money online for a variety of purposes. Whether it’s to launch a business, cover medical expenses, or fund a creative project, many turn to platforms like GoFundMe,...
by Michael Hogberg EA | Jul 24, 2024 | Enforcement Updates, Updates
A recent indictment in West Virginia serves as a powerful reminder of the serious consequences for business owners who fail to meet their tax obligations. The case highlights the risks of neglecting both employment tax responsibilities and personal tax filings. While...
by Michael Hogberg EA | Jul 17, 2024 | Expert Analysis, Federal Tax, Updates
In the world of entrepreneurship, finding ways to fund a new business venture can be challenging. One strategy some individuals consider is the “Rollover as Business Start-up” (ROBS) arrangement. This method allows prospective business owners to use...
by Michael Hogberg EA | Jul 10, 2024 | Updates
For many taxpayers, particularly those who are self-employed or have significant income not subject to withholding, paying estimated taxes is a crucial aspect of managing their tax obligations. Understanding estimated taxes and how to pay them can help you avoid...