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audit rules

Business Partnerships & New IRS Audit Rules

We mentioned in a prior post how common pass-through businesses are in the United States. This is particularly true of partnerships. There are traditional partnerships, joint ventures, limited partnerships, limited liability partnerships and LLCs. The manner for taxing and auditing of partnerships has significantly changed. These changes will require partnerships to update their agreements and work together …

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small business and tax

Small Businesses, Tax and the New Laws

Entrepreneurs in Michigan and across the U.S. face difficulties in keeping small businesses running. Challenges include filing of tax returns, and taking advantage of deductions. The 2017 tax laws allow for certain pass-through businesses to take advantage of a 20 percent tax deduction. Unfortunately, determining which businesses can take advantage of the deduction remains unclear. There …

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Tax reform and the self-employed

Tax Reform and the Self-employed

The Tax Cuts and Jobs Act provides incentives for self-employed individuals. This includes sole proprietorships and partnerships. But taking advantage of benefits requires awareness of the availability of deductions one can take. It also means understanding the imposed limits the law places upon taxpayers. This new law provides a 20 percent pass-through deduction. Pass-through taxation means …

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the impact of tax reform

Challenges Regarding the New Tax Law for the Self-employed

Small businesses appear underprepared for changes concerning the new tax overhaul. One survey suggests that the vast majority of business owners have little idea what the Tax Cuts and Jobs Act mean to them. Many business owners complain about a lack of information regarding changes. They feel the government did not prepare them for the new act. …

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intense tax scrutiny to immigrants

Does the IRS Target Immigrant Business Owners for Audits?

Does the IRS target immigrant business owners for audits? The answer should be no, but for foreigners and green card holders there could be more intense scrutiny. While common in states such as Texas and California where many business owners are immigrants, it can also occur in Michigan where an immigrant owns a gas station. …

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tips from IRS for small business

IRS Website Contains Tips for Small Businesses

On behalf of Silver Tax Group posted in Back Taxes on Thursday, November 2, 2017. There are a number of challenges that small business owners from Michigan must face when it comes to paying taxes. This includes writing off business expenses, calculating self-employment taxes, and organizing receipts and paperwork for inclusion with tax returns. The deadlines for filing taxes …

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