23 10, 2020

Are Expenses Paid With PPP Loan Proceeds Tax Deductible?

2020-10-24T07:56:23-07:00October 23rd, 2020|Tax Resolution Experts|

Business Loans 101 Typically when a person or company borrows money to use for business operating expenses, they are (1) required to pay back the amount borrowed, (2) required to pay interest on the amount borrowed which is tax deductible and (3) allowed to deduct for tax purposes, the proceeds used to purchase goods and services. Now that you know how a business loan works, let’s throw a wrench into the mix.  What happens if the company that borrowed the funds, does not have to pay them back?  This is a question you have probably never thought about until now.  [...]

23 09, 2020

Deal With Your Tax Problem Before it Becomes a Life Problem

2020-09-23T14:06:06-07:00September 23rd, 2020|Tax Resolution Experts|

Who will be affected? Some taxpayers had tax problems long before COVID-19 hit earlier this year.  Maybe they addressed their tax problems.  More likely, they buried their head in the sand as is often the case. Now that we are in the middle of a pandemic, a whole new group of people and businesses that were otherwise fine will face tax liabilities higher than they can afford  to pay.  If not addressed quickly, this can lead to a number of other problems that come with the territory. Waiting costs you more than you think As anyone with a tax problem [...]

11 08, 2020

See How Your Tax Problems Get Solved…Direct From the Experts

2020-08-11T15:42:01-07:00August 11th, 2020|Tax Resolution Experts|

The professionals at the Tax Resolution Institute have spent more than 30 years solving client’s tax problems.  Our team has devoted this time researching the be best strategies making sure our clients get the best results. To see what we can do, you can navigate the hundreds of pages on our website providing detailed information on the broad array of services we provide…or you can watch this 2-minute video which concisely summarizes our philosophy and mission statement. Video Get the Help You Need If you need help with any tax issue, do not hesitate to contact main office anytime.  In [...]

6 08, 2020

Submit an Offer in Compromise and Get the Fresh Start you Need

2020-08-07T11:44:56-07:00August 6th, 2020|Tax Resolution Experts|

Now that the July 15th tax date has passed, it is now time to look toward the September 15th (for businesses) and October 15th deadlines. From the time the pandemic through the extended “regular” tax season, more people have needed extra time to deal with their tax liabilities. These liabilities are a large contributor to overall debt and can cause great financial hardship on families.  This is why submitting an Offer in Compromise to settle your debt makes more sense now than ever. What is an Offer in Compromise? The IRS, through their offer in compromise (OIC) program allows a [...]

22 07, 2020

Overcoming IRS Tax Problems and Coronavirus Setbacks Together

2020-07-22T12:00:41-07:00July 22nd, 2020|Tax Resolution Experts|

People with  tax problems wondering how they will pay their back taxes has become commonplace in the United States. Because of the COVID-19 pandemic, more and more individuals do not have the resources they need to file taxes from their homes. They are stuck searching for new ways to deal with their back taxes.  A web search usually ends up resulting in endless searches for useless results. If this sounds familiar, you need professional help.  During these difficult times, the Tax Resolution Institute has the solutions necessary to resolve any tax issue and take the weight off your shoulders. Using highly [...]

1 07, 2020

Battling COVID-19, Unpaid Taxes and Unfiled Tax Returns Together

2020-07-01T15:48:33-07:00July 1st, 2020|Tax Resolution Experts|

In today's climate, The Tax Resolution understands the hardships that surround dealing with unfiled tax returns and back taxes owed. In these times, it makes sense to spend the time to catch up with your taxes issues. For most, this is a plight that cannot be fought alone. As long as COVID-19 is around, it is actually an ideal time to fix those tax issues that have been bothering you for too long.  The Tax Resolution Institute is here to ensure future financial success and security for you and your loved ones. We are here to help The Tax Resolution [...]

16 06, 2020

PPP Flexibility Act Passed Into Law

2020-06-16T16:26:15-07:00June 16th, 2020|Tax Resolution Experts|

by Matthew Cohen Many of you applied for or plan on applying for Paycheck Protection Loan under the CARES Act.  Assuming you have received or will receive funds stemming from this loan, you can breathe easy…for about 30 seconds.  This is because now you have to figure out what to do to not have to pay back the loan. On June 5, 2020, the President signed into law the PPP Flexibility Act.  The purpose of this law is to both fine tune as well as provide clarity as to what you need to do to have your PPP loan forgiven. [...]

21 05, 2020

California Proposes That Tenants Affected By Covid-19 Be Able to Terminate Commercial Leases

2020-05-21T18:37:14-07:00May 21st, 2020|Tax Resolution Experts|

May 21, 2020 California State Senators Scott Wiener and Lena Gonzalez have proposed a law that would allow some tenants in California to terminate their leases.  In order to qualify, a tenant’s landlord must have refused to lower the amount of rent to be paid.  This proposed law is known as Senate Bill 939 (SB939).  As of the date this article was written, the bill has yet to be passed. The proposed bill applies to commercial leases.  To terminate a lease, a tenant must have recognized a reduction in revenue amounting to 40% or greater.  For certain businesses such as [...]

18 03, 2020

IRS Extends April 15 Deadline for Payments

2020-05-21T18:45:56-07:00March 18th, 2020|IRS News|

FOR IMMEDIATE RELEASE: The IRS is postponing the April 15 tax-payment deadline for individuals, giving Americans an additional 90 days to pay their 2019 income-tax bills. The IRS, using authority under the President’s national emergency declaration, will waive interest and penalties as well, Treasury Secretary said Tuesday. The delay is available to people who owe million or less and corporations that owe $10 million or less. The IRS will continue to process tax refunds. Taxpayers should file their returns as usual by April 15th, but they can defer payment for up to 90 days beyond that.  Presumably, they can also [...]

1 11, 2018

Who Do You Pay and How Do You Do It?

2018-11-07T10:10:34-07:00November 1st, 2018|California Tax Resolution, Payroll Tax Problems, Tax Planning, Tax Resolution Experts|

The ins-and-outs of employees vs outside contractors Employee vs Independent Contractor – Overview If you run a business and get support from workers other than yourself, you have probably asked yourself the question "should I pay these people as employees or as outside contractors?" In order to convince yourself that you made the correct decision, maybe you thought that since you only use one person or just pay for part-time help that you qualify to pay your workers as independent contractors.  To save money and hassle, some people lean toward the latter and learn they made the wrong decision the [...]