Small Business IRS Audit

Is Your Small Business Prepared for an IRS Audit?

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For years, small businesses have enjoyed relatively low audit rates, but that’s about to come to an end. The IRS recently announced they will increase small business audits by 50% in 2021 and have begun intense hiring operations to ensure they have plenty of specialized auditors to do the deed.

Whether you own a mom-and-pop shop, an online business, or are self-employed, the IRS will be looking at your financial records very closely this year — and in the future. Further, since recent tax law changes and COVID-19 stimulus programs have made bookkeeping more challenging and complex than ever, you might have made several mistakes without even realizing.

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statute of limitations irs tax liens

Is There a Statute of Limitations on IRS Tax Liens?

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Whether you owe a few hundred dollars or hundreds of thousands, tax debt can be extremely stressful and have serious adverse effects on your personal and professional life, especially when it leads to a tax lien. Thankfully, there are many ways to reduce or even eliminate your tax debt entirely—one of which is to allow the statute of limitations on your tax liability to elapse.

In this blog, we’re going to discuss the statute of limitations on IRS and Maryland tax liens, as well as how you can eliminate these liens before these deadlines expire.

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Maryland LLC Tax Filing Requirements

Does an LLC File a Tax Return in Maryland? (And 4 Other FAQs)

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Many small businesses and self-employed individuals are unsure of their annual tax filing requirements or if they even have to file a tax return at all. So, we wrote this blog to help you learn more about Maryland LLC tax filing requirements and how to efficiently and effectively file your business tax returns each year.

Keep reading to learn more and please reach out with any questions.

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can i take a home office deduction

I’ve Been Working From Home During the Pandemic. Can I Take a Home Office Deduction?

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Many Americans have spent some or all of the last 18 months working from home due to the COVID-19 pandemic. Since working from home meant setting up some sort of office in our houses or apartments, many Americans are looking forward to claiming a office deduction on their taxes. Unfortunately, for most employees who made the switch to working remotely during the pandemic, options are limited.

Keep reading to learn what the home office deduction is and who qualifies for it.

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can the irs levy a business account for personal taxes

Can the IRS Levy a Business Account for Personal Taxes?

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If you own or manage a business and owe back taxes personally, outside of your business ventures, you might be wondering if the Internal Revenue Service can levy your business account to collect that liability. Thankfully, they cannot. However, an IRS levy against your business bank account is a very serious collection tactic and requires serious and immediate action.

Keep reading to learn more about business bank account levies and the steps you can take to resolve your tax liability before things get any worse.

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Will the IRS Subordinate a Tax Lien

Will the IRS Subordinate a Federal Tax Lien?

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For those of you who are facing a federal tax lien, you’re aware of the stress and anxiety involved in this difficult situation. While not an immediate collection action, a lien still represents a substantial escalation in the IRS’ attempts to recoup a tax liability and can make it difficult for you to sell or refinance the property.

Obviously, the best way to eliminate a tax lien is to pay off your existing tax debt. Short of that, however, you can request a lien subordination. In this blog, we’re going to discuss when the IRS will subordinate a federal tax lien and how this process could improve your financial situation.

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Can a Tax Lien Prevent You From Buying a House

Can I Buy a House if I Owe the IRS Back Taxes?

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If you’re ready to move into a new home, a tax lien can feel like an unbearable burden. You might worry that you won’t be able to get a mortgage or financing — and a looming tax lien might turn off potential buyers.

If you’re facing this stressful situation, you should understand what a tax lien is, what it takes to get rid of one, and what to do next. Keep reading to learn more.

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2021 Small Business Tax Deductions

2021 Small Business Tax Deductions: A Checklist

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As was the case for small business owners in 2020, COVID-19 will have a significant effect on the sort of deductions you could be eligible for when you file your taxes in 2021. In this blog, we’ll examine several critical 2021 small business tax deductions and provide a checklist for potential opportunities to improve your filing status and minimize any tax liabilities.

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Recovery Rebate Credit

Didn’t Get a Stimulus Check? You Might Be Able to File for a Recovery Rebate Credit

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While COVID-19 has impacted every American in some way, shape, or form, not all of us have received federal stimulus checks. For many, this has turned a financial difficulty into a financial crisis. Thankfully, millions of taxpayers and non-filers could still be eligible for assistance through the Recovery Rebate Credit.

Keep reading to learn what the Recovery Rebate Credit is, who potentially qualifies to receive it, and how you can claim the credit on your 2020 tax credit — even if you haven’t filed taxes in the last few years.

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Business Expenses Meals and Entertainment

Can I Deduct Business Expenses, Meals, and Entertainment?

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Business owners and employees have long been conditioned to track all their expenses. Saving those receipts often pay off in the form of tax deductions that reduce business expenses and boost the bottom line.

Unfortunately, it’s difficult to know exactly what you can and can’t deduct from your taxes, especially when it comes to business expenses, meals, and entertainment. Determining what is and isn’t deductible can be a complicated process — even before you factor in complications created by the COVID-19 pandemic and new details that were included in the relief package Congress passed in December.

In this blog, we will provide an overview of which business expenses, meals, and entertainment you can deduct on your 2020 taxes.

(And if you still have any questions, contact S.H. Block Tax Services. Our team has the experience and expertise to help your business navigate any complicated questions or tax-related details.)

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