Missed Estimates Can Lead to Steep Penalties, Particularly for Attorneys Attorneys, particularly sole practitioners who tend to have uneven monthly income as well as partners and firm owners who receive draws instead of or above regular salaries, often must pay...
The IRS has revealed its annual “Dirty Dozen” list of tax scams, and as might be expected the 2020 top 12 include coronavirus-related schemes. These range from stealing economic impact payments (EIPs) to enticing taxpayers to donate to fake coronavirus related...
Law firms are subject to the same payroll tax laws and guidelines as other businesses, along with the same penalties for willfully or unwilfully following those laws. Unlike other business owners, however, law firm owners can be subject to further discipline through...
If you are past due on your federal or state taxes, bankruptcy may be an option for you. Filing for bankruptcy can help reduce or even eliminate some tax debt. The rules associated with bankruptcy and taxes can be complex, so it is important to understand the...
Everyone loves saving money on their taxes, and Chapter 13 debtors are fully eligible to take certain tax deductions if their plan payments are comprised of deductible items. For instance, most 30-year home mortgages are not only front-loaded with interest payments,...
One of the biggest benefis of filing bankruptcy as opposed to settling debts separately with your creditors is that any amount saved through a settlement agreement is “forgiven” or “cancelled” debt that is counted as taxable income. At the end...
