Tag: small-business
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Received an IRS Notice? Here’s What You Must Do Next
When the IRS sends a notice, it’s not just paper in the mail, it’s the government demanding action. Ignoring it brings devastating consequences: levies, liens, and wage garnishments. Steve Perry, EA, knows the IRS system inside and out, giving taxpayers the calm, expert defense they desperately need.
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The IRS Penalty That Makes Business Owners Personally Liable for Payroll Taxes
The Trust Fund Recovery Penalty is one of the most dangerous IRS actions any employer can face. It threatens your business, your finances, and your peace of mind. Learn the risks, the consequences, and how Steve Perry, EA, can represent you against the IRS when everything is on the line.
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What the One Big Beautiful Bill Means for Business Taxes and How Steve Perry, EA Can Help
The One Big Beautiful Bill signed by President Trump in July 2025 introduces important tax changes for businesses of all sizes. It increases the deduction for pass-through business income from 20 percent to 23 percent through 2028, offering significant savings for sole proprietors, partnerships, and S corporations. The bill also restores full expensing for research…
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Why Every S-Corporation Owner Needs a Reasonable Compensation Basis
S-corporation owners are required to pay themselves a reasonable salary for the work they perform. The IRS scrutinizes these salaries, and failure to properly document reasonable compensation can trigger audits and penalties. Many business owners struggle to determine what is considered reasonable. Steve Perry, EA at Books Taxes & More creates comprehensive, audit-proof reasonable compensation…
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What Taxpayers Should Know About the IRS CP71 Notice and How an Enrolled Agent Can Help
– The IRS CP71 Notice, titled “Annual Reminder of Balance Due,” alerts taxpayers annually about unpaid taxes including penalties and interest, without immediate collection action but with potential future enforcement. – Ignoring the CP71 can lead to escalated IRS collection actions such as liens or levies. – Steve Perry, an Enrolled Agent (EA) at Books,…
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Understanding IRS CP40:What it means and How an Enrolled Agent Can Help
– The IRS CP40 Notice indicates a taxpayer’s unpaid tax debt has been assigned to a private debt collection agency authorized by the IRS to handle lower-priority cases before the collection statute expires. – Private agencies cannot use IRS tools like liens, levies, or garnishments, and the notice means the IRS prioritizes other cases. -…
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What Is IRS Notice CP59 and How an Enrolled Agent Can Help
When a taxpayer receives IRS Notice CP59, it means the IRS believes they did not file a required tax return. This notice is sent when the IRS has no record of a return being filed for a specific year, even though they have information that suggests one was required. While the notice itself does not…
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How an Enrolled Agent Can Help Resolve IRS Notice CP2566
IRS Notice CP2566 indicates a missing tax return, prompting a proposed tax assessment based on available income data. It signals ignored prior requests and necessitates urgent action. Taxpayers can resolve it by filing the return, disputing the assessment, or seeking help from an Enrolled Agent like Steve Perry to ensure compliance and reduce liabilities.
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Understanding IRS Notice CP2000: What It Means and How an Enrolled Agent Can Help
The IRS Notice CP2000, generated by the Automated Under Reporter program, indicates discrepancies between reported income and third-party data. It includes proposed tax adjustments and requires a response. Taxpayers can agree, disagree, or partially agree with changes using an Enrolled Agent for assistance. Prompt, accurate responses are crucial.
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Understanding IRS Letter 566: Your Audit Notice Explained
IRS Letter 566 notifies taxpayers that their tax return is under audit, requiring specific documentation for review. While it doesn’t indicate wrongdoing, timely responses are crucial. Engaging an Enrolled Agent ensures proper guidance and protection of taxpayer rights throughout the audit process, helping resolve issues efficiently.
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