Net Operating Loss: Carryback and Carryforward Provisions

Taxes are a tricky subject. Love them or hate them, taxes help to provide for our country’s services and wellbeing. While some may not agree with the implementation of certain taxes, and politicians may vow to change them, the reality is that they are here to stay, so it is best to be educated on how certain policies affect you and your business. A big part of understanding best tax practices is knowing how to pay them, and how to use them to your advantage. With current headlines claiming that certain tax policies like the Net Operating Loss Carryback and Carryforward Provisions are either a genius move or a cowardly loophole, the fact of the matter is that the Net Operating Loss Provision is a legal tax practice that is used by many businesses each year. […]

By | 2017-05-18T13:34:40-05:00 November 8th, 2016|Taxes|0 Comments

First Time Penalty Abatement

When it comes to your taxes, the last thing you want to do is make a mistake. Throughout the year you should be constantly checking in on your finances, making sure you are on track to complete the necessary legalities. The IRS (Internal Revenue Service) expects all persons to be proactive when it comes to filing taxes, and holds everyone accountable for his or her own timeliness of the matter. […]

By | 2017-05-18T13:34:40-05:00 August 29th, 2016|Taxes|0 Comments

IRS Penalty Abatement: Rev Proc 84-35

When it comes to any partnership that you may be a part of, it can be easy to forget about the tax responsibilities that your organization is responsible for. Throw into the mix all of the legalities of partnership taxes, and you could be looking at a situation that it a lot more difficult and time consuming than you had originally thought. Luckily for you, the IRS understands that sometimes mistakes are made and taxes are filed late, which is why the Rev Proc 84-35 exists. […]

By | 2017-05-18T13:34:40-05:00 August 29th, 2016|Taxes|0 Comments