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Phone: (949) 356-0840
Email: irvinetaxsolutions@gmail.com

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RESOURCES

January 4, 2018

If you are in business, whether self-employed or running a company, you must send a 1099 form (with copies to the IRS) to anyone that you pay money to, unless the payments meet one or more of the following exceptions:

- The recipient is a corporation.

- You included the payment in a W-2 form (to an employee).

- The payment is for a tangible product (office s...

December 28, 2017

To be qualified for deduction, business meal and entertainment expenses must be directly associated with the active conduct of a trade or business, the production or collection of income.

People must be able to prove:

  • The amount of the expenditure

  • The time, date, and place of the expense

  • The purpose of the business discussion

  • The identifi...

December 27, 2017

Bonuses are considered excellent way to motivate employees and reward top performers; however, they can also quickly change one’s tax return and the amount of taxes initially withheld depending on the payout. IRS regards bonuses as supplemental wages, which are not regular wages. For more details, see Publication 15 (2017), (Circular E), Employer’s Tax Gu...

December 26, 2017

IRS has published “Notice 2014-21” describing how existing general tax principles apply to transactions using virtual currency. Here are a handful of primary contents of this notice.

1. For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

2...

December 20, 2017

The IRS has issued the 2018 optional standard mileage rates and starting on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

  • 54.5 cents per mile for business miles driven (up from 53.5 cents in 2017)

  • 18 cents per mile driven for medical or moving purposes (up from 17 cents in 2017)

  • 14...

December 14, 2017

The consequences coming from non-filed returns can be absolutely severe for noncompliance.  Even if people don’t owe any tax, it still be extremely important to file. Let’s look at what happens unless people file tax returns.

1. Non-filling Letter

As someone has a late tax return, the IRS will send out letter having an assortment of code numb...

December 7, 2017

“Audit-proofing” your return means documenting deductions so that you can prove them if you’re audited. Today’s historically low audit rates make it pay to be aggressive. But you should file your return as if you expect to be audited. That way, if it happens, you can support your deductions and walk away a winner. 

The IRS generally doesn’t require records...

November 28, 2017

It is essential that business owners correctly determine whether the individuals providing services are employees or independent contractors.

Basically, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payment...

August 25, 2017

Business filing deadlines depend on a number of variables including the business structure the company uses. A non-calendar year fiscal year also impacts the due date. Therefore, business tax filings due dates can vary widely. However, the initial due date for most business tax returns is March 15 or April 15.

Sole Proprietors and Single Member LLCs

Sole pr...

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