Navigating the labyrinth of U.S. tax laws and regulations can be daunting, partially because the risk of being subjected to an IRS audit looms large for many taxpayers. While the IRS audits only a small percentage of tax returns, certain red flags may increase the...
Life is unpredictable, and circumstances can change instantly, leaving you unable to manage your financial affairs. Having someone trustworthy to handle your finances if you become incapacitated is critical. A financial power of attorney is a legal document that...
The passage of the Corporate Transparency Act (CTA) in 2021 is changing how businesses operate. The CTA creates new obligations for corporations, limited liability companies (LLCs) and limited liability partnerships (LLPs). Specifically, organizations will now need to...
The mere thought of a tax audit by the Internal Revenue Service (IRS) can evoke feelings of anxiety and uncertainty, even for the most conscientious taxpayers. These audits involve thoroughly examining a taxpayer's financial records and tax returns, and they can be a...
Running afoul of the Internal Revenue Service (IRS) is anathema to most business owners. The government can be quite ruthless when coming after companies for their money. In fact, simply being late on these payroll tax payments can incur financial penalties. But stuff...
Smaller businesses in the Toledo area provide services ranging from HVAC repair to retail shopping opportunities. Many of those businesses employ either an LLC or a corporate structure, as these structures afford members and stakeholders personal liability protection...
There are countless opportunities to make major mistakes in the early stages of business development. People often assume that they can start a company without any professional support and then end up diminishing their protection or increasing their personal liability...
A revocable living trust can be an excellent estate planning tool, as it allows you to continue benefiting from the assets held in your trust. For example, you can use or spend these assets however you like by naming yourself as a trustee. A living trust also empowers...
Are you considering making an estate plan? An estate plan can help direct how your assets are handled after your passing. Before you make an estate plan, it can help to learn what you should include: 1. A will The most basic document of an estate plan is the will. A...
Being audited by the Internal Revenue Service (IRS) can feel overwhelming. However, you may not need to be worried, as the department may select you for an audit randomly or when your returns involve issues or transactions with other taxpayers, such as your business...