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Blog posts for IRS Internal Revenue Service

Tax lien Financing with Invoice Factoring Services

Posted on June 08, 2018 in IRS Internal Revenue Service

1st Commercial Credit introduces a new funding program for very specific industries and clients.

We have been able to accomplish funding clients with tax liens under certain conditions. Most factoring companies wait until an IRS subordination is in...

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Can my business get funding while I have a tax lien?

Posted on May 01, 2018 in IRS Internal Revenue Service

It is a wonderful feeling in having a business that thrives, and ultimately reaching the outbound areas of growth that you never imagined. However, with business growth comes a financial burden and more taxes to pay to all entities. There is saying...

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FATCA Creates Taxing Issues for Business in 2014

Posted on March 27, 2014 in IRS Internal Revenue Service

The Foreign Account Tax Compliance Act, passed by the U.S Congress in 2010, will have an international reach affecting nearly every company that has an international footprint by conducting business on the global stage. New compliance realities...

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Year-End Tax Concerns for Businesses

Posted on March 26, 2014 in IRS Internal Revenue Service

Unlike year-end 2012, businesses do not have the same level of uncertainty hovering over their 2013 tax planning. The Bush-era tax cuts are not being debated in Washington, yet there are a few changes that may impact tax strategies.

Some things...

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Leverage Tax Credits Through Corporate Expansion

Posted on March 26, 2014 in IRS Internal Revenue Service

Competition is increasing around the world and businesses are feeling the heat. With an uneven recovery that is full of uncertainty and continued economic weakness, the pressure to focus on the bottom line has increased. But despite tighter...

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Final Repair Regulations from IRS May Not Fix Problems

Posted on March 03, 2014 in IRS Internal Revenue Service

Last September, the IRS issued its final set of proposed regulations on the treatment of incurred expenditures. These regulations were expected to clearly define how businesses should report tangible assets that are acquired, produced or improved...

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Is the Corporate Tax Deferral Good or Bad for Your Business?

Posted on December 11, 2013 in IRS Internal Revenue Service

During the 2012 presidential campaign, President Barack Obama proposed lowering the current 35 percent corporate tax rate to 28 percent. Besides being an incentive for reinvesting in the U.S. economy, a lower corporate tax rate may also yield...

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The Difference Between Calendar Year and Fiscal Year for Business Taxes

Posted on November 13, 2013 in IRS Internal Revenue Service

The first time you file a tax return on behalf of your company, you must decide if you intend to report income and deductions based on a traditional calendar year or a fiscal year. The Internal Revenue Service (IRS) defines the calendar year as...

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What is a Franchise Tax?

Posted on November 13, 2013 in IRS Internal Revenue Service

A franchise tax is a state-level tax that is levied against businesses and partnerships that establish a presence in that particular state. Some state governments charge a franchise tax to businesses that are chartered in that state even if it has...

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IRS Requirements to Stay Current on Business Taxes

Posted on November 13, 2013 in IRS Internal Revenue Service

Business owners are required to file a tax return every year, regardless of the ability to pay the amount due. When the Internal Revenue Service (IRS) does not receive your business tax return, it may send you a CP259 Notice. The notice should...

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Understanding the Federal Payment Levy Program

Posted on October 04, 2013 in IRS Internal Revenue Service

Financial Management Service (FMS) of the Department of the Treasury instituted the Federal Payment Levy Program (FPLP) in 2000 to collect overdue taxes owed by individuals and business owners. This program allows the Internal Revenue Service...

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Payroll, Employment Taxes and Financing Receivables

Posted on October 02, 2013 in IRS Internal Revenue Service

Staying current with payroll and employment tax obligations is one of many issues for business owners. Local, state and federal tax payments must remain current to avoid penalties and late fees. Typically, small business owners hire tax and...

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The IRS and the Independent Contractor

Posted on October 02, 2013 in IRS Internal Revenue Service

People who are in an independent trade or profession and offer services to the public are usually classified as independent contractors. This may include physicians, lawyers, accountants and subcontractors. The correct classification of these...

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Tax Obligations for International Online Sales

Posted on September 23, 2013 in IRS Internal Revenue Service

If you own a brick-and-mortar store, collecting sales tax is a normal course of doing business. Customers pay the sales tax that is required in your jurisdiction and you submit payments to the government as necessary. However, if you begin selling...

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Why Recordkeeping is Important for Business Taxes

Posted on September 23, 2013 in IRS Internal Revenue Service

If keeping up with complicated financial records is part of your business norm, then you need an organized system. Imagine the ritual when preparing for an audit or a meeting with your accountant. You begin by rummaging through stacks of shoeboxes...

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