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As a cannabis business owner, you are going to run into a lot of taxes that you’ll have to pay, one of them being a cultivation tax. A cultivation tax is imposed on those who cultivate cannabis that enters the commercial or medicinal market and is a big part of how California makes its tax […]

A Revenue Officer is employed by an IRS field collection office. Their job is to collect money. A Revenue Agent, on the other hand, is someone who is employed by the IRS to audit taxpayers. While an Internal Revenue Officer may appear intimidating at first, it is important to understand what this individual’s job is when it comes to […]

The following assumes that estate and inheritance tax will not be an issue or that they will have been paid prior to the receipt of the $200,000. Yes. Your tax bill for taxes previously owed will threaten the $200,000 you are inheriting next year unless you pay it before you come into your inheritance. If […]

A tax protester is someone who refuses to pay a tax claiming that the tax laws are unconstitutional or otherwise invalid. Tax protesters are different from tax resisters, who refuse to pay taxes as a protest against the government or its policies, not out of a belief that the tax law itself is invalid. Tax protesters raise a […]

A tax lien is a public document filed by the IRS and/or other tax agencies (state, city, property, sales and use, etc…) (the “IRS”) securing an interest against you and your property for tax liabilities that you owe the government. This is not a levy, garnishment or seizure. Instead, it places itself in line in […]

Client engages in e commerce through Amazon. Wants to do it right, take care of the past, and have us ready to do future audits if necessary. Client does $10M a year in gross revenues/receipts from all jurisdictions. Price point per sale is $30 to $300 per transaction. The following assumes the transaction is US […]

The following is based that the employer and employee are based in the state of California. Each of the 50 states in the United States has its own tax regime, but this can be used as a template. For further information, you should consult with a tax professional from the state you are reporting and […]

Reporting Employment Taxes Generally, employers must report wages, tips and other compensation paid to an employee by filing the required form(s) to the IRS. You must also report taxes you deposit by filing Forms 940, 941 and 944 on paper or through e-file. Federal Income Tax and Social Security and Medicare Tax In general, employers who […]

You can: Pay with your bank account for free, or choose an approved payment processor to pay by credit or debit card. You can pay electronically, by phone or over the internet, through the EFTPS system. EFTPS is offered free by the U.S. Department of Treasury. You can pay by Electronic Funds Withdrawal. Use commercial software, a […]

  Open a separate payroll bank account and deposit the employee wages expense to be paid into it. Have this account set up to directly pay the IRS the taxes you withhold from your employees’ wages. We recommend using ADP or Paychex to handle your payroll account. These are companies that specialize in payroll, allowing […]