#tax-compliance
Tax Compliance
Stay compliant with tax regulations and filing requirements
Excise Tax: What It Is, How It Works, and What Businesses Need to Know
Federal excise taxes apply to specific goods—fuel, alcohol, tobacco, firearms, and more—and fall on the seller, not the consumer. Learn which businesses owe excise tax, how to calculate it using per-unit or ad valorem methods, and how to file IRS Form 720 quarterly.
FUTA Tax: The Complete Employer's Guide to Federal Unemployment Tax
A practical employer's guide to FUTA — how the 6% federal unemployment tax works, the SUTA credit that reduces most employers' rate to 0.6%, quarterly deposit thresholds, Form 940 filing deadlines, and credit reduction states for 2026.
Hiring Foreign Independent Contractors: A Complete Guide for US Businesses
US businesses hiring foreign contractors must collect W-8BEN or W-8BEN-E before making any payment—or face mandatory 30% backup withholding. This guide covers IRS requirements, permanent establishment risk, payment methods, and documentation best practices.
IRS Currently Not Collectible Status: What It Is and How to Get It
IRS Currently Not Collectible (CNC) status pauses all collection activity—wage garnishments, bank levies, asset seizures—for taxpayers whose income minus allowable expenses leaves no disposable income. Learn how to qualify, apply using Form 433-F, and use the 10-year collection statute expiration date as a strategic advantage.
The Complete Guide to 1099 Forms for Small Business Owners and Freelancers
A practical guide to 1099 forms for small businesses and freelancers—which forms apply, the 2026 threshold change ($600 → $2,000 for 1099-NEC), filing deadlines, and penalties reaching up to $340 per form for late filing.
1099-NEC vs 1099-MISC: What Every Business Owner Needs to Know
A practical guide to when to use Form 1099-NEC vs 1099-MISC — covering filing thresholds, deadlines, penalties up to $630 per form, and common mistakes like misclassifying employees or double-reporting credit card payments.
Alternative Minimum Tax: What It Is, Who Pays It, and How to Minimize It
The AMT is a parallel federal tax system that disallows many standard deductions—here's how it's calculated, which 2025 exemption thresholds apply, and concrete strategies (from ISO exercise timing to bond selection) to reduce your exposure.
Back Taxes: What They Are, What Happens If You Ignore Them, and How to Resolve Them
11 million Americans owe $125 billion in back taxes. Learn the exact penalty structure (5%/month for not filing vs. 0.5%/month for not paying), IRS enforcement tools, and every resolution option from installment agreements to Offer in Compromise — with 2024 acceptance rates and eligibility thresholds.
Business Meal and Entertainment Tax Deductions: What You Can (and Can't) Deduct
The 2017 Tax Cuts and Jobs Act eliminated entertainment deductions while preserving 50% meal deductions—but the rules are strict. Learn what qualifies, the five IRS documentation requirements, the 2026 phaseout of on-premises meal deductions, and the common mistakes that cost businesses their deductions.
California State Taxes: A Complete Guide for Individuals and Small Business Owners
California's 9-bracket income tax tops out at 13.3%, LLCs owe an $800 minimum franchise tax plus gross-receipts fees, and the state diverges from federal law on bonus depreciation and NOLs—this guide covers rates, filing thresholds, entity-specific rules, deadlines, and planning strategies for the 2025/2026 tax year.
Can the IRS Take Money From Your Bank Account? What You Need to Know
The IRS can legally seize funds from your bank account if you owe back taxes — but federal law requires multiple warnings first. Learn how bank levies work, which notices trigger the 30-day response window, and how to stop a levy before the 21-day transfer deadline.
12 Common Bookkeeping Mistakes Small Businesses Make (And How to Fix Them)
Small businesses lose an average of $3,000 per year from bookkeeping errors. This guide covers the 12 most common mistakes—from mixing personal and business finances to misclassifying workers—with concrete fixes for each.