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If you are unable to pay your taxes, the IRS has options that you may qualify for. Per the IRS.gov their online payment plans include: Short-term payment plan – The payment period is 120 days or less and the total amount owed is less than $100,000 in combined tax, penalties and interest. Long-term payment plan – The payment period is longer than 120 days, paid in monthly payments, and the amount owed is less than $50,000 in combined tax, penalties and interest. If you do not qualify for the...

When you own an S-Corporation, you wear many hats — business owner, employee, and taxpayer. One area that often gets overlooked in bookkeeping is shareholder health insurance. Handling it correctly isn’t just a formality — it’s essential for staying compliant with IRS rules and ensuring you receive the right tax benefits. What Is Shareholder Health Insurance? For S-Corporations, “shareholder health insurance” refers to the cost of health insurance premiums paid by the company on behalf of a...

One of the most common bookkeeping issues we see, especially with small business owners—is the use of business bank accounts or business credit cards for personal purchases. While it may seem harmless (especially if the expense is later coded correctly), the IRS views this practice very differently than many owners expect. This blog breaks down what happens when personal expenses run through business accounts, how the IRS looks at it, and why it can create bigger problems during an audit....