TFX is awesome – a peace of mind saver.
Working with my tax CPA went above and beyond on her part and I feel very relieved that the previous tax year is completed. They will definitely have my business again next year.
Instant answer: First-time penalty abatement is an IRS administrative waiver for 3 main penalty categories – failure to file, failure to pay, and failure to deposit. It can remove the qualifying penalty and related interest on that penalty, but it does not erase the underlying tax. For 2025 individual returns due in 2026, eligibility usually...
When buying or selling a business, understanding tax implications is critical. The Internal Revenue Service (IRS) Form 8594 is essential for reporting the allocation of purchase price – a process that can significantly affect the tax liabilities of both buyer and seller.
What is Form 8594?
Form 8594, "Asset Acquisition Statement Under...
Hiring your children to work in your business might seem like the perfect strategy – offering tax savings while giving your kids valuable exposure to professional life.
But when your business operates as an S corporation, this can become a minefield of tax and compliance challenges. S corps face strict rules regarding payroll taxes and...
A retirement plan is one of the most valued employee benefits. The Employee Benefit Research Institute (EBRI) found that having access to a retirement savings plan through an employer greatly contributes to workers' feelings of financial security.
Still, 43% of private-sector small businesses do not provide retirement benefit plans to their...
If you're a small business owner running a partnership or an S corporation that generates income from rental real estate, Form 8825 is a tax form you'll need to understand. This form helps you report income, deductions, and other financial details related to your rental properties.
In this guide, we'll walk you through Form 8825, explain its...
