Key Takeaways Only the Importer of Record (IOR) or an authorized customs broker can claim a refund. If a carrier like UPS or FedEx is the IOR, you must coordinate with them rather than filing directly with the CBP. Refunds are exclusively for IEEPA-related tariffs (reciprocal duties on Canada, Mexico, and China). Note that…
Key Takeaways Missing documentation shifts the burden of proof to you. Without a receipt or digital log, the IRS can legally disallow business deductions, resulting in higher taxable income and unexpected penalties. Commingling personal and business funds is a major audit red flag. Mixing expenses makes it nearly impossible to defend your deductions and…
Key Takeaways Remote work can lower overhead, expand your hiring pool, and improve flexibility. But it can also create multi-state tax and payroll compliance issues. In-person work can improve training, supervision, and team cohesion, but it often comes with higher fixed costs and less hiring flexibility. The best model depends on the kind of…
Receiving a tax bill you cannot pay in full is a stressful situation for any business owner. The good news is that the IRS offers payment plan options that allow you to settle your tax debt over time while staying in good standing. This guide explains what IRS payment plans are, the types available, how…