IRS & State Generated Wage/Bank Levy - Self Employed Sole Proprietor, Business Structuring

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Feb. 27, 2013 - PRLog -- For many, running a business is not a very difficult feat, for many, its easy to operate it, organize it and to track the business entitie's evolving process. For some, the business experience is difficult, encumbering and have nightmare bookkeeping business practices of great concern.

Fast forward to today, you opened a new micro to small business (1-6 Employees, $50,000 or less in wages paid) with a start date of January 1, 2012 as a Sole Proprietor. There are approximately 17 million SP's in operation today, generally, Small Businesses provide approximately 18% of employment for the general American public.

For the purpose of this article DWK Tax Group will focus on identifying a basis for the Sole Proprietor (SP). Venturing into partnerships and corporations will supply way too many variables for the basic nature of this article.

IRS and State Tax returns are due in 1 1/2 months, the accounting aspect of of your new SP had better be clean, accurate and in line to flow to a Federal (IRS) & State Tax Return.

Identify the following:

1) Method of Accounting (Cash or Accrual)

2) Accounting method to track inventory (Specific, LIFO & FIFO)

3) Start up costs

4) Dedicated "Business" bank account

5) Quarterly Payroll 940/941 tax obligations

6) Quarterly Estimated Tax payment obligations

Everyday, DWK Tax experiences a high volume of inquiries seeking assistance to reslove a menacing IRS or State tax problem. Self employed individuals are often at wits end, embarrassed and tired of IRS or State Revenue Officers's visits. Thats right, the guy with the gun and the power to shutter operations in a snap.

Got a revenue officer assiged? Has the business received notices of intent to levy certain assets? Call 1 - 8 6 6 - 2 2 6 - 6 1 0 2, Monday through Friday, 9:00AM to 8:00PM EST, Nationwide representation including all 50 states and its territories.

DWK Tax Group offers an exclusive NEW program called DWK's "Business Foundation Restructuring". In summary, the service provided allows the IRS Taxpayer/SP owner some time to step back to reassess an accounting approach condusive to long term business success and most importantly, have a clear understanding of the sole proprietor business tax obligations.

If the business owner or wage earner is looking for someone to trust, a fiduciary to confide? Contact DWK Tax Group, we are held accountible to current, present and future clients seeking most equitable position allowed by Federal and State laws.

Thank you for your time in advance...

DWK Tax Group

Source:DWK Tax Group Admin
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Tags:Irs Tax Levy, Small Business Levy, Irs Bank Levy, Irs Wage Levy, Irs Tax Help
Industry:Consumer, Finance
Location:US-wide - US-wide - United States
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Page Updated Last on: Mar 17, 2013
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