Law Offices of Beverly Winstead Legal Blog

TAX RETURNS ARE DUE SEPT 15TH FOR FLOW-THRU ENTITIES (S CORPS & PARTNERSHIPS) While filing your business returns yourself or through help, it is very important to know the right deadlines marked on your calendar. The federal income filing deadline for tax purposes...

INDIVIDUAL RETURNS ARE DUE OCTOBER 15TH FOR THOSE ON EXTENSION The IRS extended the deadline to file your federal income tax from April 15 to May 17, 2021, and they gave a six months extension for filing upon application. If you got a tax extension this year, make...

IRS IS INCREASING ITS COLLECTION EFFORTS Like almost all government agencies, the IRS was badly impacted by the coronavirus pandemic. It had to shut down various service centers and extend filing deadlines. Most of the collection and enforcement efforts were suspended...

IRS AUDITS & WHAT TO DO The IRS is the agency that collects taxes for the federal government. They collect more than $2 billion every day. Taxes are required by law, and those who refuse to pay can face serious repercussions like hefty fines or even jail time. To...

THE 3 CASH BASICS To keep your business solvent through the COVID-19 pandemic, refocus on these cash basics: Now is better than later. Decreasing cash flow for many of your customers means you’ll likely have trouble collecting 100% of your accounts receivable in the...

TAKE IT TO THE BANK Make the most of your banking relationships When the Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) rolled out this spring, many small business owners who didn’t have an existing relationship with a bank or other lender...