Sheltra Tax Blog

Why Choose a Tax Professional?

You’re a smart person when it comes to your money. You stay within your budget, you plan for the future, you have an emergency fund for that day when your hot water heater leaves you cold. So why would you pay someone file your tax return? The top reason according to CPA Practice Advisor is that […]

Piercing the Corporate Veil

A key reason that business owners and managers choose to form a corporation or a limited liability company (LLC) is so that they won’t be held personally liable for debts should the business be unable to pay its creditors. But sometimes courts will hold an LLC or corporation’s owners, members, and shareholders personally liable for […]

Enrolled Agents are America’s Tax Experts

Enrolled Agents (EAs) are America’s Tax Experts. EAs are the only federally licensed tax practitioners who specialize in taxation and also have unlimited rights to represent taxpayers before the IRS. Just because a person has the EA license may not make him or her the best choice for your tax purposes. Your decision should be […]

Choosing a Tax Resolution Firm

You shuffle through your mail and there’s a letter from the IRS. Instinctively, you want to treat it like toxic waste — hide it and hope it goes away or hire the first person you find who promises to clean it up. It’s important to get past that first moment of anxiety and think logically. Predatory […]

Can Bankruptcy Settle Tax Debt?

There is a misconception that tax debt cannot be discharged in bankruptcy. As you will see below, there are certain circumstances when a taxpayer can be relieved of a tax debt. I don’t recommend bankruptcy lightly.  Bankruptcy should be used when all other avenues have been exhausted. Certain back taxes can be discharged in bankruptcy […]

Final Rule on Overtime Regulations Effective Dec. 1, 2016

On May 18, 2016, President Obama and Secretary of Labor Perez announced the publication of the Department of Labor’s final rule updating the overtime regulations, which will automatically extend overtime pay protections to over 4 million workers within the first year of implementation. This long-awaited update will result in a meaningful boost to many workers’ wallets, […]