Finally got an accountant…should have done this a year ago

I finally got setup with an accountant here in the Seattle area.

Wish I had done this a year ago.

The good news is that I’ve actually been doing fine in terms of doing the corporate taxes and bookkeeping for the past few years. I’m going to have someone else handle most of that going forward though.

The really good news is that I probably screwed myself in terms of my IRS debt. Wait, that doesn’t sound good, now does it?

It turns out that because my business was operating at a loss the first few years, I didn’t need to pay myself the salary that I was. In fact, I should have had to pay any payroll taxes at all. And yet because I didn’t know this, I setup a payment plan with the IRS regarding these taxes.

I’m going to file some amended 940/941 returns and with the CPA’s help present those to the IRS and hopefully get the amount I owe them significantly reduced, if not even get some money back.

I’ve learned my lesson.

When people say, “talk to your accountant”…..

LISTEN!