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Powell Tax Law Blog

LLC and S Corp

LLCs vs. S Corps: Differences & Benefits of Each Corporate Structure

When starting a business, one of the first crucial decisions owners make is choosing the appropriate legal structure, with “limited liability company” (LLC) and “S corporation” (S Corp) the two most popular options. It’s an important decisi...

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IRS Lien on Your Home? What Does that Mean and What Do You Need to Do?

Tax liens on your home
There are nearly 10 million taxpayer delinquent accounts in the U.S. and for those who own their own home, the IRS may place a federal tax l...
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Understanding IRS Penalty Abatement Standards

Tax Abatement
Some taxpayers may be surprised to learn that penalties assessed by the Internal Revenue Service (IRS) are not set in stone, and penalty aba...
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401(k) Early Withdrawals Come with Taxes, Penalties & Lost Future Gains

Calculator that reads Tax Penalty
The looming prospects of a recession in the U.S. later this year mean some Americans may eye their 401(k) retirement accounts as a cash life...
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