The IRS sends notices to taxpayers when there is a tax return error, to request a payment, to request additional information, or to notify you about a change.
The CP210/CP220 notice is sent by the IRS when there is a change to your tax return. These changes always pertain to the tax year listed on the notice.

The good news is that the ERC moratorium sounds scarier than it actually is. The even better news is that eligible businesses can still submit ERC applications through reputable ERC companies in the meantime. The only real difference this makes to legitimate ERC claims is that the processing time will be affected while the IRS cracks down on illegitimate claims and improves its processes.

Most businesses should open a business bank account. Although it’s possible to run a business using your personal bank account, opening a business account makes it easier to track and control your finances. You’ll also find tax time easier and your audit risk lower when you separate your business and personal finances by using business bank services.

The best business savings accounts are easy to apply for, offer an interest rate or APY at or above the national average for savings accounts, and offer features aimed at small businesses. We think Live Oak, First Internet Bank, BlueVine, LendingClub, NBKC, U.S. Bank Platinum Money Market, Lili, Grasshopper, and Prime Alliance meet those requirements.

Opening a business bank account for your LLC can be done quickly and easily. You can even apply online. What you need to open a business bank account will depend on how your business is structured and what the bank you choose requires. Expect to provide government-issued identification, an EIN or Social Security number, your business license, and your incorporation documents.

A business bank account doesn’t have to cost you anything. You can find online accounts for your business that have $0 minimum deposits, $0 monthly fees, and $0 minimum balance requirements.

Maybe your business has been generating a solid amount of income, and you’ve been storing that cash in a traditional business savings account. You want to make more passive income on your savings, but you don’t want to risk your funds evaporating in a volatile marketplace. A high-yield savings account is the middle ground for business owners in this scenario.

If you’re currently using your personal savings or checking account as a savings account for your business, it’s time to start researching and deciding what bank is going to be best for you. Read our article on the documents needed to open a business bank account to learn more about your next steps.

While banks and credit unions are similar, certain features or perks may make one stand out to you more than the other. With this information, you can make an informed decision about which type of financial institution is the best fit for you.

Yes, you need a business checking account. A business bank account is an essential tool just like the internet or your computer, you could run your business without one, but why should you? This protects you legally and helps with taxes.