Gordon Law Group

Think forming an LLC will magically protect your personal assets? Think again. The structure is only as strong as the strategy behind it. If you’re serious about your business, avoid these 3 common mistakes: 🚫 Mistake # 1: Using a one-size-fits-all online filing service. Each year, we help clients correct their DIY registration errors—and it's usually much more expensive than doing it right the first time! Get professional advice before you register, not after. 🚫 Mistake # 2: Commingling personal and business funds. Even with an LLC, you could still be held personally liable if you don’t keep clean books and separate accounts. 🚫 Mistake # 3: Ignoring partnership dynamics. Bringing in a co-founder? You need more than a handshake or verbal agreement. Get a written operating agreement that covers ownership, decision-making, and exit plans. It’s more than paperwork. It’s your future. Structure your business strategically so you’re protected, investor-ready, and built to scale.

The IRS has made it easier to get into a payment plan if you owe under $50,000. They’ve replaced what used to be called a Streamlined Installment Agreement with something new—the Simple Payment Plan. If you're behind on taxes, here are some key things to know: 🔹 Still applies to balances under $50,000 🔹 No federal tax lien is automatically filed—even for balances over $25,000 🔹 No Direct Debit required to avoid a lien 🔹 Payment terms can go up to the full collection statute expiration date (CSED), rather than being capped at 72 months This is a big deal for taxpayers who want to resolve IRS debt without triggering a federal tax lien. If you or your clients owe taxes and want to avoid more aggressive collection actions, this may be worth exploring. Want to know if you qualify? Let’s talk!

A recent IRS memo says some crypto scams qualify for a theft loss deduction—but the conditions are strict. If you've been the victim of a scam (or know someone who has), check out our latest blog and see if you may qualify for a tax break.

Reviews like this make our day! Thanks, Jordan. "I've had many experiences dealing with Gordon Law since 2020 and I have been unable to find a better firm when working through complex tax issues, especially with crypto. Every person that I've dealt with here has been extremely knowledgeable on cutting edge information relating to taxes. Daniel Urban in particular recently led me through the steps to successfully file and ultimately have my Offer in Compromise accepted by the IRS, something I for a long time never thought would be possible since it involved many years of tax returns containing extensive crypto transactions. I can't thank him enough and likely would not have had my OIC accepted without his help. So many years of stress finally resolved!"

Haven't filed your taxes? If you need more time, you can still request an extension today!

🚨 The IRS crypto crackdown has begun. Are you prepared? As of January 1, 2025, crypto tax enforcement is entering a whole new era. If you’ve fallen behind on reporting, 2025 is your window to get compliant—before the penalties hit. Here’s what’s changing: ➡️ U.S. exchanges are now tracking your transactions ➡️ Form 1099-DA launches in 2026—designed specifically for crypto ➡️ IRS audits and investigations are expected to spike ➡️ The IRS has made crypto a top enforcement priority The biggest mistake you can make? Waiting. These rules are already in motion—and once 1099-DA goes out, the IRS will have much better data to root out noncompliance. What to do now: ✅ Catch up on past crypto income ✅ Correct old tax filings if needed ✅ Review how you answered the crypto question—the wrong answer could have criminal consequences ✅ Get your records audit-ready BEFORE you’re audited Don’t wait for a letter. Take action while you still have options.

FBAR and FATCA: two confusing acronyms, both with big penalties if you get them wrong. These tax forms are not the same—and if you have foreign accounts or assets, you might need to file both. Let’s break it down: FBAR (FinCEN Form 114) 📍 Filed with FinCEN (not the IRS) 📍 Required if you had $10,000+ total in foreign bank accounts at any point during the year 📍 Includes bank accounts, retirement accounts, business accounts, and joint accounts FATCA (IRS Form 8938) 📍 Filed with your tax return 📍 Applies to foreign financial assets, not just bank accounts 📍 Thresholds are higher and more complex—starting at $50,000 for single filers in the U.S. 📍 Also includes stocks, partnerships, and certain pensions abroad Missing either one can trigger major penalties, even criminal charges for willful failure. Not sure if you need to file FBAR, FATCA, or both? We help investors, expats, and entrepreneurs stay compliant—and avoid ugly surprises from the IRS. Let’s make sure you’re covered before the deadline!

Does your LLC need to file its own tax return? Here’s a quick guide: ✅ Single-member LLC By default, it’s taxed as a sole proprietorship. You don’t file a separate return—just report business income on your personal 1040 (Schedule C). ✅ Multi-member LLC This is taxed as a partnership by default. It must file Form 1065, plus K-1s for each member. ✅ LLC taxed as an S-corp You’re required to file Form 1120-S separately from your personal return. This deadline hits earlier—March 15. If you missed it, act now to minimize the damage. ⚠️ Even if your LLC didn’t make much money, missing a required filing can trigger penalties. If you're not sure how your LLC is taxed (or whether you need to file), now's the time to check. The deadline’s coming fast. Remember, you can easily request a filing extension!

Still haven’t filed your taxes? Here’s what you can do: ✅ File an extension by April 15—this gives you an extra 6 months to file ✅ Make an estimated payment by April 15 to avoid penalties ✅ Use this time to get organized AND plan ahead for next year What not to do: ❌ Ignore it and hope it goes away ❌ File late without an extension ❌ Assume crypto or side income won’t get flagged You have options—but only if you act before April 15!

Worried about a crypto audit? Here’s what the IRS gets wrong—a lot. 🚩 The IRS increasingly relies on crypto tax software to audit returns. Software is a great tool if you know how to use it properly, but here’s the problem: 📉 That software often misclassifies transactions 📉 It can't handle all the nuances of DeFi or NFTs 📉 Without proper data, it rarely handles self-transfers or obscure tokens correctly Common issues we see in crypto audits: 🚩 Self-transfers treated as sales 🚩 Missing cost basis = inflated taxes 🚩 DeFi/NFTs misreported 🚩 Unsupported tokens = missing data 🚩 “Income” from worthless airdrops Crypto tax law is full of gray areas, and the IRS doesn’t always get it right. We’ve handled dozens of crypto audits and regularly challenge IRS calculations. In one case, we even helped a client secure a $60,000 REFUND. If you’re facing a crypto audit—or worried you might—you’re not alone, and you’re not powerless. We help crypto investors fix reporting errors, defend their returns, and push back when the IRS gets it wrong. Get in touch if you need help!