Gordon Law Group

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!

Own a small business? You might be missing a 20% tax deduction and not even know it. Let’s talk about the QBI deduction, and how business structure plays a big role. The Qualified Business Income (QBI) deduction allows eligible business owners to deduct up to 20% of their net income—before other deductions. It applies to most pass-through entities: ✅ Sole proprietors ✅ LLCs ✅ Partnerships ✅ S-corps But here’s the catch: The QBI deduction phases out if your income is too high. In 2024, that threshold is: 🔹 $232,100 (single filer) 🔹 $464,200 (married filing jointly) Above that? Your entity structure and compensation strategy matter. How you pay yourself—and how your business is taxed—can make or break your eligibility. With the right planning, we’ve helped clients: ✔ Restructure their business for better deductions ✔ Reduce taxable income ✔ Qualify for QBI when they were previously ineligible Gordon Law helps entrepreneurs structure smarter and reduce tax liability—legally. If you’re unsure whether you’re taking full advantage of the QBI deduction, now’s the time to review.

⏰ Still need to file your LLC taxes? Here's what you need to know before the deadline. LLCs can be taxed in different ways—sole proprietorship, partnership, S-corp—and each one comes with its own filing rules and deadlines. If you missed a required filing or didn’t know you needed to file at all, the penalties can add up quickly. The good news? You still have time to get caught up and minimize the damage—but not much. LLC taxes can be confusing, but this guide will help you understand your requirements!

Staking crypto might be simple. But the taxes? Not so much. Here’s what you need to know about how staking rewards are taxed—and why it’s one of the top mistakes we see. Let’s start with Proof of Stake (PoS): 📍 Staking rewards = ordinary income 📍 You’re taxed based on the fair market value when you gain control (not when you sell) 📍 Later sale = capital gain or loss Many people forget the income tax part entirely. ----- Now let’s talk DeFi staking—which gets even messier. Depending on the platform, rewards might be: 📍 Regular token deposits → taxed as income at time of receipt 📍 Placeholder tokens (like cETH) → that swap alone could be taxable 💡 In both cases, tracking the timing and value of every reward is key. If you wait until April to figure it out, you’re going to have a bad time—especially if your platform didn’t send a 1099. We've helped more than 1,000 crypto investors stay compliant, reduce their tax bill, and avoid nasty surprises. Got staking income? Let’s talk.

Someone filed taxes using your SSN? Don’t panic—but don’t ignore it. Tax-related identity theft is serious, and the IRS has a process for handling it. Here’s what to do next:

Behind on your books? You’re not alone—and you’re not out of time. But you can’t file accurate taxes with missing records, unreconciled accounts, or DIY spreadsheets full of guesses. The good news? Catch-up bookkeeping is possible—and it could save you from IRS headaches (and overpaying). Here’s how to get tax-ready:

💡 You don’t need a secret Swiss account to trigger FBAR reporting requirements. If you had $10,000+ in foreign accounts at any point last year, you probably need to report it. Here’s what counts (and what can get you in trouble): FBAR applies to more than just traditional bank accounts. You may need to file if you had: • Non-U.S. retirement accounts or mutual funds • Foreign business accounts you control • Joint family accounts abroad • Offshore trusts or investment vehicles The penalties for noncompliance can be steep: ♦️ Up to $10K per violation (even if it’s unintentional) ♦️ Criminal penalties if the IRS thinks it’s willful This isn’t just for billionaires. A lot of everyday investors and business owners are affected. Need help reviewing your exposure? That’s what we do! We help investors file correctly, avoid penalties, and clean up old issues with minimal stress. Get in touch to discuss your options.

Now’s the Best Time to Fight Your IRS Audit! With the IRS undergoing a massive shakeup, it’s the PERFECT time to fight back if you’re already facing an audit. Why? Because the IRS is stretched thin and losing ground on enforcement. If you’re in the middle of an audit or worried about one, NOW is your chance to push back harder than ever and get the best possible outcome. At Gordon Law, we’re fired up and ready to take advantage of this moment to protect your assets and your rights. Here’s how we can help you seize the opportunity: Aggressive Defense: With the IRS in disarray, it’s time to hit back hard and challenge their findings. Strategic Negotiation: Use this rare chance to negotiate from a position of strength and reduce your liability. Peace of Mind: Stop losing sleep over an audit. We’ll take the pressure off and handle everything for you. The IRS may be weaker right now, but that doesn’t mean you should go it alone. Let us put our experience to work and help you make the most of this situation. Give us a call today to discuss your case and see how we can help you fight back and WIN! https://lnkd.in/gDqvyRnX #AuditDefense #TaxLaw #FightBack #WealthManagement #GordonLaw #IRS #TaxAudit