Articles, events, and press releases

The article “How Trump’s Proposed Tax Code and Tariffs Could Shift Your Salon’s Business Strategy” by Caroline Moss and Tina Azarvand explores how changes in tax policy and international tariffs might impact salon operations. It highlights potential shifts in product costs, tax liabilities, and business deductions, urging salon owners to reassess their strategies. The article advises consulting with financial experts to prepare for these changes and mitigate risks. For more information, read the full article here.

The article “How Trump’s Proposed Tax Code and Tariffs Could Shift Your Salon’s Business Strategy” by Caroline Moss and Tina Azarvand explores how changes in tax policy and international tariffs might impact salon operations. It highlights potential shifts in product costs, tax liabilities, and business deductions, urging salon owners to reassess their strategies. The article advises consulting with financial experts to prepare for these changes and mitigate risks. For more information, read the full article here.

The article “Brushing Up on Business Entities for Beauty Businesses” by Evan Holden and Tina Azarvand explores different business structures for salon and spa owners.

It explains the benefits and risks of sole proprietorships, partnerships, LLCs, and corporations, helping owners choose the right setup for liability protection, tax advantages, and growth potential. The article also encourages entrepreneurs to consult legal and tax professionals to ensure their business structure supports long-term goals.

For more details, you can read the full article here.

The article “Brushing Up on Business Entities for Beauty Businesses” by Evan Holden and Tina Azarvand explores different business structures for salon and spa owners. It explains the benefits and risks of sole proprietorships, partnerships, LLCs, and corporations, helping owners choose the right structure for liability protection, tax advantages, and growth potential. The article encourages entrepreneurs to consult legal and tax professionals to align their business setup with long-term goals. For more details, read the full article here.

The article “What the Proposed ERC Repeal Act Means for Your ERC Claims” by Claudia Vasquez and Tina Azarvand explains the potential impacts of the ERC Repeal Act on businesses.

It warns that claims filed after January 31, 2024, could be invalid and stresses the importance of accurate documentation and professional guidance due to increased IRS audits. The article advises business owners to act promptly and ensure compliance to avoid penalties.

For more information, you can read the full article here.

The article “What the Proposed ERC Repeal Act Means for Your ERC Claims” by Claudia Vasquez and Tina Azarvand explains the potential impacts of the ERC Repeal Act on businesses. It warns that claims filed after January 31, 2024, could be invalid and emphasizes the need for accurate documentation and professional consultation due to increased IRS audits. Business owners are advised to act promptly and ensure compliance to avoid penalties. For more information, read the full article here.

The article “Rooting Out Tax Troubles: Helping Salon Owners Avoid IRS Penalties and Interest” by Tina Azarvand discusses strategies to help salon owners manage tax compliance effectively. It highlights the risks of late filings, incorrect payroll tax deposits, and overlooked deductions, all of which can lead to penalties and interest. Salon owners are advised to maintain proper records, stay informed about IRS updates, and seek expert guidance to avoid costly mistakes. For more details, read the full article here.

In the article “CNMI Businesses Learn the Dos and Don’ts of Tax Filing”, Tax Attorney Tina Azarvand highlights key tax filing practices for CNMI businesses and self-employed individuals.

She explains the importance of paying quarterly estimated taxes, following IRS and CNMI filing rules, and avoiding penalties. The workshop also covers foreign bank account reporting obligations and common mistakes made by local businesses.

For more information, you can read the full article here.

In the article “CNMI Businesses Learn the Dos and Don’ts of Tax Filing”, Tax Attorney Tina Azarvand highlights key tax filing practices for CNMI businesses and self-employed individuals. Azarvand explains the importance of paying quarterly estimated taxes, adhering to IRS and CNMI filing rules, and avoiding penalties. The workshop also covers foreign bank account reporting obligations and common mistakes made by local businesses. For more information, you can read the full article here.

The article “Understanding Self-Employment Tax for Booth Renters” by Caroline Moss and Tina Azarvand explains how booth renters in the salon industry can navigate self-employment taxes. It discusses tax obligations like Social Security and Medicare, estimated quarterly tax payments, and potential deductions to lower taxable income. Booth renters are encouraged to stay organized, track expenses, and consult tax professionals to ensure compliance and maximize savings. For more information, read the full article here.

The article “IRS Renews ERC Voluntary Disclosure Program” by Tina Azarvand, Esq., highlights the IRS’s updated program, offering businesses a chance to correct improper Employee Retention Credit (ERC) claims it outlines steps to voluntarily disclose errors, avoid severe penalties, and stay compliant with tax regulations. The program aims to address fraudulent claims while encouraging businesses to rectify honest mistakes. Salon owners are urged to consult tax professionals for guidance on navigating this program. For more details, read the full article here.

The article “ERC Changes Unveiled: The Long-Awaited IRS Update” by Tina Azarvand reviews recent IRS updates on the Employee Retention Credit (ERC) after a year-long claims moratorium. It highlights accelerated claim processing, stricter audits, and the importance of compliance for salon owners. With 50,000 low-risk claims prioritized for September payments, businesses are advised to monitor claim status, prepare for possible audits, and consult professionals for proper documentation. For details, read the full article here.

The article “Comb Through the Complexities: Federal Tax Deposits Demystified for Salon and Spa Owners” by Claudia Vasquez and Tina Azarvand simplifies the process of federal tax deposits for salon and spa owners. It explains the importance of timely deposits to avoid IRS penalties and provides insights into payroll tax obligations and EFTPS (Electronic Federal Tax Payment System) usage. The piece encourages business owners to stay informed and organized for smoother tax management. For full details, read the article here.

The article “Choosing the Right Cut: Education Tax Credits Stylists and Salon Owners Should Take Advantage Of” by Eva Macris and Tina Azarvand highlights tax credits that help stylists and salon owners reduce educational expenses. It covers options like the Lifetime Learning Credit, American Opportunity Tax Credit, and employer-backed CARES Act benefits, emphasizing their role in career advancement and business growth. Stylists and employers are encouraged to maximize these opportunities for savings. For more information, read the full article here.

The article “Cutting Through the Confusion: Why Salon and Spa Owners Need a Second Opinion on ERC Claims” by Candice Miller and Tina Azarvand emphasizes the importance of reviewing Employee Retention Credit (ERC) claims. It highlights IRS audits, potential penalties, and the risks of overclaims. Salon owners are advised to consult tax professionals for a second opinion, ensuring compliance and accurate documentation. This proactive approach safeguards businesses against financial repercussions. For more details, read the full article here.

The article “Highlighting the Risks: ERC Warnings Salon and Spa Owners Can’t Brush Off” by Claudia Vasquez and Tina Azarvand warns salon owners about improper Employee Retention Credit (ERC) claims. It emphasizes the importance of consulting trusted tax professionals and avoiding fraudulent promoters offering quick fixes or unrealistic promises. The piece also details IRS updates, including stricter audits, processing delays, and a withdrawal program for incorrect filings. For more details, read the full article here.

The article “Beautifying Your Financial Future: A Salon Owner’s Brief Guide to Retirement and Health Savings” by Caroline Moss & Tina Azarvand provides salon owners with essential financial strategies. It highlights the importance of retirement accounts like 401(k)s and IRAs, as well as Health Savings Accounts (HSAs), to build wealth, save on taxes, and enhance employee benefits. These tools are tailored to help salon owners achieve long-term financial security. For more insights, read the full article here.

The article “Audit-Ready Locks: ERC Audit Survival Guide for Salon Owners & Stylists” by Claudia Vasquez and Tina Azarvand offers crucial guidance for salon owners on how to substantiate their Employee Retention Credit (ERC) claims in anticipation of potential IRS audits. It details the types of documentation needed, such as payroll tax returns, business records, and government orders related to COVID-19 restrictions. Additionally, it emphasizes the importance of timely and accurate responses to IRS Information Document Requests (IDRs) and advises retaining records for at least six years. For more information, you can read the full article here.

The article “Cut Through the Tangles of Tax Planning with the Right Professional” emphasizes the importance of choosing the right tax professional for salon owners. It distinguishes between Accountants, CPAs, Enrolled Agents (EAs), and Tax Attorneys, highlighting their qualifications, scopes of practice, and expertise. Selecting the appropriate professional can greatly impact the financial health and compliance of a salon business. For detailed guidance and professional tax planning, the article suggests consulting with specialists like Azarvand Tax Law. For more information, you can read the full article here.

The article “Salon Savvy: Avoiding Tax Pitfalls with Style, Part 2” highlights the risks associated with overclaiming the Employee Retention Credit (ERC). It warns about ERC scams and emphasizes the importance of proper documentation and professional guidance. The IRS can audit claims for several years, and businesses are liable for any overclaimed credits, interest, and penalties. The article also discusses the importance of proactive tax planning and timely estimated tax payments to avoid penalties. For more details, you can read the full article here.

The article “Salon Savvy: Avoiding Tax Pitfalls with Style” highlights the issue of worker misclassification in salon and spa businesses. Misclassifying workers as independent contractors rather than employees can lead to severe tax issues, including fines and potential prison time. Salon owners should assess the degree of control over workers and seek professional advice before classifying them. The IRS offers the Voluntary Classification Settlement Program to help businesses reclassify workers with reduced penalties. For more details, you can read the full article here.

The article “Style & Substance: Understanding the Corporate Transparency Act for Salon Owners and Stylists” by Tina Azarvand and Claudia Vasquez explains the Corporate Transparency Act (CTA), which mandates businesses to file a Beneficial Owner Information Report with FinCEN. This impacts salon owners structured as corporations, LLCs, or partnerships. It details who must file, the exemptions, deadlines, and consequences of non-compliance. The authors recommend staying updated on CTA developments and seeking professional assistance for compliance.

For more information, you can read the full article here.

The article “Trimming the Tangles: A Brief Guide on Estimated Tax Payments” by Tina Azarvand on Salon Today explains the importance of estimated tax payments for salon owners and independent hair stylists. Self-employed individuals must make quarterly tax payments to cover income and self-employment taxes. Key points include calculating estimated payments, setting aside funds, using the Electronic Federal Tax Payment System (EFTPS), and avoiding underpayment penalties. Additionally, it discusses options for managing past due taxes and IRS penalties.

For more details, you can read the full article here.