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How to start a Successful Business

We have seen a lot of trends in businesses. For the most part, we know what works and what doesn't work. We can help you with ideas on how to make your business succeed. The most valuable thing you can have is a positive attitude. It comes down to your attitude and mindset. Henry Ford said: Whether you think you can or you can't, either way you are right. Investors realize that. When you present your idea to an investor, they [...]

Resolving Tax Problems Will Improve Your Life

Imagine What You Could Do with a Fresh Start Many of our previous clients have felt true despair and doubt before deciding it was time to resolve their tax troubles. Little did they know that resolving their tax problems would be the best decision and turning point in their life. Not only would resolving their tax problems result in an increased income and improved credit, but their relationships and personal lives would also flourish. You don't need to wait to [...]

Currently Not Collectible

Currently not collectible (CNC) is a status that the IRS uses for taxpayers who owe the IRS money but do not have the capability of paying both their reasonable living expenses and their tax balance. While in this status, the IRS will not try to collect or levy the taxpayer(s) assets or income. This is not a true "pause" button though and it's important to note that the tax debts will continue to accrue interest and typically, all refunds [...]

Penalty for Underpayment of Estimated Taxes

Penalty for Underpayment of Estimated Taxes The IRS is structured on a “pay as you go” system. This means they expect to receive tax payments throughout the year, not just annually when tax returns are filed. Because of this, taxpayers may be required to make estimated tax payments throughout the year. When taxpayers do not pay enough throughout the year, either through withholdings or estimated tax payments, they may be charged a penalty. The penalty is calculated separately for each installment [...]

What to do with Unfiled Tax Returns

What to do with Unfiled Tax Returns: There are many reasons taxpayers do not file tax returns. Health, missing documents, busy schedules, and other life changing events are just the tip of the iceberg. Those who have not filed a tax return, whether it be one year or multiple years, can be overwhelmed and may not know where to turn. Fortunately, there are tax professionals who specialize in tax resolution. They can help file delinquent tax returns and, if needed, [...]

Facing Your Tax Problems

Facing Your Tax Problems Recently we had a client come to our firm who had never filed a tax return which is a common tax problem in the world of finances. The following week, another new client walked in because she had received notices from the state demanding payment for 2014-2015 tax years (which she had neglected to file). Shortly after, my boss received a call from a friend who admitted he had not filed for a few years and [...]

Why Hiring an Accountant is Worth the Investment

Whether or not you are just starting or have been in business for a significant amount of time, good accounting is crucial to the growth and longevity of your business. That's why hiring an accountant to manage you company's finances should be one of the first steps any startup should take. There are multiple benefits of consulting with a competent bookkeeper. To name a few... Reduce the Risk As an entrepreneur you are already wearing lots of hats. You are the manager, [...]

IRS Penalties

IRS Penalties It is well-known that the IRS charges taxpayers penalties and interest. The four most common reasons for this are: Failure to File Failure to Pay Estimated Tax Penalty Dishonored checks Failure to File Penalty The good news is, in cases where a refund is due, there is no penalty for late filing. According to the most recent IRS statistics, that means about 77% of taxpayers do not need to worry about this penalty. (https://www.irs.gov/newsroom/2018-and-prior-year-filing-season-statistics). However, for those who do have a [...]

3 Things That Trigger IRS Audits

What does it mean to be audited and why should an individual need to understand this? The chances that you are audited by the IRS are less than 1% and are typically a minimally intrusive process. Usually when you have been sent an official notice of audit it is because they want supporting documents for things that you have claimed on your filed return. The IRS wants these documents in order to prove that what you have claimed on your tax [...]

You Have to Know More Than Just the Rules

I work in the tax business. And it is critical to know IRS guidelines and regulations; this way I can accurately prepare returns and advocate for my client. But equally important is understanding how the IRS exceptions work. Exceptions are imperative when I have a client who is struggling with the burden of high tax debt. For example, an Offer in Compromise (OIC) program allows me to settle someone’s tax debt for much less than they owe. The IRS is [...]