If you get a tax notice from the IRS, don’t put your head in the sand. Instead, call your tax advisor or a tax resolution specialist. Click here for a FREE tax relief consultation Check out our FREE tax resource library Dealing with the IRS is usually a scary subject for most people. If they receive a piece of mail from the IRS, they might look at it a while before opening the envelope...if they open the envelope at all. They don’t want to know what’s inside because it’s almost always bad news. ...
Jun 04, 2018
What tax-related issues can arise for self-employed people and 1099 employees? Let’s discuss this critical subject today. Click here for a FREE tax relief consultation Check out our FREE tax resource library Today we’re going to talk about the 1099 self-employed and their growing tax problems. This is a subject I deal with all the time when speaking with clients. Many of the people I have conversations with have no idea how to get into business, and make a lot of tax mistakes that end up costing...
May 22, 2018
Taxpayers often make the mistake of ignoring inheritance assets on their tax return. I’ll explain how to avoid and fix this mistake today. Click here for a FREE tax relief consultation Check out our FREE tax resource library A frequent error taxpayers make is ignoring inheritance assets. When a person inherits stocks or other assets, they often believe that they are not taxed. This is partially correct; the assets are not taxed when received. But when the assets are sold later on, you must repor...
Apr 06, 2018
What are tax liens and levies? I’m going into detail about both today. Click here for a FREE tax relief consultation Check out our FREE tax resource library If you don’t pay your debts, the IRS can use wage garnishment to take most of your paycheck away. Ignoring your taxes can lead to the IRS collecting them instead. A wage garnishment or levy will only occur after you have received many notices and had many opportunities to handle your taxes on your own accord. If a wage garnishment does proce...
Feb 28, 2018
What are tax liens and levies? I’m going into detail about both today. Click here for a FREE tax relief consultation Check out our FREE tax resource library Welcome back to another edition of our series exploring various tax problems you can run into. Today, we’re talking about tax liens and levies. When the IRS issues a lien, it’s a lien on all of your property. It doesn’t matter if it was recorded in your county or not. This results in your inability to sell your home, car, or anything else wi...
Feb 08, 2018
Do you have tax debt? If so, here are some solutions. Click here for a FREE tax relief consultation Check out our FREE tax resource library One of the most common tax problems we see people running into is simply not being able to pay their tax debt. It can be hard to stay calm when you’re worried about how you’ll live when the IRS is after you. Problems like this can deteriorate marriages and decimate bank accounts and paychecks. It’s a bad situation to be in. However, there are solutions. The ...
Jan 19, 2018
You are already on the cloud (whether you know it or not), so how can you use it to improve your business? Click here for a FREE tax relief consultation Check out our FREE tax resource library I’ve run into many business owners who say that they don’t want to put their accounting on the cloud. They don’t trust the cloud. They are afraid of being hacked. Some people even say, “I don’t want any part of the cloud!” Well, I have some news for you: you are already on the cloud. If you have a utility ...
Apr 11, 2017
Many entrepreneurs find something they love and turn it into a business, but eventually wind up running a business instead of focusing on the thing they loved in the first place. Here's how we can help get you back to doing what you love. We work closely with many small businesses and find that people have become entrepreneurs by circumstance. After all, not many children say that they want to be an entrepreneur when they grow up. So how does one become an entrepreneur? Most of us started workin...
Mar 20, 2017
If you only study your profit and loss statement, you aren't getting the full picture of your business finances. “My financial statements show I’m making money, but I don’t have any cash.” We hear this statement all the time from entrepreneurs like yourself. Most assume they should just drastically cut expenses and they’ll be OK. Here’s what you should do instead. If all you are looking at is the income and expense portions of your financial statement, you are only seeing part of the picture. Yo...
Mar 07, 2017
As you will see today, measuring the health of your business is not much different than measuring your own personal health. Is your business healthy? How can you determine if it is or not? The process mimics how you determine your own personal health. When you see your own personal physician for your annual checkup, they start with some basic information. In the medical field, these are called “vital signs.” Your blood pressure, body temperature, height, weight, etc., are captured before the doc...
Feb 15, 2017
Have you heard about cloud accounting? It utilizes online servers for your accounting needs so you don't have to worry about expensive equipment or constant software upgrades. I want to take a moment today to tell you about cloud accounting. We CPAs are involved in varied areas of accounting and tax. One of my specialties happens to be income tax and tax problems. I also specialize in accounting and consulting for small business, which some may refer to as bookkeeping and consulting. Today, I wa...
Jan 23, 2017
As technology advances at a rapid rate, your business needs to be able to move more data than paper. 21st Century Office can help you accomplish this. Our Sales Manager, Stan Newton, covers this in our latest video. Who remembers Y2K? You know, the predicted ruination of the power grid? A lot of people were concerned about this, but when the clock passed midnight on Dec. 31st, 1999, nothing much happened. A new millennium began, and technology advanced into the 21st century quietly. Since that m...
Jan 04, 2017
Today we’re talking about the IRS Office of Appeals. We’ve got some information you need to know. Many tax disputes are not resolved in favor of the taxpayer. Many times, the IRS is wrong in their conclusions. There are remedies if you feel you have a strong case and can support that case with the IRS. The IRS Office of Appeals was formed in 1927. Their mission is, “To resolve tax controversies, without litigation, on a basis which is fair and impartial to both the government and the taxpayer in...
Dec 12, 2016
Today we're back to talk about the last five rights you have according to the Taxpayer Bill of Rights. It's important to be aware of these in case you ever find yourself in a tax dispute with the IRS. Today, we’re back to talk about the second part of our series on the Taxpayer Bill of Rights. You can see the first portion here . Last time I talked about the first five rights under the Taxpayer Bill of Rights. Today, let's talk about the other five. 6. You have the right to finality. Taxpayers h...
Dec 05, 2016
You have rights as a taxpayer. We will be going over the first five items on the Taxpayer Bill of Rights today. As U.S. citizens, we all have rights. We have rights as taxpayers, too, so the IRS has come up with the Taxpayer Bill of Rights. This is a list of 10 rights you have as a taxpayer that you should know about. Today, we’re discussing the first five: 1. You have the right to be informed. You have the right to know what you need to do to comply with certain tax laws. You are also entitled ...
Nov 16, 2016
There’s an ongoing scam out there involving fake call centers claiming to be the US tax authorities and demanding bogus unpaid taxes. How can you avoid falling victim to this scam? Welcome to the second part of my two-part series dealing with fake tax notices and other scams you need to watch out for. First, I’m happy to report some good news about fake IRS collection scams. Last week, authorities in India arrested about 70 people and are questioning hundreds more after uncovering a massive scam...
Oct 24, 2016
What happens when you receive an Audit Notice from the IRS? More than likely, your first instinct will be to panic. However, getting audited doesn’t always mean that an error was made on your tax returns. Returns are chosen for a few different reasons: Most audits simply come from Document Matching. When you receive a W-2 form or a 1099, that information is also sent into your file at the IRS, ready to be matched. If you do not report that income on your return, the IRS computer will automatical...
Sep 02, 2016
A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property, and financial assets. A federal tax lien exists after the IRS: Puts your balance due on their books and assesses your liability Sends you a bill that explains how much you owe called a “Notice and Demand for Payment” If you neglect or refuse to fully pay the debt in time The...
Aug 11, 2016
Get a FREE Tax Relief Consultation Learn About Our Tax Relief Services Can you eliminate tax debts in bankruptcy? In many cases, a taxpayer is still liable for tax debts after bankruptcy. However, bankruptcy law allows the discharge of tax debt only in some circumstances. A tax debt is more likely to be discharged in Chapter 7 than in a Chapter 13 bankruptcy. In Chapter 13, tax debt, just like any other debt, is paid back on a repayment plan. Chapter 7 bankruptcies allow a debtor to discharge or...
Jun 22, 2016
Get a FREE Tax Relief Consultation Learn About Our Tax Relief Services Payroll taxes are taken very seriously by the IRS. What happens if you fail to pay payroll taxes or file them on time? You will get hit with a Trust Fund penalty. A Trust Fund penalty is a 100% penalty on the person who is responsible for payment of withheld federal payroll taxes and FICA taxes from the employees of a company. The IRS views failing to pay payroll taxes as the cardinal sin of tax delinquency because a large po...
Jun 14, 2016
Get a FREE Tax Relief Consultation Learn About Our Tax Relief Services What’s the difference between wage garnishments and wage levies? A wage garnishment is a wage levy; they’re essentially different terms for the same subject. A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. Liens are legal claims that are recorded or noticed against your property to secure payment of a tax debt. The levy is the actual act of taking the payment or property in o...
May 23, 2016
