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The IRS Fresh Start Initiative is a lifeline for taxpayers struggling with tax debt, offering a way to get back on track without overwhelming penalties or severe financial repercussions. Whether you're an individual taxpayer or a small business owner, understanding how this program works can be vital to managing your financial future.
The IRS Fresh Start Initiative is a lifeline for taxpayers struggling with tax debt, offering a way to get back on track without overwhelming penalties or severe financial repercussions. Whether you're an individual taxpayer or a small business owner, understanding how this program works can be vital to managing your financial future.
While taxes are an important part of life, they can also cause a lot of stress and worry. If you're facing tax problems like back taxes, audits, or overwhelming debt, you're not alone. Every year, millions of Americans have trouble with their taxes, but there is help available. This blog will explain tax resolution services, how they work, and how they can help you manage the complex tax world.
While taxes are an important part of life, they can also cause a lot of stress and worry. If you're facing tax problems like back taxes, audits, or overwhelming debt, you're not alone. Every year, millions of Americans have trouble with their taxes, but there is help available. This blog will explain tax resolution services, how they work, and how they can help you manage the complex tax world.
Tax planning strategies are an important part of managing money that can have a big effect on the financial health of both people and businesses. Tax planning tactics that work help people pay the least amount of taxes possible while saving as much as possible. This leads to more stable and growing economies. Because tax laws and rules are so complicated, you need to fully understand them and be very careful to make sure you follow them to get the most benefits.
As a small business owner, you understand the importance of keeping your finances in order. For your business to succeed and grow, you need to keep accurate books, pay your taxes, and plan your finances well. The complex world of accounting, however, may be difficult to manage, particularly when you have other commitments on top of that.
Tax season can be a stressful time, but for some, the burden extends far beyond April 15th. If you're facing financial challenges and struggling to meet your tax obligations, you're not alone. The good news is that there are ways to get tax relief that can help you relax and get back on track.The information in this blog post will help you find the best tax relief solution for your specific needs.
Every individual and business is legally and financially responsible for meeting their tax obligations. Timely tax filing is crucial. Delays can lead to back taxes, hefty penalties, and interest charges piling up. In severe cases, legal action may be taken. This comprehensive guide will inform you on the importance of fling back taxes and provide a step-by-step approach to do so.
Tax planning and managing penalties is a difficult task for many taxpayers. The IRS provides a program called the Fresh Start Program (which is no longer officially called that) that is intended to assist you in getting back on track. This blog post will serve as a comprehensive guide, explaining everything you need to know about the IRS's options for resolving tax debt.
Being married can come with a number of financial benefits, but it can also lead to unexpected tax liabilities. If you find yourself facing a tax bill due to your spouse's actions, you may be eligible for innocent spouse relief. This blog post will provide an overview of innocent spouse tax relief, the three types available, and how to apply for relief.
When faced with owing taxes you can't afford to pay upfront, the Internal Revenue Service (IRS) offers a lifeline, payment plans. These plans allow you to spread your tax debt over a manageable period, easing the financial burden and preventing penalties from escalating. This blog post covers IRS payment plans in great detail, helping you to understand your options and make wise choices.
The term "tax relief" describes the process of requesting a decrease in the amount of money owed to the Internal Revenue Service (IRS). This situation could result from failing to file a tax return at all, in which case the IRS would file a return on your behalf (referred to as a Substitute for Return, or SFR), or from filing a tax return but failing to pay the entire amount owed.
Managing your spouse's finances may complicate your tax filing process. Knowing whether you are an injured or innocent spouse is critical if you owe money in unpaid taxes. Here's how to tell the difference with an innocent spouse vs an injured spouse and what relief you might get.
The parts manager for a multi-state business, John Cox, was sentenced to 36 months in prison for wire fraud, filing a false tax return and failing to file a tax return. From 2018 to 2020 Cox ordered parts and products that the business did not need, using his employer’s funds, in order to sell them […]
Jonathan Wichman was sentenced to 24 months in prison for evading income taxes for seven years, despite making more than 2.3 million dollars in wages during that time. Beginning in 2014 Whitman stopped filing tax returns, despite receiving multiple notices from the IRS. In 2019, he filed returns for 2014 through 2018, but did not […]
Maria Mendoza, a Las Vegas tax preparer, was sentenced to three years in prison for filing more than 700 fraudulent tax returns and causing the IRS a loss of 1.2 million dollars. Mendoza used false and inflated deductions and credits on her clients’ tax returns, in addition to using her clients’ personal identifying information to […]
A Kentucky lawyer, Andrew Clooney, and his wife, Christel Clooney, pleaded guilty to wire fraud and failure to pay taxes. Clooney was a personal injury attorney through the Clooney Law Office, and his wife was the office manager. From 2016 to 2018 the Clooneys used funds that belonged to their clients for personal use. Clooney […]
Are you looking for reliable and professional tax services in Shreveport, Louisiana? Look no further than David J Griggs, CPA. We're thrilled to announce the opening of our new office in Shreveport, and we're ready to help you with all of your tax needs. Services We Provide As a CPA firm, we offer a wide […]
Filing taxes can be a daunting task, but what happens if you miss a year or several years of filing? It can be overwhelming to think about how to back file taxes, but the consequences of not doing so can be severe. Fortunately, there are steps you can take to catch up on missed tax […]
Are you struggling to pay off your tax debt? If so, you're not alone. Many Americans find themselves in a similar situation, but fortunately, there are IRS settlement programs available that can help you resolve your tax debt and avoid penalties. In this article, we'll take a closer look at these programs and what you […]
Saving for college can be a daunting task, but it doesn't have to be. A 529 plan is a tax-advantaged savings plan designed to help families save for education expenses. It's a great way to start saving early and take advantage of tax benefits while doing so. In this article, we will take a closer […]
If you're struggling with IRS debt, it can be a stressful and overwhelming experience. But don't worry – there are options available to help you settle your tax debt and regain control of your financial situation. In this article, we'll outline the steps you need to take to settle an IRS debt, from understanding your […]
Dealing with the stress and financial burden of back taxes can be overwhelming. Fortunately, the IRS offers several settlement options to help taxpayers resolve their outstanding tax debts. In this article, we'll explore the process of IRS settlement for back taxes and discuss the various programs available to taxpayers in need of relief. Understanding Back […]
Tax problems can be overwhelming and cause significant stress for individuals and businesses alike. You might be wondering, "What is tax resolution?" Tax resolution refers to the process of resolving tax issues with the Internal Revenue Service (IRS) or state tax agencies. This article provides a comprehensive guide to tax resolution, outlining the various options […]
Facing a significant tax debt can be overwhelming, and many taxpayers wonder, "Can you negotiate IRS debt?" The good news is that there are several tax settlement options available to those struggling to pay their taxes. This article will provide a comprehensive overview of the negotiation process, the available options, and tips on how to […]
When it comes to settling tax debts, many people are unaware that they can negotiate with the Internal Revenue Service (IRS) to reduce their liability. By understanding the process and following the right steps, you can work towards a favorable outcome that can save you both time and money. In this article, we will discuss […]
If you've missed filing your taxes for one or more years, it's crucial to get back on track by filing back taxes with the IRS. Ignoring this responsibility can lead to serious consequences, such as penalties, interest charges, and even legal action. This comprehensive guide will help you navigate the process of filing back taxes […]
Understanding how far back to keep tax records is essential for every taxpayer. Proper recordkeeping not only helps you stay organized but also ensures you have the necessary documents in case of an IRS audit or any tax-related issues. In this comprehensive guide, we will discuss the different record retention rules and provide tips on […]
If you're struggling to pay your taxes, you might be considering an IRS payment plan. These installment agreements allow taxpayers to pay their tax debt over time instead of in one lump sum. But how many can you have? This article will explain the rules, limitations, and options available to taxpayers dealing with multiple tax […]
If you owe taxes to the IRS but can't pay the full amount, you may be able to set up a payment plan. However, it's important to understand the interest rates and fees associated with these plans, as they can add up quickly. Here's what you need to know to make an informed decision and […]
Filing income taxes can be a daunting task, but with the right tools and resources, it doesn't have to be. Whether you're a first-time filer or a seasoned pro, this guide offers tips and advice to help you navigate the process and ensure you're getting the most out of your tax return. From understanding tax […]
If you're struggling to pay your taxes, you may be eligible for an IRS payment plan. This can help you manage your debt and avoid penalties and interest charges. But who qualifies for this option, and how can you get started? Here's what you need to know. What is an IRS payment plan? An IRS […]
If you owe money to the IRS, you may be able to set up a payment plan to make your debt more manageable. But what if you still can't pay off your tax debt with just one payment plan? Can you have multiple plans with the IRS? Here's what you need to know. Understanding IRS […]
If you owe money to the IRS but can't pay it all at once, you may be able to set up a payment plan. However, before you apply, it's important to understand the different payment plan options and the rates associated with each one. This guide will help you make an informed decision and avoid […]
If you owe money to the IRS, it can be overwhelming and stressful. However, setting up a payment plan can help you manage your debt and avoid further penalties. Here's how to set up an IRS payment plan in five simple steps and get your finances back on track. Determine Your Eligibility. Before setting up […]
If you're struggling with tax debt, the IRS Fresh Start Program may be able to provide some relief. However, it's important to understand the requirements for the program in 2023 to determine if you qualify. This guide will outline the IRS Fresh Start Program 2023 requirements and steps you can take to apply for the […]
If you're struggling to pay your taxes, the IRS Fresh Start Program may be able to help. This program offers various options for taxpayers to settle their tax debts and avoid penalties. In this guide, we'll walk you through the Fresh Start Program application process and provide tips for a successful application. What is the […]
As a self-employed individual, it's important to take advantage of all available tax deductions to minimize your tax liability and maximize your profits. Unfortunately, many self-employed individuals miss out on valuable deductions that could save them money. Here are five commonly overlooked tax deductions for self-employed individuals and how to claim them. Home Office Deduction. […]
If you owe back taxes to the IRS, it's important to understand how long they have to collect the debt. The timeline varies depending on several factors, including the type of tax owed and whether or not you've made any payments. In this guide, we'll break down the collection timeline and provide tips on how […]
If you're struggling with tax debt, the Fresh Start Tax Program may offer a solution. This program is designed to help taxpayers who are unable to pay their taxes in full, by providing options for payment plans and debt forgiveness. Learn more about the program and see if it's the right choice for you. What […]
If you owe money to the IRS and can't pay it all at once, setting up a payment plan can help you avoid penalties and interest. But how do you go about setting up an IRS payment plan? This guide will walk you through the steps, from determining your eligibility to choosing a plan that […]
Are you wondering what the status is of your amended tax return? Knowing what to expect can be difficult, but with this step by step guide, you will be able to quickly and easily check the status of your amended tax return and get updated information as soon as possible. Gather Information Needed to Check […]
When it comes to tax return preparation, it's important to know what you'll be paying upfront. At our firm, we believe in transparent and competitive pricing. We price our services by form, so you'll always know what to expect. We understand that tax season can be a stressful time, and we want to make the […]
Question: I haven’t filed my tax returns for 2018, 2019 or 2020 and the IRS keeps sending me notices that I owe them $38,273. How can that be? I never even filed. What should I do? Answer: When a legally required income tax return isn’t filed on time, the IRS can file an income tax […]
Wayne Triche was sentenced to 41 months in prison for tax fraud and wire fraud for embezzling $937,658.77 from the New Orleans Firefighters Pension and Relief Fund. In 2003, Triche and his business partner were given five million dollars from the Fund to manage and invest in life insurance policies. Triche’s partner died in 2007 […]
Dr. Kevin Crandell was an emergency room physician earning between $30,000 and $40,000 a month when, in 2007, he decided he no longer wanted to pay taxes and stopped filing returns. Crandell began filing taxes again in 2013, after he was contacted by the IRS, but spent years fighting the agency over the six years […]
The owners of a successful auto body shop in Baltimore were each sentenced to one year and one day in prison for tax fraud. Ercin and Lizette Kalender were also ordered to pay restitution to the IRS in the amount of $2,219,602. As part of their efforts to hide income from the IRS the Kalenders […]
John and Helen Zourdos and their son Dimitrios were convicted of tax evasion and filing false tax returns in connection to three Dippin Donuts stores they owned in New York. From 2012 to 2017 the family hid more than 4.5 million dollars in cash sales from the IRS by depositing the money into personal bank […]
Alice Felder-Lucas was sentenced to more than three years in prison for filing a false tax return and theft of government funds. Felder-Lucas filed a tax return using false 1099 forms that claimed millions of dollars in income. She also listed millions of dollars in expenses. Although her return was flagged for potential fraud by […]
Jennifer Hansen, a registered nurse, was found guilty of filing false tax returns and sentenced to two years in prison. Hansen was employed by a medical records company to evaluate individuals who applied for life insurance policies. She was responsible for conducting full medical examinations to make sure the applicants did not have any major […]
When it comes to your money, there’s only one person that truly has your best interests at heart - and that person is looking back at you in the mirror. Handling your own finances and making your own decisions can give you peace of mind and help you avoid a costly mistake. There is a […]
Few people look forward to tax filing season. Unless you are an accountant who loves tax season, you probably dread this time of year, and you are thrilled when your return is in and your refund is on the way or your tax debt is all paid off. When you sign your tax return and […]
Even for honest taxpayers, the IRS can be extremely frightening. Unlike most other government agencies, the IRS has unbridled power to attach your wages, freeze your bank account and even confiscate your property, and that is enough to send a chill up the spine of any taxpayer. If you receive a letter from the IRS […]
Unpaid payroll taxes are a serious matter to the IRS and are some of the worst kind of back taxes you can owe. If you’re a small business owner with a payroll tax problem, read on to learn what you can do to avoid the IRS crippling your business or worse, shut your business down […]
If you don't have money to pay what you owe the IRS, you have a few options to work with. Whatever you do, don’t ignore the letters from the IRS and don’t let your back tax problem go unattended. The IRS has a great deal of power when it comes to recovering money they think […]
You may have heard on the radio, TV, and online, that you can settle your tax bill for less than what you owe. But are these claims actually true? And can you really settle your tax debt without hurting yourself in the long run? Some of these national tax resolution firms you hear advertising offer […]
Alright Monroe business owners, we’re going to move aside from tax-related things today (though there will be PLENTY to talk about as Congressional plans unfold) ... and circle back into the nitty-gritty of how business works and share with you some business negotiation skills we’ve learned over the years. I write about this stuff because […]
Last weekin the start of my series on financial planning for business owners, I got a little carried away by all of the talk of \"independence.\" So, I took the opportunity to ask you a simple question: Are you achieving the independence you want in your business? But there\'s another side to this question that […]
With our nation celebrating its 245th birthday on Sunday, and all of this talk about \"independence\" flying around, I have a question for you -- one that I think you should think hard about: Are you achieving the independence you wanted in your business? As you know, it’s hard -- and it’s LONELY -- to […]
The past year and a half has been stressful for everybody in Monroe. And I would argue it’s been doubly so for Monroe business owners. The thing is though, these things happen. Quite regularly. Maybe not global pandemics, but disasters in general. So, as the person in your corner who might be one of the […]
Did you hear the news from last week’s inflation report? Consumer prices increased more than 5% between May 2020 and May 2021. Given the Federal Reserve’s 2% inflation target, that’s a pretty steep increase. Have you taken a look at your own cost of doing business lately? Your cost of labor, materials, supplies? Chances are, […]
Pretty sure I\'ve said this before. I\'ll likely say it again, too. If there’s one thing the past year has taught business owners, it’s that the \"unexpected\" can occur at any time. Managing your Monroe business during good times is hard enough; rough times make it all the more difficult. To get you through the […]
It seems as if the world is getting drenched in tech. It’s literally falling from the sky (we’re looking at you, rocket boosters). Because there is so much technology around us, it can be easy to become numb to it. We can quickly start to view it as just a “thing” that’s always there, rather […]
Before we talk about some tax planning tips to give your business a new look this summer, I first want to say that I hope your Memorial Day weekend was special. Even though this Monroe business owner had some work to do, a quiet office is my friend. In thinking about the spirit of this […]
With May 17th behind us (though for those in Texas, Louisiana and Oklahama -- this was just another day. June 15th is coming at us fast!), we’re turning towards the planning and optimization part of our calendar. But before we leave taxes in the rearview, let\'s address an unfortunate reality: as a business owner, you […]
This week marks the end of another tumultuous tax filing season. I can’t remember anything like it. With the last minute legislative changes, software update delays, and IRS service issues -- this very well might have been the most disrupted and difficult tax season in decades. But despite an exhausting tax season, we’re never done, […]
If you\'ll forgive me, I\'m going to get pretty geeky today. You probably didn\'t realize that there are actual pros and cons to expense reimbursement for employees, etc. or using a company cc. Oh my Monroe readers, I\'m going to take you down a little rabbit hole today, yes I am. But first, a quick […]
Does the thought of paying rent to your Monroe commercial landlord for eternity make you cringe? Do you get a little bit of FOMO when you hear stories about other people building empires with real estate? The decision to purchase your own space from which to operate your Monroe business is a major one. MAJOR. […]
The overall economy is on a tear right now, but for some businesses, things don’t look so rosy. By the way, if that is you and your business (not so rosy), there are a multiplicity of grants, tax credits, and very favorable loans available -- though doing it properly can be tough to navigate. Let […]
The \"American Rescue Plan\" has been finalized. And there are things about the new stimulus update our Monroe clients should know. While I normally write weekly, there is information in this strategy note that you need to know about now that might even impact how you proceed in the following days. As of this writing, […]
From making sure that nobody is doing Zoom calls in their bathrobe to ensuring that work actually gets done on time, you’ve got a few extra things to worry about as a Monroe business owner these days. Chief among those new concerns, however, should be cybersecurity. Cybersecurity steps are one of those painful, annoying topics […]
As a Monroe small business owner, you’re no doubt fully aware of the importance of your business location. This is especially the case if you have a retail store or deliver a service where Monroe customers come to you -- you need a location with ease of access and foot traffic. Even if you just […]
So ... I\'m not sure if you knew this. Apparently, running a business is expensive. And controlling costs can be daunting. But despite whatever you might see from those gurus who are posing by their Lamborghinis in the Facebook ads ... even the leanest Monroe businesses are never 100% profit. Trust me -- I\'ve seen […]
With all the floods, fires, hurricanes, and other events that happened in 2019, it turned out to have been a very expensive year for natural disasters. Then...2020 rolled in and said, “Wait until you see what I’ve got!” For decades, a little-known federal loan program administered by the Small Business Administration (SBA) provided short-term working […]
The return of March Madness this past week was a big reminder of everything that has happened in just one year. In my opinion, it was the canceling of this event in 2020 that made the entire nation (including those of us in Monroe to) sit up and take notice that this would not be […]
With the passage of the American Rescue Plan Act AND the CARES Act, the government is seemingly trying to go \"full Oprah\" with all of the credits, grants, and such that they are slinging out to Monroe small businesses... And while the media headlines are dominated by stories of the latest 1,400 dollar stimmies, the […]
There\'s this idea out there among many wannabe Monroe business owners that they have to come up with the next completely fresh idea in order to have a great business. Shows like Shark Tank (which I love) go towards creating this kind of mindset - although the sharks do a very nice job of bursting […]
Last week I wrote about working less and testing the 80/20 hypothesis for your Monroe business work cycle. I\'d love to know if you had a chance to consider putting this into practice, send us an email using the email icon at the top right-hand corner of our site when you can, if so. Well, on that note, […]
Seeing what has happened in our nation\'s fourth-largest city has been a sobering reminder of the fragility of life, and business. It\'s helpful to be reminded that threats and disasters can (and do) strike from directions that you might least expect. And while this is quite obviously not the case when it comes to natural […]
We\'ve been talking about meetings, efficiency, and how Monroe small business owners simply have to stay laser-focused on tasks that will bring them and their business towards actually achieving their goals. Especially with all of the political and cultural chaos we\'re experiencing in this particular moment, it\'s worth emphasizing that staying on point is a […]
Slogging through the summer, and with the weather still hot, it can be really tempting to sort of press cruise control for the month of August until Labor Day hits us, and *then* really put that nose to the grindstone. But could it be that a rhythm of working a little less might actually make […]
As you may have heard, \"Labor Day\" originated during the time of 7-day workweeks of 12-hour days, in the late 1800\'s, as our country was in the throes of the Industrial Revolution. Times have certainly changed since then -- and our economy is no longer driven by the manufacturing jobs of the past. Yes, now […]
Our hearts remain with those in Houston and, now, South Florida, who has been dealing with such a massive disruption of their lives -- and during a time of year that is already one of the busiest. The IRS has set up a \"catch all\" page for those cleaning up from Harvey, Irma, and other […]
Set it as your personal goal to increase (or start) your household money moving in these directions:
See, relative to their income, the rich are frugal. They save and invest. They spend less than 65% of their take-home pay on day-to-day expenses.
These days, I\'m often glad that it\'s our busy tax filing season, so that I have an easy excuse when political conversations are happening: Oh THAT [crazy new political story]? Huh, didn\'t see it -- I\'m too busy with tax season. With all of the chaos out there, the division and shouting -- from Washington […]
