IRS problems?

IRS problems? We can fix it!

Are you drowning in IRS debt? Suffering the pain of tax liens? Having panic attacks and losing sleep? Don’t worry, there’s help. We can fix it!

Taxpayers call us every day wondering what we can do to help them. They think it’s just filing some tax returns or a power of attorney. Getting liens or levies released. Yes, we do those thing. Actually we do them very well. But our main line of business is offering peace of mind. Offering reassurance that everything is going to be okay. It can all be taken care of. It’s not as bad as you think.

Knowledge is empowering, so when we tell you exactly what needs to be  done to fix your problem, you immediately feel better. You might not understand what all of it means, but you do understand that we’ve got you covered! We’ve become your team members so now you’re not alone. Ahhhh, things look brighter already!

So stick with me in this blog and you’ll discover how things work with IRS resolution. But more importantly, you’ll get that warm and fuzzy feeling that you’re going to make it through.

Accounting For 1099 Contractors

Accounting For 1099 Contractors

By far the largest group of people we see with IRS problems are the 1099 Contractors. While employees have their half of the payroll tax withheld by their employer and the other half paid by their employer, contractors are completely responsible for their own payroll tax that tops 15% of their net business income. And on top of that, they have to pay ordinary income tax. And yikes, there is no employer to withhold the tax from a paycheck. This is where trouble begins!

Yes, contractors get tax write offs that employees don’t get and that sometimes makes being a contractor more appealing. But there are pitfalls! If you are a contractor, we strongly urge you to make estimated tax payments during the year to the IRS. They’re only required to be made on a quarterly basis, but we find that saving for 3 months just to pay the IRS is quite difficult for some. So we generally set our contractors up in the IRS electronic payment system known as EFTPS. It allows our clients to make payments as often as necessary to stay out of trouble!

And there’s more…contractors are responsible for record keeping and reporting of income and expenses associated with their earnings. This requires a whole new set of skills! But help is available. Here at Fix-It Accounting, we will teach you how to manage it all. We are not just your tax preparer but also your knowledgeable partner.

 

Accounting For Business Owners

Accounting For Business Owners

As a business owner, you may or may not be aware of the importance of a good accountant in your life. This recommendation (can the word “recommendation” be a link to the attached sheet?) from one of our happy clients explains it quite clearly.

When you hire Fix-It Accounting, you gain a team of professionals helping you to build your business. We take your success quite seriously! Part of our long term plan has been to develop a solid base of business clients to grow with. As you grow, we grow. As your revenues and profits increase, so do ours. We have a stake in your success. As we tell clients quite often, your goal should not be to reduce the amount you pay your accountant every year, it should be for that number to increase. If it’s going up, that means that your business volume and need for service is going up. It means that you’re moving and shaking in the right direction and hopefully enjoying the journey. For a business owner, a good accountant is worth his or her weight in gold!

Our business services can be taken on an as needed basis with maybe just annual tax return preparation or in an all-inclusive, budgetable monthly service package. No all businesses have the same needs so we can tailor your service to fit you. Here’s what’s available:

  • Business entity formation
    • Set up with the state Division of Corporations
    • Getting your EIN with the IRS
    • Sales tax application
    • Workers’ Comp Exemption Certificate
    • Bookkeeping set-up
    • Registered Agent for foreign corporations
    • Monthly or Quarterly or annual financial statement preparation
      • Data entry of all transactions
      • Reconciliation of all bank statements
      • Reconciliation of all loan and credit card statements
      • Ensuring proper classification of all income and expenses
      • Teaching you how to read your financial statements
      • If you have an in house bookkeeping department, we can just tweak their work to make sure everything is accurate and provide monthly financials.
      • Weekly, bi-weekly, bi-monthly or monthly payroll including Workers’ Comp Insurance Coverage, if necessary
      • Workers’ Comp Exemption Certificates
      • Payroll tax deposits
      • Quarterly Federal and State payroll returns
      • Annual Federal and State payroll returns
      • Annual W-2 and 1099 preparation
      • Calculation of estimated tax payments
      • Monthly or Quarterly sales tax return preparation
      • Preparation of annual Federal and State Corporation or Partnership income tax returns
      • Preparation of annual Federal and State  individual income tax returns
      • Audit protection
      • Business consulting – This is a big one! It is always helpful to have someone with experience give input on what you’re doing and where you’re going. Of course, it’s your business and you can take it or leave it but the most successful business people form a team of experienced professionals around them to help guide their progress.

Call us to day for your free consultation

IRS: Why you need to start today

IRS: Why you need to start today

One reason people delay doing something about IRS letters is they feel like the IRS is too large and powerful to stand alone against. “Who are we to fight the government?” is the attitude we frequently encounter.

Many are afraid to make the call themselves as they may say the wrong thing and get into more trouble. When you call us, we can make that call for you and stand with you against the giant.

Reality is that the IRS is a huge machine that spits out countless threatening notices.  A computer prints out a letter and mails it to you.  If that letter isn’t answered, the computer prints out the next letter, and the next letter. It’s an automated system.

Don’t wait to call…addressing the problem sooner prevents it from becoming bigger.

 

IRS: Why it’s better to be represented

IRS: Why it’s better to be represented

irs solution florida 3When you are represented, the IRS treats you with much more respect. And when you’re represented by us, we know what your rights are and how to get around in their system. Knowing who to talk to and what to say gets much better results with the IRS than an individual calling about their own taxes.

We have the unique distinction of nearly a 100% success rate in resolving IRS problems and lowering amounts owed.  Often, we can reduce what the IRS is asking for by 90%, and sometimes get the entire balance completely wiped out.

Our IRS problem resolution services include:

  • Lien Release
  • Levy Release
  • Penalty reduction or abatement
  • Filing past due or amended Returns
  • Filing an Offer In Compromise or “Offer and Compromise”
  • Identifying  and correcting IRS mistakes and input errors
  • Giving you peace of mind that your problem will be resolved

They don’t want you to know how to reduce your tax bill but we want you to have every remedy available.

We’ve seen cases where the IRS charged people tens of thousands of dollars in error. We were able to find the mistake and even get the person a refund.  Let us look over your case and see what we can do for you. We offer a free review of the past three years tax returns to ensure they have been done correctly and you’ve paid the least amount of tax possible.

IRS: RE-CREATING RECORDS

RE-CREATING RECORDS

IRS solution florida 2All is not lost if your records are missing, lost or destoryed. We understand what a stress it is to try to come up with information from many years ago so have learned to efficiently recreate them from bank statements and other records.

We can get income transcripts from the IRS and prepare the tax returns with that information.

Currently Not Collectible Status

Currently not collectible status

Currently not collectible (CNC) status is a temporary solution. A taxpayer who can’t afford to pay right now can be put in this status for 6 months to a year. Penalties and interest continue to accrue. In order to get put into this status, the IRS will require substantial financial information such as:

  • Bank statements on all bank accounts
  • Pay stubs
  • Proof of payment of “necessary” living expenses
  • Information on all assets (what you own)
  • Information on liabilities (what you owe)

 

Representation With The IRS

Representation with the IRS

Range of various blank USA tax forms

Range of various blank USA tax forms

When you are represented by us, the IRS treats you with much more respect. We know what your rights are and how to get around in their system. Knowing who to talk to and what to say gets much better results with the IRS than an individual calling about their own tax issue.

And when you hire us, it shows that you are serious about clearing up your problem. Really, all the IRS wants is for you to be compliant under the law with filing and paying your taxes. They want you to clear up your old issues and come back into the system so they can start collecting from you again.

The IRS representatives will almost never tell you when you have options other than paying the debt. Time and again we’ve seen taxpayers who cannot afford to pay their tax debt being put into payment arrangements that they can’t afford. No one tells them that they can get into a temporary Currently Not Collectible status or a more permanent solution with the Offer in Compromise program.

They don’t want you to know how to reduce your tax bill but we want you to have every remedy available

IRS: Penalty Abatement

Penalty Abatement

 REMOVING IRS PENALTIES

Abatement-1If you don’t file your returns or pay your tax on time, the IRS will add penalties and interest to what you owe. Sometimes the penalties and interest add up to more than the original tax liability. They continue to accrue or grow until the problem is resolved or the balance is paid.

The good news is that we have been very successful at having penalties removed or abated, especially when there are extenuating circumstances. And the best results have been for people who work in industries that were wiped out by the recession such as real estate, construction or mortgage lending. Others they consider are those who have had bad events happen in their lives like illness, etc. Our opinion is that it can’t hurt to ask for a break! Call us.

A good example is Tom. He worked in construction and made a very large income. When the housing crash hit, he was put out of work so pulled money out of his retirement accounts to survive. This caused very large tax bills to accumulate over several years. When he finally came to us, we were able to get $80,000 in penalties abated. Another happy client!