bob jablonsky and associates: Are You Personally Liable for Your Businesses Taxes? - 09/26/20 10:12 AM
If you've read my prior blogs, you already realize that Payroll Tax Debt is often the most complicated and risky tax debt issue to deal with, and as mentioned in the title, not only is the business liable for the tax, but the owner’s and other “Responsible Persons” can be held responsible for the Trust Fund portion of the debt. This is known as the Trust Fund Recovery Penalty, or the TFRP.
 
While the IRS can only collect the debt once, they can collect it from any and/or all “Responsible Persons”. Both the business and the “Responsible Persons” can be levied … (2 comments)

bob jablonsky and associates: Plano TX - 3 Alternatives to Bankruptcy for Eliminating Back Taxes - 07/07/20 04:54 PM
If you are drowning in debt and working harder and harder to make ends meet, you may think a bankruptcy filing is the only way out, but that is not necessarily the case. Filing for bankruptcy is one solution, but it is a drastic step that should only be taken as a last resort.
 
This is especially true if you owe back taxes to the IRS or state. Depending on what type of taxes you owe, you might not be able to wipe out your back taxes in bankruptcy proceedings.
 
It’s important to weigh all your options and get a clear picture … (1 comments)

bob jablonsky and associates: When Business Owners Become Personally Liable for Business Taxes - 04/03/20 08:45 AM
In  the next few months, many small businesses will struggle to survive due to the economic impacct of COVID-19.  In order to survive in difficult times, business owners often have to make decisions on what they should and shouldn't pay, and often it comes down to making decisions that have no good answers.  
 
For example, an employer may have enough cash to fund payroll checks to their employees but not pay the payroll taxes. If they don’t make payroll, their business may cease to exist, and/or their reputation may suffer. The urge is to make payroll and worry about the taxes later. … (0 comments)

bob jablonsky and associates: IRS Currently Uncollectible In Dallas? File an Offer In Compromise! - 10/24/19 06:52 AM
There are times when I have taxpayers come into  Dallas, TX tax office, who are experiencing difficult financial times, often through no fault of their own. Perhaps they’ve had a death in the family, lost their jobs for an extended period of time, or have had medical issues which have put them in financial straits, and as a result, they have IRS debt. Often, these taxpayers will qualify as Current Uncollectible with the IRS, since they do not have sufficient income to meet their allowable living expenses and do not have assets that the IRS has determined it can levy.
 
There … (0 comments)

bob jablonsky and associates: Plano TX - Early Adopters of Cryptocurrency and Looming Tax Problems - 09/27/19 11:05 AM
The stunning rise in the value of Bitcoin, along with the myriad of cryptocurrencies, is surely one of the biggest financial stories of the 21st century, at least so far. What started out as a mere curiosity and niche project for programmers and geeks has quickly blossomed into a full-fledged financial asset, and an increasingly popular one at that.
 
For early adopters, the financial returns have been simply mind boggling. You may have heard about the generation of Bitcoin millionaires, and there are plenty of those newly rich investors to go around.
 
Given the rapid rise and relative anonymity of Bitcoin transactions, it was … (0 comments)

bob jablonsky and associates: Plano TX - What To Do If the IRS Levies Your Paycheck - 09/25/19 08:29 AM
Our Richardson, TX tax firm frequently represents taxpayers in the DFW area, as well as other areas of Texas, who have had the IRS levy or garnish their wages through their employer.  Because this can account for a substantial portion of a taxpayer’s paycheck, it can create chaos with their financial life.
 
When taxpayers with a payroll levy come to us, our first priority is to have the levy removed or to cease additional action. Once we’ve accomplished this, we assist those taxpayers in resolving the issue which caused the levy and bring an end to their problems permanently.
 
As opposed to … (0 comments)

bob jablonsky and associates: Plano TX - Should I File My Tax Return if I Can't Pay the Tax I Owe? - 09/22/19 09:27 AM
I have taxpayers call or come into my Richardson, TX tax office asking if they should file their tax return if they believe they will owe the government but can’t pay the tax. Although I understand their apprehension of filing the return, my response is always that they should file their tax return.
 
Why would I file timely if I owe tax to the government?
There is a penalty of 5% per month up to a maximum of 25% for filing your tax return late (plus interest accruing on the penalty). In addition to penalties for late filing and late payments, … (0 comments)

bob jablonsky and associates: Garland TX - What To Do If Your Bank Account Has Been Levied - 09/20/19 05:02 AM
Today, I'm going to publish one of our most popular video's on Youtube titled "My Bank Account Has Been Levied:  What Can I Do".  If you know anyone who has been levied by the IRS, please pass this on to them.  If they need professional help, please contact me at (972) 821-1991.
 
(0 comments)

bob jablonsky and associates: Plano TX - When Owing Payroll Taxes To The IRS Becomes a Trainwreck! - 08/30/19 02:21 PM
If your business owes payroll taxes to the government, you should be concerned. Payroll Taxes continue to become a bigger focus for both the IRS and State Governments, as governments struggle to fund budgets.
 
Payroll taxes remitted by employers make up approximately 70% of Federal tax inflows. Because of this, the IRS as weel as state governments, aggressively pursue businesses for the payroll taxes, and related penalties owed. In addition to taxes owed by the business, the Trust Fund Recovery Penalty (TRFP) portion, which are the employee portion of payroll taxes held in trust by the employer, can become the personal … (0 comments)

bob jablonsky and associates: Plano TX - Receipt Capture - New Functionality in QBO - 08/06/19 02:27 PM
One of the recent enhancements for Quickbooks Online (QBO) is Receipt Capture. Receipt Capture is new functionality directly within QBO, without the need to purchase 3rd party software, to efficiently capture and store digital receipts to each transaction.
 
How Does it Work?
The user can use their camera phone to easily snap the photo or it can be scanned to your computer if in the office. There are three ways to upload the images to QBO:
Scanning directly through the Mobile App Uploading, then dragging and dropping Forwarding by email.  
You can find Receipt Capture in the Banking Section of QBO. The image … (0 comments)

bob jablonsky and associates: What To Do if the IRS Levies your Bank Account in Richardson TX - 07/26/19 08:42 AM
Our firm frequently represents taxpayers in Richardson, TX, and other areas of Texas, who have had the IRS levy their bank accounts. The result of doing so can create chaos in the lives of those taxpayers  and a high level of stress with not knowing what is coming next. When these taxpayers come to us, our first priority is to have the levy removed if possible, and then to assist the taxpayers in resolving the issue which caused the levy, and bring an end to their problems.
 
Bank Levies are one-time levies. A one-time levy means that the IRS gets only one … (0 comments)

bob jablonsky and associates: Richardson TX - Offers-In-Compromise: Are You An Offer Candidate? - 07/23/19 03:52 PM
Most of the taxpayers that come into our Richardson TX tax office with IRS debt have heard the advertisements stating that taxpayers can settle their IRS debt for pennies on the dollar. This is done using the IRS’s Offer-In-Compromise program. Not everyone qualifies for an Offer-In-Compromise however. How can you determine if you’re a candidate?
 
While it’s not possible to give you a definite answer without knowing your exact situation, here are some of the factors that will determine if you are a candidate.
You MUST be in tax compliance or get in tax compliance to successfully file an Offer-In-Compromise. What this … (0 comments)

bob jablonsky and associates: Richardson TX - The IRS Fresh Start Program - What It Is and Isn't - 07/21/19 02:24 PM
I often have taxpayers come into our Richardson TX Tax Office who have heard about the IRS Fresh Start Program. They often hear of it advertised as a new IRS program that made it much easier to resolve their debt with the IRS. While the IRS Fresh Start Program did make some improvements in resolving tax debt, in reality, it’s neither new nor is it the game changing program that taxpayers are sometimes led to believe.   Today, I’ll give a quick overview of the IRS Fresh Start Program and what it is and is not.
 
The IRS initiated its Fresh Start … (0 comments)

bob jablonsky and associates: Richardson TX - IRS Debt - When To Request an Equivalent Hearing - 07/21/19 10:57 AM
One of the most important opportunities a taxpayer has is when they receive a Final Notice of Intent to Levy and Notice of Your Right to a Hearing (IRS Letter 11 or Letter 1058) from the IRS. As part of these IRS Notices, the taxpayer has the right to a Collection Due Process Hearing but must request it within 30 days of the date of the letter to exercise that right.  It is a very important and powerful right of the taxpayer. When they request their CDP hearing, three good things happen for them:
The Taxpayer gets an Appeal Hearing Collection … (0 comments)

bob jablonsky and associates: Richardson TX - S-Corporation Shareholders & Reasonable Compensation - 07/17/19 06:19 PM
Many small businesses elect to file income taxes as S-Corporations. As an S-Corporation, income taxes are not paid at the corporate level as C-Corporations are, but flow to the personal tax returns of their shareholders, where taxes are reported and paid.
 
One of the perceived advantages of electing S-Corporation status for a business is the ability to avoid or minimize self-employment taxes on earnings or a part of earnings.  How does this work? An S-Corporation shareholder may be both an Shareholder/Investor and an employee of the business.  As an employee, they should be paid wages for their services, just as any other … (0 comments)

bob jablonsky and associates: Richardson TX - Injured Vs Innocent Spouse Relief for Tax Problems - 07/16/19 10:56 AM
Taxpayers who come into our Richardson, TX tax office are sometimes confused by the difference between  Innocent Spouse vs. Injured Spouse tax relief. Today, we’ll outline the differences between the two.
 
Injured Spouse
Injured Spouse Relief occurs when a couple file a joint return and the refund for the return is offset against a debt that relates to only one of the spouses. In these cases, the spouse who does not owe that financial obligation is the “Injured Spouse”. Financial Obligations that the IRS offsets refunds for include prior IRS debt, State Income Tax Debt, unpaid child and spousal support, and defaulted … (0 comments)

bob jablonsky and associates: Richardson TX - IRS Correspondence Audit - What to do if I'm Selected - 07/14/19 11:16 AM
When taxpayers think of an IRS audit, many still think of going into an IRS office with all of their paperwork and sitting down with an IRS employee. They picture a tense situation, with the taxpayer bringing boxes of paper and being interrogated by the IRS employee.
In reality, that’s not what most audits are like today. Most audits conducted by the IRS are Correspondence audits.   A correspondence audit is an audit which is conducted entirely through mail, although the taxpayer may have phone discussions with the IRS and/or fax information if they choose to do so. It is considered the lowest level of the IRS … (0 comments)

bob jablonsky and associates: Richardson TX - When the IRS will subordinate another lender - 07/12/19 10:48 AM
When taxpayer’s come into my office in Richardson, TX related to IRS tax debt problems, IRS Liens are often the major issue they are working to resolve, and taxpayers want to know how to get rid of an IRS lien.
There are two types of IRS liens:
General or “Silent Lien” which is automatic by statute. No one including the taxpayer is notified. A Notice of Federal Tax Lien (NFTL) which is publicly filed The NFTL is what causes pain to the Taxpayer, harming their ability to access credit and transfer assets. When an IRS lien is filed, in most cases, … (0 comments)

bob jablonsky and associates: Plano TX - Quickbooks Desktop Vs. QBO - Which is Best for My Business - 07/11/19 11:00 AM
The majority of small businesses in the US use an Intuit product ("Quickbooks") for their businesses bookkeeping. The term “Quickbooks” can mean Quickbooks Online (QBO), one of the various Desktop Versions, or Quickbooks Enterprise that is oriented towards larger businesses. When business owners come into our Richardson, TX office and ask me which is the best version, as with most things, my answer is typically “it depends”. Which is best for your business is based on a combination of your industry and your businesses special needs and your own comfort with technology. Here’s a quick look at Quickbooks Online (QBO) vs. … (0 comments)

bob jablonsky and associates: Plano TX - When Does My Business Need a CFO? - 07/03/19 11:06 AM
I truly believe that small business owners can benefit just as much, from outside financial advice, than large businesses. With small businesses, the room for error on hitting targeted numbers, and having sufficient cash to operate, is often miniscule. When is it helpful, if not critical to being on a Fractional CFO? 
Some of the traditional reasons for hiring a Fractional/Part-Time CFO include:
Business is looking to go public. Business need to raise capital or needs sources of debt financing. Developing a plan to sell the business. Targeting Acquisitions.  
In addition to the typical drivers of bringing on a Fractional or Part-time CFO, … (0 comments)

 
Bob Jablonsky, Helping you resolve your IRS Problems! (Bob Jablonsky & Associates) Rainmaker large

Bob Jablonsky

Helping you resolve your IRS Problems!

Richardson, TX

More about me…

Bob Jablonsky & Associates

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog