garland tx: 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)

garland tx: 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)

garland tx: 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)

garland tx: Richardson TX - Innocent Spouse Relief under 6015(f) Equitable Relief - 06/28/19 10:22 AM
As we covered in previous blogs, while Married Filing Joint filing status (MFJ) is popular for married taxpayers because it often results in a lower tax liability, another consequence of filing MFJ, is that each spouse is jointly and severally liable for the taxes due on a joint return, regardless of who earned the income, and the IRS can collect from both spouses.  In some situations, this can result in an inequitable tax liability for a “Innocent Spouse”.
 
In these circumstances, the “Innocent Spouse” taxpayer may qualify for Innocent Spouse Relief for all or a part of the tax liability. We … (0 comments)

garland tx: Richardson TX - Innocent Spouse Relief Under 6015(c) and who Qualifies - 06/22/19 11:34 AM
As discussed in earlier blogs, while Married Filing Joint filing status (MFJ) is popular for married taxpayers because it often results in a lower tax liability, another consequence of filing MFJ, is that each spouse is jointly and severally liable for the taxes due on a joint return, regardless of who earned the income, and the IRS can collect from both spouses.  In some situations, this can result in an inequitable tax liability for an “Innocent Spouse”.
 
In these circumstances, the “Innocent Spouse” taxpayer may qualify for Innocent Spouse Relief for all or a part of the tax liability. We often … (1 comments)

garland tx: Richardson TX - What is Innocent Spouse Relief and Who Qualifies? - 06/11/19 10:22 AM
Most married taxpayers file using the Married Filing Joint filing status. This makes sense in most cases since it typically results in the lowest combined tax for the taxpayers. However, one impact of filing Married Filing Jointly, is that by default, each spouse is jointly and severally liable for the taxes due on a joint return, regardless of who earned the income, and the IRS can collect from both spouses.
 
This is usually fair and equitable as joint filers, but what happens if one spouse was unknowingly the victim of fraud or misstatement on a tax return? Is the “Innocent” spouse … (0 comments)

garland tx: Richardson TX - Small Businesses and the Home Office Tax Deduction - 06/09/19 10:47 AM
A common question that comes up with small business owners who visit our Richardson TX office is whether they can get a tax deduction for their Home Office. Today we’ll spend a little time discussing the Home Office Deduction for a small business owner who files on Schedule C of their tax return.
 
Before we move into the deduction for small business owners, one of the impacts of the Tax Reform Act of 2018 was that it took away the potential deduction as an employee. An employee who used the home office deduction took it as a miscellaneous itemized deduction. Beginning in … (2 comments)

garland tx: Richardson TX - Removing IRS Penalties For Reasonable Cause - 06/05/19 07:27 AM
In our last blog, we discussed IRS Penalty abatement using the First Time Abatement option. Today, we will talk about getting your penalty abated using Reasonable Cause to resolve the issue. Tax Penalties are a common issue for taxpayers that come to our Richardson TX office to discuss tax problems. Penalties can double your tax debt (or more) over time. The IRS does not simply remove penalties upon request. It is the government’s position that penalties serve as a valuable tool in compliance. However, you may be able to remove penalties using Reasonable Cause if you qualify.
 
How Do I Qualify Using … (1 comments)

garland tx: Richardson TX - Removing IRS Penalties Using First Time Abatement - 06/02/19 07:54 AM
Today, we’re going to spend some time talking about how to have an IRS Tax Penalty removed if it is your first offense or the first in 3 years.  This is a common issue for taxpayers that come to our Richardson TX office to discuss tax problems.  Penalties can double your tax debt (or more) over time.  The IRS does not simply remove penalties upon request.  It is the government’s position that penalties serve as a valuable tool in compliance.  However, First Time Abatement, is a circumstance in which you may be able to get your penalties abated. 
 
What Qualifies as … (0 comments)

garland tx: Richardson TX - Strategies to Minimize IRS Payroll Tax Debt - 05/31/19 09:06 AM
Payroll Tax Debt can become a nightmare for a taxpayer who gets behind. In addition to the potential penalties to a corporation, LLC, or partnership for unpaid taxes, there is also the potential for personal liability. When taxpayer’s come into our Richardson TX office with Payroll tax debt, one of our priorities is to minimize personal exposure while effectively removing the taxes.
 
Today we will discuss three strategies to reduce liability, including personally liability, if faced with Payroll Tax Debt. How you will address the payroll tax debt is highly correlated with the taxpayer’s unique circumstances. Remember from our past discussion … (1 comments)

garland tx: Richardson TX - Personal Liability for Business Payroll Tax Debts - 05/28/19 08:22 AM
Payroll Tax Debt can become a nightmare for a taxpayer who gets behind. In addition to the potential penalties to a corporation, LLC, or partnership for unpaid taxes, there is also the potential for personal liability. Today, we will cover Payroll Taxes and personal liability. When taxpayer’s come into our Richardson TX office with Payroll tax debt, one of our priorities is to minimize their potential personal exposure.
 
Remember, from our previous article that there are two Sides of Payroll Withholdings -
Trust Funds – the fiduciary portion withheld from the employee’s pay and includes Federal Income Tax withheld as well … (1 comments)

garland tx: Richardson TX - The Nightmare of Payroll Tax Debt - 05/26/19 08:56 AM
Payroll Tax Debt can be a true nightmare for a taxpayer. It can impact both the business of the taxpayer, as well as put their own personal assets at risk. It’s critical to understand these issues when working resolve tax debt related to payroll.   When taxpayer’s come into our Richardson TX office with Payroll tax debt, we make special efforts to educate them and work to resolve the tax debt, while minimizing their potential personal exposure. This article is the first in a series of articles related to payroll tax. Today will be an overview of the consequences of Not Timely … (0 comments)

garland tx: Richardson TX - How To Seek Relief From IRS Penalties - 05/24/19 07:21 AM
In our last blog installment, we had an overview discussion on IRS Tax Penalties including a brief overview of Tax Penalty Relief. If you’re like most clients who come into my Richardson TX office with Tax Penalties, they feel that the IRS should just remove their tax penalties. As discussed, the IRS does not simply remove penalties upon request. It is the government’s position that penalties serve as a valuable tool in compliance. However, in certain situations that is possible. Today, we’ll dig into those alternatives a little further.
 
First Time Penalty Abatement –
If the taxpayer qualifies, this is typically … (1 comments)

garland tx: Richardson TX - How To Get Rid of an IRS Tax Lien - 05/19/19 09:26 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. 
 
As mentioned in a previous blog, there are two types of liens –
General or “Silent Lien” – automatic by statute.  No one including the taxpayer is notified. A Notice of Federal Tax Lien (NFTL) – publicly filed  
The NFTL is what causes pain to the Taxpayer, harming their ability to access credit and transfer assets.  The IRS is permitted to … (0 comments)

garland tx: Richardson TX - The Notice of Federal Tax Lien and the IRS - 05/17/19 10:48 AM
When taxpayer’s come into my office in Richardson, TX related to IRS tax debt issues, threat of or Notice of a Federal Tax Lien is one of the major reasons. Taxpayers often don’t understand the process, how a Tax Lien impacts them, and what they can do to avoid one or remove one. This is one in a series of articles discussing the IRS Tax Lien.
 
 
The Types of Liens
There are two types of liens that Congress has authorized the IRS to use under Section 6321 of the Internal Revenue Code, to use when a taxpayer is liable to pay any … (0 comments)

garland tx: Richardson TX - What is the IRS "Silent Lien"? - 05/15/19 01:21 PM
When taxpayer’s come into my office in Richardson, TX related to IRS tax debt issues, one of the major reasons is that either they fear a lien or have received a Notice of Federal Tax Lien. Taxpayers often don’t understand the process, how a Tax Lien impacts them, and what they can do to avoid one or remove one. This is one in a series of articles discussing the IRS Tax Lien.
  
The Types of Liens
There are two types of liens that Congress has authorized the IRS to use under Section 6321 of the Internal Revenue Code, to use when a … (0 comments)

garland tx: Richardson TX - Am I Running a Business or a Hobby? - 05/07/19 09:53 AM
Are you running a business or do you have a hobby? In most cases, it is very straight forward. We have put our hearts and souls into our businesses, the business provides the main source of survival for ourselves and our families, and while we may enjoy what we do, if income was not a priority, we might spend less or no time with the activity.
 
In other cases, it’s not as clear cut. Let’s say I’ve grown up around horses and love horses. Let’s also say that I am very highly paid in my day job and have disposable cash … (0 comments)

garland tx: Richardson Plano TX - IRS Levies - The Regular vs. The Continuing Levy - 04/26/19 02:56 PM
The Tax Levy is probably the IRS’s most potent tool to deal with delinquent taxpayers. It quickly gets the Taxpayer’s attention and is the most common reason that new clients come to our Richardson, TX office.
 
Types of Levies
A regular levy is a levy that is effective against only the taxpayer’s property being held at the time the levy is served. Examples are Bank levies, levies on receivables, and retirement accounts. As an example, here’s how a regular levy works for a bank levy. Banks will hold money for days before sending it to the IRS.On Day 1, bank receives … (0 comments)

 
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Bob Jablonsky

Helping you resolve your IRS Problems!

Richardson, TX

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