michael c moran ea: Keeping Up with Uncle Sam: 6 Years is All You Need!
- 02/26/24 07:14 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Tax season can be stressful, but there's good news! You only need to keep and file the last 6 years of your tax returns to be compliant with the IRS. This means less paperwork and more peace of mind! However, navigating tax laws can still get confusing. Whether you're a freelancer, run a small business, or have complex financial situations, it's crucial to ensure your returns are accurate and filed on time. Here at Apex Tax Defense, we're passionate about helping individuals and businesses navigate the tax landscape with … (0 comments)
michael c moran ea: Tax Debt Woes? The IRS Is Offering Updated COVID Relief
- 02/01/24 09:22 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Feeling overwhelmed by unpaid taxes due to the pandemic? Breathe easy! The IRS has expanded its Taxpayer Relief Initiative, offering flexible options to help you get back on track. Even before, the IRS offered payment plans and other tools for struggling taxpayers. This initiative builds upon those with key improvements: More Time to Breathe: Need a short-term payment plan? You now have 180 days (instead of 120) to settle your debt. Temporary Payment Relief: Juggling existing payments? The IRS may offer temporary adjustments to your Offer in Compromise. Automatic Plan Enrollment: Got new tax bills while already … (0 comments)
michael c moran ea: Don't Be a Tax Slacker: Why Estimated Payments Matter
- 01/11/24 11:32 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Tax time shouldn't be a surprise party, especially not for your wallet. If you're self-employed, a freelancer, or have income outside your regular paycheck, understanding estimated tax payments is crucial. Think of them as mini-payments throughout the year to avoid a hefty bill (and potential penalties) come April. Why pay in advance? Uncle Sam runs on a pay-as-you-go system. Unlike salaried employees with automatic tax deductions, your income might flow at its own rhythm. Estimated payments bridge the gap, ensuring you contribute your fair share throughout the year. So, … (0 comments)
michael c moran ea: Tax Planning Tips For Real Estate Agents
- 09/12/23 11:08 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Tax planning is an essential aspect of financial management for real estate agents. As (mostly) self-employed individuals, real estate agents have unique tax obligations and opportunities that require careful consideration. By proactively planning their taxes, real estate agents can maximize their deductions and minimize their tax liabilities, ultimately improving their overall financial health and staying off the IRS radar. One crucial aspect of tax planning for real estate agents is understanding deductible business expenses. Real estate agents can deduct various expenses related to their business operations, such as … (2 comments)
michael c moran ea: The Importance of Tax Planning
- 09/08/23 09:09 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. One of the reasons the tax resolution industry exists is because many people don't take into account the importance of proper tax planning to keep them out of my world. We work with our clients to develop a proper tax plan after the "mess" is cleaned up. Tax planning is the process of managing your finances to minimize your tax liability. It is an important component of any financial plan, and can help you save money each year. There are many benefits to tax planning, including: Reduce your … (0 comments)
michael c moran ea: Understanding Payroll Taxes For Businesses
- 09/08/23 08:03 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. As a business owner, it is essential to understand payroll taxes and their implications. Payroll taxes are the taxes that an employer must withhold from their employees' wages and pay to the government on their behalf. This includes Federal Income Tax, Medicare Tax, Social Security Tax, and State and Local Taxes (if applicable). It is essential to calculate payroll taxes correctly, as failure to do so can lead to severe financial penalties. Here is a breakdown of the most common payroll taxes you need to understand as a … (0 comments)
michael c moran ea: When Is It Time To Call a Tax Relief Firm When You Have Back Payroll Taxes
- 08/16/23 09:47 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. If you are having issues with back payroll taxes, it is important to consider seeking the assistance of a tax relief firm. These firms specialize in helping businesses and individuals who are in trouble with the IRS, and can offer a wide range of services to help you resolve your tax issues. One of the most important factors to consider when deciding whether to call a tax relief firm is the severity of your situation. If you owe a significant amount of money in back payroll taxes, or … (1 comments)
michael c moran ea: How Back Payroll Tax Problems Start
- 08/15/23 09:00 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Back payroll tax problems can cause real headaches for any business owner. They can cost your business time, resources, and money. Understanding how these issues arise can help you take appropriate action to avoid them. Here are some common reasons why back payroll tax problems start. Incorrect Employee ClassificationOne common way that businesses run into back payroll tax problems is by improperly classifying employees as independent contractors. This mistake can trigger substantial tax liabilities if the IRS determines that the worker should have been classified as an … (0 comments)
michael c moran ea: Attention Real Estate Investors - Here Are Some Great Tax Saving Tips
- 08/01/23 10:16 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Real estate investing offers numerous financial rewards, but navigating the tax implications requires strategic, well thought out planning. Here are some tips to help you optimize your tax position as a real estate investor. First, understand the importance of depreciation. While your property appreciates over time, you can write off its depreciation as an expense. This non-cash tax deduction can reduces your taxable income significantly. Second, consider structuring your entity/investment as a limited liability company (LLC) or a similar entity. This structure offers you greater flexibility when it comes … (0 comments)
michael c moran ea: What You Need To Do To Have the IRS Withdraw Its Notice of Lien
- 07/31/23 07:34 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Receiving a notice of lien from the Internal Revenue Service (IRS) can be a daunting experience. A tax lien can have serious consequences for your financial standing and creditworthiness. However, there are steps you can take to navigate this situation and potentially have the IRS withdraw its notice of lien. Let's explore the key actions you need to take.
Resolve the Underlying Tax Debt:The first and most crucial step is to address the underlying tax debt that led to the notice of lien. Contact the IRS to discuss … (1 comments)
michael c moran ea: Boulder, CO: What is the Trust Fund Recovery Penalty (TFRP)?
- 07/24/23 03:47 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. The Trust Fund Recovery Penalty (TFRP) is a penalty assessed by the Internal Revenue Service (IRS) that can be imposed on responsible parties for unpaid federal payroll taxes. If a business is required to withhold payroll taxes from its employees' paychecks, but fails to do so or to make the required deposits, both the business and the responsible individuals can be held liable for the unpaid tax. The TFRP is assessed under Section 6672 of the Internal Revenue Code, and applies to both owners and key employees of … (0 comments)
michael c moran ea: What Is The Cohan Rule And How Can It Help Me?
- 07/22/23 12:05 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. The Cohan rule is a legal principle that allows taxpayers to claim deductions for expenses that are not fully substantiated, as long as they can provide reasonable estimates and demonstrate the expenses were indeed incurred. This rule was established after the landmark Cohan v. Commissioner case all the way back in 1930, which set a precedent for the treatment of deductions when taxpayers lack complete records. The Cohan rule is particularly helpful for taxpayers who may have lost or misplaced receipts, or for those who engage in cash … (1 comments)
michael c moran ea: I Just Got A FINAL Notice From The IRS - What Do I Do?
- 07/14/23 04:23 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. If you receive a final IRS notice, it is important to take immediate action to address the issue. Here are steps you can take: 1. Read the notice carefully: Understand the reason for the notice, the deadline for response, and any actions required from your end. 2. Gather necessary documents: Collect all relevant documents, such as tax returns, W-2 forms, and receipts, to support your case or to verify any discrepancies. 3. Contact the IRS: If you have any questions or need clarification, call the phone number provided on the … (2 comments)
Having an IRS installment agreement in place is a step in the right direction when it comes to resolving your tax debt. However, there may be instances where you find yourself unable to afford the agreed-upon payments. It is important to address this situation promptly to avoid any potential consequences. If you find yourself in a situation where you cannot afford to pay your IRS installment agreement, there are a few options you can consider: Contact the IRS: Reach out to the IRS as soon as possible to … (2 comments)
michael c moran ea: I Keep Hearing About the IRS "FRESH START INITIATIVE". What Is It?
- 07/12/23 11:21 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. The Internal Revenue Service (IRS) Fresh Start Initiative is a set of policies and programs designed to help taxpayers who are having difficulty meeting their federal tax obligations. It includes several new programs, such as expanded eligibility for payment plans, tax lien reductions, and easier access to the Offer in Compromise program. The goal of the Fresh Start Initiative is to provide taxpayers with more flexibility and to make it easier for those who can’t pay their taxes to come into compliance. Under the Fresh Start Initiative, … (0 comments)
michael c moran ea: What Is An IRS "Substitute For Return"?
- 07/10/23 11:47 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. The IRS Substitute for Return (SFR) is a program that the IRS uses when a taxpayer fails to file a return or owes taxes but fails to respond to IRS correspondence and other attempts to get them to comply. The SFR program allows the IRS to create a tax return for the taxpayer in the absence of them filing their own return. When the IRS creates a substitute return, they estimate taxes due based on the limited information they have. This estimate is usually higher than the … (0 comments)
michael c moran ea: Can I Go To JAIL For Not Paying Payroll Taxes?
- 07/07/23 11:29 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. As a business owner, it is your responsibility to make sure that you are paying your payroll taxes on time and in full. Failure to do so can have serious consequences, including fines, penalties, and even jail time. If your business fails to pay payroll taxes, the IRS can take legal action to collect the money owed. Penalties and interest will continue to accrue on the outstanding amount until it is paid in full. However, if the IRS determines that the failure to pay is due to willful … (1 comments)
michael c moran ea: IRS Payroll Tax Issues: Causes and Solutions
- 07/06/23 11:03 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Payroll tax issues can cause significant headaches for businesses, especially small ones that may not have the resources to stay compliant with the rules and regulations of the Internal Revenue Service (IRS). In this blog, we will discuss the causes of payroll tax issues and provide some solutions to help businesses overcome them. Causes of IRS Payroll Tax Issues The following are some of the causes of IRS payroll tax issues that businesses may encounter: Misclassification of employees - businesses may classify their workers as independent contractors instead of … (3 comments)
michael c moran ea: What is an IRS CP-14 Notice and Why Should I Care?
- 05/15/23 10:50 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. In another week or two, the IRS will be issuing the first wave of several million “CP-14” notices. So what, you ask? Well, this is round one of many waves to come. During the pandemic years, the IRS has refrained from unleashing the full release of these notices and collection activity. Now that the pandemic is over and the IRS is flush with $80 billion, it’s go time. An IRS CP-14 notice is a letter issued by the IRS to notify taxpayers that they have an outstanding tax … (0 comments)
michael c moran ea: What Are Your Chances Of Being Audited By The IRS?
- 05/03/23 08:14 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Many taxpayers worry about the possibility of being audited by the IRS, but the likelihood of an audit is relatively low (at this point in time), although that is expected to increase with the additional hirings the IRS is making. Several factors can increase your chances of being audited, including: High Income: Taxpayers with high incomes are more likely to be audited than those with lower incomes. Self-Employment: Self-employed individuals are more likely to be audited than those who are employed by a company, especially if you … (1 comments)
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. 
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