Tax Resolution Partners - Nationwide

08/18/2022

Two months out from the tax extension deadline. It'll be here before you know it.

Reminder: A filing extension doesn't mean more time to pay Uncle Sam.

Let's get those extensions squared away.

08/17/2022

Increasing interest rates, rising prices, and layoffs -- all the recent developments can make you want to panic. To that, I say DON'T!

But also...
If you’re one of those people who’s let things slide when it comes to paying off your debts (especially tax debt)... or you’ve lived haphazardly when it comes to your finances, well…
NOW is the time to get your house in order.

And we can help you figure out how to get started.

08/16/2022

All you entrepreneurs out there, ever considered this?

If you aspire to start a business in the trucking industry, these truck business ideas will inspire you to take the next step.

08/15/2022

Tackling tax debt can be overwhelming, and many people don't face it head on. But taking small, simple steps goes a long way. Get the ball rolling, and you might be surprised at the progress you make. (And we can help

08/12/2022

Nobody likes dealing with audits.

And if facing one seems daunting, there's a simple solution... Have us handle it for you.

But if you want to tackle it all yourself, here are some basic steps you can take to help ward off the possibility of it happening to you:

1) Make sure that any third-party income and reports agree with your records.
2) Make sure you have selected the correct forms and schedules to fill out. Ask yourself: Do the forms apply? Am I stretching the situation?
3) Keep track of bank deposits so that all items will be easy to trace. Write the source of the check directly on the deposit slip, especially transfers between accounts, so that these are not inadvertently counted as income.

08/11/2022

While you can't do much but wait on governmental decisions about the federal student loan repayment pause (and the hotly contested possibility of student loan forgiveness)...

Something you CAN do is consider directing the money you would have used for those payments to other areas -- building your emergency savings, paying off high-interest credit cards, or taking care of other debts you owe the government.

08/10/2022

We all know the IRS doesn't mess around, but the past few years of staffing shortage mixed with being in total survival mode following all of the credits, stimulus payments, 1099 changes, etc. has had them a little off their game.

With 87,000 new IRS hires in the works, you'll want to be thinking about getting all your tax ducks in a row.

The Senate approved nearly $80 billion in IRS funding with $45.6 billion for "enforcement." Here's who may be affected by more audits.

08/09/2022

We know there's a lot of swirl out there right now. And it's easy to get caught up in it.

But you don't have to.

Take a little time today to focus on the good.

08/08/2022

If a corporation dissolves but has tax debt, the debt doesn't magically disappear (if only!).

Any assets that a corporation has left can still be subject to a levy or lien OR the IRS can go after the officers of the company themselves.

If you're considering dissolving your business but know that you need to have a plan for the taxes you still owe, give us a call to walk through your options.

08/05/2022

We're all having to shift our money priorities and rework our budgets to adjust for the effects of inflation. It means cutting some things, changing our life patterns, and being more practical in the way we allocate our funds.

But that doesn't mean you can't still make plans for things you've been dreaming about. What's one dream you'd like to see realized this year?

08/04/2022

If you're planning to call the IRS to tackle your tax problems (though we don't recommend facing them alone), here's what you'll need to have on hand...

IRS customer service representatives are available Monday through Friday, 7 a.m. to 7 p.m. local time, unless otherwise noted. We have high call volumes.

08/03/2022

Hot water can burn. If you're not taking care of payroll taxes in your business, that's exactly the kind of situation you're going to find yourself in with the IRS.

But also, you're not alone. This is a very common reason business owners find themselves in tax trouble.

The IRS will take a serious look at your CURRENT activity when you're looking to settle a debt with them.

So, even if you have payroll taxes from 2 years ago that are overdue and accruing interest, be sure to pay your current quarter taxes on time.

If you're hoping to negotiate an Offer in Compromise on past amounts, you will almost surely get your offer thrown out if you're not currently paying as you should.