Preparing, filing, or even thinking about taxes can be overwhelming for many individuals, especially when faced with financial difficulties that prevent them from being able to pay their taxes in full. However, it is vital to stay aware of the financial consequences that are associated with not paying your taxes on time and in full,…… Read More
If you’ve ever tried reaching the IRS by phone, you’re familiar with the seemingly endless wait times and multiple transfers that often lead to frustration. Now, imagine trying to negotiate your tax debt under these conditions—without a clear understanding of your options. The process can feel like an uphill battle, making it even more challenging…… Read More
Filing tax returns for previous years is especially important for: Individuals Due for a Refund: If you overpaid your taxes, filing can get you a refund. Individuals with Tax Debt: If you owe taxes, filing your returns can help minimize penalties and interest. Self-Employed and Freelancers: Those who work for themselves often face complex tax…… Read More
A tax audit can be a stressful experience for any taxpayer. It’s important to understand that being selected for an audit does not automatically mean you’ve done something wrong. Sometimes, the IRS selects random audits to verify the accuracy of filed returns. Let’s break down how to prepare for an audit and what to expect.…… Read More
S-Corporation (S-Corp) Characteristics: Tax Structure: An S-Corporation is a special type of corporation created through an IRS tax election. S-Corps pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Ownership: An S-Corp can have up to 100 shareholders, and these shareholders must be U.S. citizens or residents. Legal Structure:…… Read More
The IRS proactively identifies and stops the processing of potential identity theft returns. You may receive a notice or letter asking you to verify your identity and tax return information with the IRS. This helps prevent an identity thief from getting your refund. You may receive letters 4883C or 6330C from the IRS. What this… Read More
The Florida Annual Report is a mandatory filing that all Florida businesses, including corporations, limited liability companies (LLCs), and limited partnerships, must submit each year to the Florida Division of Corporations. This report updates the state on the current information about your business, such as the names and addresses of officers, directors, managers, or members,… Read More
A Federal extension, also known as an extension of time to file, is a provision offered by the Internal Revenue Service (IRS) in the United States that allows taxpayers additional time beyond the regular filing deadline to submit their federal income tax return. The regular tax filing deadline for most individuals is typically April 15th… Read More