Author: Glen L Graves II, CPA
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What is an IRS CP504 Letter?
IRS Letter CP504 | How to Respond One common notice that often alarms taxpayers is the CP504 letter, also known as the Final Notice of Intent to Levy. This letter is a serious warning from the IRS, indicating that they are preparing to take action to collect unpaid taxes. Tax relief companies like ours specialize…
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Federal Tax Liens: Tax Resolution Opions
Owning a tax resolution firm has given me firsthand insight into the tremendous stress and uncertainty that tax issues can bring. One common issue many face is a federal tax lien, which can complicate financial stability and create significant anxiety. Tax relief companies, like ours, are dedicated to helping individuals manage and resolve such complex…
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Tax Relief Spotlight: Penalty Abatement
IRS Penalty Abatement Facing tax penalties for the first time can be overwhelming, but the IRS offers a potential lifeline through the First-Time Penalty Abatement (FTA) program. This relief option can significantly reduce or eliminate penalties for eligible taxpayers, providing a much-needed break as they work to regain compliance. Let’s explore how the FTA program…
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Filing Matters: Do You Have to File?
Determine if you Have to File an IRS Tax Return If you are a US citizen or a permanent resident, whether you need to file a federal income tax return depends on several factors: Here are some key points: In general, most US citizens or permanent residents who work in the US are required to file a tax return. You should consider filing if:…
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Tax Extensions: FAQs
IRS Tax Extensions Explained What does filing an “extension” do? An extension is a form filed with the IRS to request additional time to file your federal tax return. The extension period is six months, extending the due date for submitting your individual return to Oct 15 (for 1040s). In many states, filing an extension…
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How Long is Enough?
IRS Document Retention Guidelines April 15 is quickly approaching, but after it’s all said and done what do we do with the shoeboxes full of receipts? What should be done with those documents after your check or refund request is in the mail? Federal law requires you to maintain copies of your tax returns and supporting…
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Standards for Tax Services
AICPA Statements on Standards for Tax Services The Statements on Standards for Tax Services (SSTSs) have their origin in the Statements on Responsibilities in Tax Practice (SRTPs), which provided a body of advisory opinions on good tax practice. The guidelines as originally set forth in the SRTPs became more important than many members had anticipated…
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How the IRS Calculates a Failure to File Penalty
Failure to File Penalty IRS Calculations If there are no taxes due, there is no penalty. The penalty is calculated based on a percentage of the taxes you didn’t pay on time. Unpaid tax equals the total tax required to be shown on your return minus amounts paid through withholding, estimated tax payments and allowed…
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Maximize the Benefits of a Single Member LLC
So you’ve started your very own company, and based on everything you’ve heard and read about, you decided to create your business as a Limited Liability Company, an LLC. If you’re starting a small business, perhaps as a professional, as a sole proprietor, or single member as they say, you’ve probably made a wise decision…