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Submitting an Offer in Compromise by Utilizing a Offer Cover Letter

Having served as a Gwinnett County CPA for decades, I have learned that anticipating questions before they are asked by the IRS, knowing what to expect and developing both reasonable expectations with both the Internal Revenue Service and a client are essential to successful dealings towards handling IRS tax representation issues and tax advocacy. When the IRS heightens their collection efforts, it is usually one of the predominant factors in helping taxpayers realize the importance of the needs to quickly address open tax issues that are getting higher as additional penalties and interest are incurred. Also the added impact of the IRS enforced collection efforts assist in heightening a taxpayers financial sensitivity as tax liens affect their credit and ability to handle their business and personal affairs, tax levies seize bank account monies, and garnishment affect both W-2 wages and independent contractor income. Below is sample letter one might use when submitting an Offer in Compromise to the IRS:

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Marketing Strategies: Business 101

Achieving Business Excellence

Our faith requires us to do more than just the status quo. We are exalted as Believers to do everything as if doing it for the glory of the Lord. Excellence is not for the faint hearted nor is it for those who are just trying to get by. As Christians, we are called to do our best in all things, not just a few, but all. Our consistent and measured response should always ask the question WWJD (What Would Jesus Do). Would He do a task half-heartedly or perform just enough to get by or would he look for opportunities to go well beyond what others would find adequate. By stating our goal on excellence in customer service and the practice of the Golden Rule, we can learn several practical areas of performance, which will assist us in meeting our goal of excellent client service.

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Tips for Dealing with a Frozen or Reduced HELOC

One result of the credit crunch and the economic recession has been the freezing or reduction of home equity lines of credit (HELOC) by banks. A HELOC is a form of revolving credit in which the borrower's home serves as collateral. And while this is not a surprising move by banks looking to be more conservative with their lending policies during tough times, many home owners counting on this credit will face some challenges if their HELOC is reduced or frozen.

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Taking Christianity Into the World...Beginning as a CPA in Duluth and Taking God to the Ends of the Earth

God made us to be be bold. Not bold in who we are, but bold in who He is in us. Allowing others to see Jesus in us, is the best message we can have. It is not our going to church that gets us saved, it is not our Bible reading, it is in by accepting Christ as our Savior and by acknowledging that John 14:6 is true in that Christ is "the way the truth and the light and that no one gets to the Father except through [him]."

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Checklist to Process Your Year-End Corporate and Personal Returns by Atlanta CPA

To assist clients/taxpayers with their year-end returns I provide clients with a checklist that they can use. To make this available 24 hours a day/7 days a week they are always available at http://www.hiscpa.com/newclient.html However as none of my clients are CPA's most clients need a bit of help in ensuring that they have all of the information needed. Below is a sample of the items of what I might send to a taxpayer who is married but opting to file Married Separately. Most always it is better/resulting in a lower overall tax bill and professional fees for all married taxpayers to file Married Jointly. Tax law states that a taxpayers marital status as of the end of the year/December 31st is the determining factor when determining filing status. Thus, for example if you were single all year and then married on December 31st, then tax law would require you to file Married Jointly. Conversely if you were married all year and then divorced on December 31st, you would not file a married return for that year. Below is a typical checklist that might be used to ensure that all data needed to prepare a return are received:

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Tax Tips for Homeowners

Benjamin Franklin once said, "In this world nothing can be said to be certain, except death and taxes." More than 200 years later, this certainly holds true. And while being a homeowner won't add years to your life, the modern tax code has a number of benefits certain to make your tax bill lower. The following are a few ways your CPA or Tax Preparer can help you save:

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Characteristics of a Mature Believer & Follower of Christ...Taking Christianity Into the World

Spiritual growth is personal. It is between you and God alone. It is not for another to judge or evaluate. Whether you are a new Christian or a Believer for decades, whether you grew up on a Godly home or one full of sinfulness and pain, God is there to meet each and every one of us exactly where we are without reservation and with love, compassion and tenderness. However as I have continued my Walk in my faith I continue to strive to learn more about this God that I love and how I came to be created and the guiding principles by which He wants me to live my life. Though the path for every Believer is different, there are some attributes that merit consideration when striving to become more like Christ.

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Advice on When the IRS/GA/State Audit Notice Arrives...Tax Audit Basics

Perhaps the single biggest audit mistake that I have witnessed as a Duluth CPA, is the effort of a taxpayer in handling complex tax issues and the might and complexity of the IRS by themselves. It is not prudent to begin the audit process in fear, rather discover how you can better prepare yourself so that you are not surprised at the audit process and its ultimate results. By evaluating through to the other side you can best ready yourself to close your audit with no adjustments and no additional monies due.

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The Entrepreneurial Process: Starting at the Top

Wise and Judicial Use of Tax Law

Evaluating what type of entity your business should be, I strive to balance the legal protection issues vs. the tax savings. I have developed the mindset that there is no perfect election but there are ones that are better than others. The below assumptions are based upon the fact that my clients tell me that they want to pay as few tax dollars as legally possible. There are some very specific rules, as well as some generalities. As such, I suggest that you sit down with a tax professional to see how these guidelines relate to you. Having Served as a CPA in Duluth, GA for over ten years, entity selection is perhaps the biggest mistake business owners and entrepreneurs make when getting started.

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Utilizing Like-Kind Exchanges as an Investment Vehicle

Tax law has long allowed taxpayers to utilize Like-Kind Exchanges allow investors to buy and sell certain types of investment assets without paying capital gains taxes at the time of the sale. The amount of the tax, which would normally be due, is instead rolled over into the newly purchased property. IRS tax code/taw law contains specific rules for like-kind exchanges, which must be followed in order to defer taxation. Rules for like-kind exchanges generally speaking apply to investment assets, such as real estate, but do not apply to items such as personal property, primary residences, second homes, and inventory. Having served as a CPA in Duluth for over a decade I have seen this technique utilized as investors are legally allowed to defer gains.

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Addressing Risk in Business Valuations/Determining Your Business True Net Worth

There are at least three approaches to determining the value of a company. The Company Analysis ("CA") should typically include three valuation methods: a comparable transaction analysis, an asset valuation and a discounted cash flow valuation. A single valuation method will usually provide a price that is questionable. The most commonly used method in a CA is the discounted cash flow (DCF) valuation that presents the amount of cash the business will typically produce each year going forward.

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Maximizing Value When Selling Your Entrepreneurial Business

Once an owner has decided it is time to make a change in the company's ownership, the owner usually seeks advice from financial advisors. The owner reviews the tax returns and financial statements for the past few years. Owners' thought processes lead them to set a bottom line price before seeking a valuation. After a valuation is performed by a qualified professional, the owner typically is in "shock". The company documents do not support the owner's value. Typically a company's value maybe understated based on the documentation. Many investor owned, privately held companies manage through emotional decisions rather than by the numbers. Owners should rely on the advice of professionals and fully document their company's operations before they decide to sell.

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IRS Audits: How to use a CPA During the IRS Appeals Process

Finding an Tax Advocate/a CPA who is well versed in tax issues is your best offense to ensuring that you pay only your lowest legal possible tax. Retaining a wise CPA who has a track record of success is essential to being sure to only pay what you owe. Also, being careful not to listen to the counsel of others such as bankers, mortgage lenders, friends, workers or associates who are not CPA's is a critical component of successful IRS dealings. There are many misnomers, erroneous beliefs, and rumors about how the IRS works and processes information. Your ability to steer clear of those who would lead you astray from the truth and a CPA who could otherwise do much to help protect our rights, continue your business and to maintain your household, as well as your sanity.

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Working with the IRS to Address Civil Penalties: Trust Fund Monies

If your company has employees or collects sales tax, the dollars withheld from payroll and sales taxes collected are technically withheld "in trust." Accordingly they have legal exposure to both the company for payment, as well as those personally responsible parties who knew about and controlled such payments. The responsible party is generally defined as those who were most/responsible for payments that would well extend to check signers, accounts payable, officers, and financial staff. This assessment is for one personally who collected trust monies which they unduly did not remit to the appropriate taxing/legal authority. As these monies are withheld in trust, they do not belong to the company/business. The IRS and individual states take a very dim and stern view of all those who unduly use their money. The 100% penalty may be assessed to the responsible parties making them personally responsible for any collected and unpaid trust fund monies. Having served as a CPA in Metro Atlanta for decades getting behind in the payment of your company's payroll taxes is the fastest way to financial ruin and is essentially the illegal conversion of IRS/State Trust Monies to unauthorized use.

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A Practical Guide to Understanding Tax Issues with the IRS

Knowing and understanding the tax issues a taxpayer has with the Internal Revenue Service is the best first step to beginning to address old tax issues satisfactorily and to get back into the system. As a Body of Believers we are taught that fear is the beginning to understanding, and that understanding leads to opportunities to turn from our problems, repent and then to move forward. Though we might want to be beyond our problems, like in our lives, we have to deal with the consequences of our action and to be able to aggressively work to address problem areas and to put them behind us. I believe in the axiom that either "we are to aggressively deal with tax problems or know that the IRS and their collection process will aggressively deal with us."

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Business Exit Strategies in a Down Economy

You had a well-defined plan for exiting your business. You knew how, you knew when, and you knew for how much. But, if you're like most business owners, you might be wondering how changes in the economy and the business environment might affect the timing of your plans to retire or otherwise exit your business.

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