As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
Articles in category 'Tax Tutorials'
How to Avoid Criminal Prosecution in Failure to Remit Cases
If your business collects sales taxes from your customers and does not remit it to the Florida Department of Revenue, the State will bring criminal charges against you personally under Florida Statute 206.56 for Theft of State Funds. Theft of State Funds is a third degree felony carrying a maximum prison sentence of up to…
Read Full Article Categorized in: Blog Posts, Criminal Tax, Tax TutorialsHow to Appeal an IRS Audit
The Notice of Deficiency If you are audited and cannot come to an agreement with the examining agent, the IRS will issue what is known as a Notice of Deficiency (sometimes also called the 90 Day Letter). The Notice of Deficiency contains a calculation of the additional tax, interest and penalties the IRS believes you…
Read Full Article Categorized in: IRS Audits, Literature and Law, Tax TutorialsPreparing IRS Financial Statements: Do’s and Don’ts
If you can’t pay your tax debt in full, you will have to completely disclose your financial circumstances to the IRS. There is no way to avoid this disclosure requirement other than making full payment. A taxpayer’s financial information is provided on one or more of the following prescribed IRS forms: IRS Form Number Description…
Read Full Article Categorized in: Tax TutorialsThe Failure to Remit Collected Sales Tax is a Felony
One of the worse things cash-strapped business owners can do is collect sales tax from their customers and then use that money to pay other business expenses. The state of Florida calls this Theft of State Funds and it’s a felony. The reason for this is obvious: Business owners who apply for a Florida sales…
Read Full Article Categorized in: Criminal Tax, Florida Sales Tax, Florida Tax Audits, Tax Tutorials, Theft of State FundsFlorida Tax Audits: 10 Dos and Don’ts
After your Florida comprehensive tax audit has begun there are several things you should do and several you should not do in order to make the audit go as smoothly as possible and minimize your chances that the Florida tax examiner will make an assessment against you: Let’s start with the don’ts: Don’t make abstract…
Read Full Article Categorized in: Florida Sales Tax, Florida Tax Audits, Florida Taxpayer Rights, Tax TutorialsState Tax Audits: What to do When You Get a Florida Audit Notice
With good reason Floridians dread getting a notice from the Department of Revenue (DOR) saying that their business has been selected for tax audit. Usually this means the State will attempt to determine whether or not you under-reported your taxable sales, over-reported your exempt sales or underpaid your sales tax. In addition, while they are poking through your records, they…
Read Full Article Categorized in: Florida Tax Audits, Tax TutorialsHow to Deal with IRS Collection Agents
Once an assessment is made against you, your case gets sent to the IRS Collection Division. There are two types of collection agents taxpayers encounter in the IRS collection process: Automated Collection Distributors; and Local Revenue Agents. The Automated Collection System The Automated Collection System was developed in the early 1980′s to allow the IRS…
Read Full Article Categorized in: Tax TutorialsPappas Tax Tips
The Best Way of Doing Business The Best Way to Prepare Schedule “C” of Form 1040 The Best Way to Organizing Your Tax Records The Best Way to Keep Track of Your Business Mileage The Best Way to Survive a Tax Audit The Best Way to Avoid a Tax Lien
Read Full Article Categorized in: Tax Tips, Tax TutorialsThe Pappas Tax Problems Center
How to Deal With an IRS Collection Notice IRS Last Known Address Rule Ignoring IRS Notices Makes Matters Worse IRS Collection Notices: How Serious is Yours? Taxpayer Rights and the IRS Collection Process What To Do If You Think the IRS is Wrong How to Deal With an IRS Auditor Why You Shouldn’t Handle an…
Read Full Article Categorized in: Tax TutorialsBack Taxes: Getting Caught Up is Easier Than You Think
Self-employed taxpayers and small business owners who have a history of disorganization and poor bookkeeping often feel like it would be impossible to get caught up. This is a defeatist attitude that is not grounded in reality. Getting Caught Up Only Appears Overwhelming When you don’t keep your books and records on a regular basis…
Read Full Article Categorized in: Tax TutorialsWhy Fixing Your Tax Problem is Good for Your Health
In the last 25 years we have represented hundreds of clients who have been living in fear of the IRS for a very long time. Most of these clients, after we got them back in good standing with the IRS and on an installment plan to pay their back taxes, tell us they feel like…
Read Full Article Categorized in: Back Taxes, Tax Problems, Tax TutorialsNegotiating With IRS Collection Officials
In our previous tutorial, How to Deal With IRS Collection Agents, we gave you general pointers on the best way interact with Revenue Agents and ACS collection representatives. This tutorial addresses the actual negotiation process in connection with Installment Payment Agreements and Offers in Compromise. IRS Payment Plans and IRS Settlements Are Negotiated Many people…
Read Full Article Categorized in: IRS Collections, IRS Payment Plans, Tax TutorialsAsset Protection: Do’s and Don’ts
Tax debtors are not unlike other debtors. They, too, want to protect their assets from potential seizure. But if they do it illegally or fraudulently, the IRS has the power to refer the matter to its criminal investigation division (CID). Taxpayers have to be extremely careful before embarking on a plan of asset protection when…
Read Full Article Categorized in: IRS Collections, Liens and Levies, Tax Problems, Tax TutorialsIRS Audit Checklist
If you receive an IRS audit notice, print this checklist out as a guide to help you through the process. Tax Return, Tax Preparer and Tax Records Carefully read the IRS Audit Notice and locate the list of items the IRS intends to examine Locate your copy of the tax return for the year that has been selected…
Read Full Article Categorized in: IRS Audits, Tax TutorialsHow to Never Worry About Your Books and Records Again
By far the biggest cause of tax problems we see is the failure of individuals and small business owners to keep good books and records. Fortunately, sloppy bookkeeping is one of the easiest and least expensive problems to fix. You Probably Don’t Need a Full-Time Accountant Most self-employed individuals cannot afford to hire a full-time…
Read Full Article Categorized in: Tax Tutorials