Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made several significant changes to the
individual income tax. These changes include a nearly doubled standard deduction, new limitations on
itemized deductions, reduced income tax rates, and reforms to several other provisions.
Qualified Business Income Deduction
Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be
eligible for a qualified business income (QBI) deduction – also called Section 199A – for tax years
beginning after December 31, 2017. The deduction allows eligible taxpayers to deduct up to 20 percent of
their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT)
dividends and qualified publicly traded partnership (PTP) income.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and
proactively recommend tax saving strategies to maximize your after-tax income.
We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you
through. We pride ourselves on being very efficient, affordable, and of course, extremely discreet.
Due Tax Returns
File all tax returns that are due, regardless of whether or not you can pay in full. File your past due
return the same way and to the same location where you would file an on-time return. Learn how to file back
returns with the IRS.
Every day the massive computer center at the IRS is getting more sophisticated,
it's just a matter of time before they catch up with you.
This is not a situation to take lightly, failing to file your tax returns is a criminal offense. If you
not file, you can be prosecuted and punished with potential jail time, one year for each year not filed.
potentially losing your freedom for failing to file your tax returns!
Let us give you the peace of mind you deserve by helping you get in compliance with the law. If you
voluntarily file your delinquent returns you'll likely avoid further problems other than having to pay
If you wait for the IRS to file your returns for you, they are filed in the best interest of the
usually with little or none of the deductions you are entitled to.
Before anything can be done to extract you from this predicament all the returns must be filed. You must
current. In most cases, you will likely owe taxes, interest, and penalties after the returns are filed.
Once we see
how much is owed, we'll set a course of action to get you off the hook!
Back Taxes Owed
You have filed your returns but didn't have the money to pay what was owed. You may think, "Oh well---I will
catch up next year." Before you know it you find yourself several years in arrears and suddenly there is a
notice from the IRS, stating that you owe three or four times the original amount.
It's truly amazing how fast tax penalties and interest add up. Now you have a choice, you can write a big
fat check and pay the full amount, including interest and penalties. Or you can just keep ignoring them
while the penalties and interest keep piling up.
The IRS (or a state or local tax agency) can file a tax lien against you for failure to pay personal taxes
or against your company for failure to pay small business taxes.Fortunately, people are usually able to
resolve tax liens by paying back the overdue amount or going on a payment plan. Tax liens rarely turn into a
matter of criminal prosecution.
Tax levies put your assets at risk. To remove them, you’ll need to work with the IRS to pay your back taxes.
Tax levies (and their cousins, tax liens) are serious business if you owe back taxes. Here’s how they can
affect you, as well as how to remove a tax levy.
The IRS can utilize a number of different methods to collect on a tax debt that you owe. Among them, wage
garnishment is one of the most common. You may be able to avoid an IRS wage garnishment by learning under
what circumstances it is used and how it could possibly be released if you owe a debt to the IRS.
If taxpayers refuse, neglect or fail to pay federal income taxes owed, the IRS has the right to seize their
property. Property levies are one of the most severe actions imposed by the IRS. If you’re behind on your
tax debt, you need to understand levies and how to avoid them.
An offer in compromise is a little-used tax relief provision that may give you the opportunity to write off
most of your tax debt to the IRS. This option may help to absolve a large amount of the outstanding debt,
leaving you with just a small percentage to repay. Qualifying for an offer in compromise can be very
difficult, though, since the IRS has strict guidelines for eligibility and may not approve your request.
IRS Payment Plan
If you’re in that situation, be sure to file the paperwork with the Internal Revenue Service by Tuesday,
April 17. If you don’t, the IRS will charge you a penalty that amounts to 5 percent of the balance; each
month that you don’t pay, it will add another 5 percent, up to 25 percent. That balance will also be subject
to interest, which the IRS will adjust each quarter. The rate is currently 5 percent.
Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy
can be the best solution to resolve your crushing tax problems.
Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met
first. If you file bankruptcy and don't meet the rules, the IRS will still be in hot pursuit after your
bankruptcy is over. Proper pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable
Innocent Spouse Relief
Did you know that you can get out of the tax debt due to the misdeeds or fraud committed by your spouse?
Innocent Spouse Relief was designed to alleviate unjust situations where one spouse was clearly the victim
of fraud perpetrated by their spouse or ex-spouse.
Get Copies of Back Tax Returns
Did you know that you can obtain a copy of your IRS file? Most people would be surprised to learn how much
the IRS knows about them. Obtaining a copy of your IRS file is critical in analyzing the options available
to resolve your tax problems.