Business Strategy

  • 10 Rules for Filing an Amended Tax Return

    As of the 18th of April, the IRS had received more than 131 million returns, of which 88 percent were e-filed.  The agency projects that almost five million taxpayers, however, will need to file an amended return during 2014.  The reasons for an amended return can vary widely – an error in the original return,…

  • If the Customer Can’t Pay The Tax VI If You Receive an IRS Notice, Here’s What to Do

    Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the IRS: Don’t panic. Follow the instructions in the letter. There are many reasons the IRS…

  • If the Customer Can’t Pay the Taxes III-The Collection Process

    If you do not pay in full when you file your tax return, you will receive written notice of the amount you owe, a bill. This bill starts the IRS collection process, which continues until your account is satisfied or until the IRS may no longer legally collect the tax; for example, when the time…

  • If The Customer Can’t Pay The Tax – Part II

     Offer in Compromise  An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. If the liabilities can be fully paid through an installment agreement or other means, the taxpayer will in most cases not be eligible…

  • If the Customer Can’t Pay The Tax – Part I

    There are several different payment programs available for taxpayers who cannot pay the taxes owed by April 15.  Because any balance due is subject to interest and a monthly late payment penalty, it is in the customer’s best interest to pay in full as soon as possible to minimize the additional charges. Penalties are also…

  • The ABCs of Late IRS Payments

    The complexity of the tax laws and the fact that they change from year to year makes it inevitable that some clients will be unable to pay some or all of their bills to the Internal Revenue Service.  Others may be able to afford the bill, but need more time to complete the return or…

  • The Windows 8-back-to-Windows-7 Update Arrives

      So Microsoft announces the end of support for the one-third of the computing world that still uses Windows XP…and magically announces that on the same date they will release an update to Windows 8 that makes it look and work almost exactly like Windows 7.  Along with a hint that they may give the…

  • Professional Associations For Tax Preparers

    Every profession has one or more associations that serve its members.  In any profession that is as critical to the national economy as tax preparation, there are literally dozens of associations operating at the state, national and international levels. There are many reasons why joining one or more associations is a good idea for any…

  • Journey to Success

    A tax professional recently elected mayor of his town shares the story of his journey to success. Pat DeBlasio, a tax professional and political leader, was recently elected mayor of Bridgeville, Pennsylvania.   In his new position, Pat will deal with the thorny issues of passing tax simplification laws and removing nuisance taxes such as the…

  • Salaries on the Rise for Accountants and Financial Analysts

    The staffing company Robert Half is projecting a 3.4 percent uptick in salaries for accountants next year, according to the 2014 edition of its annual salary guide, reports Accounting Today.  That’s compared to a 3.7 percent increase across all sectors for which the staffing company does recruiting. However, some jobs are expected to earn even…