ORP, OR LLC
Our journey with this client began through a referral from his accountant, who had prepared his 2012 Form 1065, Form 1040, and Illinois individual tax returns. Upon review, Ben Golden quickly identified a pivotal opportunity: The client, operating in a standard partnership, was eligible for a Joint Venture Election. This strategic move allowed them to report via Schedule C on their personal returns, rather than filing as a partnership. This insight spared the client $40,000 in penalties accrued from previously late-filed Form 1065s. Leveraging the IRS’s six-year rule and state amnesty programs, we streamlined the process to file only the most recent four years of state returns and six for federal returns. The state’s amnesty program further eliminated penalties associated with these filings. Ultimately, we negotiated a full-pay installment agreement with the IRS, reducing the client’s anticipated tax liability by an impressive 87%. The state tax obligations were settled in full. This comprehensive approach not only rectified past oversights but also fortified the client’s financial future. CASE SNAPSHOT Client: Embroidery Business Owner Type of IRS Issue: Business and Personal Tax Tax Year in Question: 2012–2022 IRS Claimed Liability: $248,235 (IRS) and $27,709.00 (IL) Savings: $216,820.25 (IRS) and $17,844.00 (IL) WIN OF THE MONTH Joint Venture Election Solves Problem
ith the Augusta Rule
TAX-FREE!
Before you jump on renting out your home, here are a few considerations to consider:
• Local Laws: Check with your city or
homeowner’s association to ensure short-term rentals are allowed. • Insurance: Review your
homeowner’s insurance policy to confirm that short-term rentals are covered. • Market Prices: Research rental rates in your area to competitively price your home. • Property Readiness: Make sure your home is guest-ready, which may involve some cleaning and storing personal items securely. Proper planning and consideration of legal and insurance implications are part of a smart financial strategy for enhancing summer earnings without the burden of additional taxes. For
any questions surrounding the August Rule, please contact us today! We are happy to help!
DIRECTIONS
INGREDIENTS
1. Preheat oven to 400 F and line a baking sheet with parchment paper. 2. In a small bowl, combine chili powder, cumin, paprika, garlic powder, salt, and pepper. 3. Place bell pepper and onion on the baking sheet. 4. Drizzle evenly with 2 tbsp of olive oil and sprinkle with the chili powder mixture; reserve some for shrimp. Bake for 12 minutes. 5. Remove sheet pan from oven and push veggies to one side. Add shrimp to the empty side. Drizzle with 1 tbsp olive oil and spices. Return sheet pan to oven and bake for another 6 minutes, until shrimp are pink. 6. Serve on warm tortillas with desired toppings.
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2 lbs shrimp, peeled and deveined 2 bell peppers, sliced
• • • • • • • •
1 onion, sliced 3 tbsp olive oil
2 tsp chili powder
2 tsp cumin
1 tsp smoked paprika 1 tsp garlic powder
Salt and pepper, to taste
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Tortillas
Topping Options •
Sliced avocado
• • •
Salsa
Sour cream
Chopped cilantro
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