ORP, OR LLC
WIN OF THE MONTH
program that allows taxpayers, regardless of income level, to electronically request an automatic tax-filing extension. • Form 4868: Filing Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,” can be done electronically or by mail. This form must be submitted by the April 15 deadline. TIPS: HOW TO APPLY AND AVOID PENALTIES
The Power of Proper Timing
Things to Consider Payment Obligations
An extension doesn’t extend the time to pay any taxes owed. To avoid interest and penalties, you should estimate your tax liability and pay any amount due by April 15. State Tax Returns An extension for your federal tax return does not automatically apply to state tax returns. Check your state laws to find out if a separate extension request is necessary.
Confirmation of Extension After submitting your extension request, ensure you receive confirmation from the IRS. If filing electronically, you should receive an acknowledgment. If mailing Form 4868, consider using certified mail to have proof of timely filing.
CASE SNAPSHOT Client: Business Owner Type of IRS Issue: Personal and Business Tax Years in Question: Multiple IRS Claimed Liability: $1,226,759.17 Savings: $1,162,867.04
INGREDIENTS
•
4 chicken thighs, bone-in, skin-on Salt and pepper, to taste
•
1/4 cup low-sodium chicken broth 2 tbsp heavy cream
Our client faced significant IRS challenges, including being personally assessed with the Trust Fund Recovery Penalty totaling $1,162,867. Additionally, they had an outstanding personal income tax debt of $63,892. In order to pursue resolution, clients must be in compliance, which means all returns must be filed. As we were waiting for the required tax returns to be completed, the client started making business changes that resulted in increased income and assets. This complicated the resolution side. When the returns were finally completed, the CSEDS (Collection Statute Expiration Date) had run, and the Trust Fund Recovery Penalty was no longer collectible! Because the spouses had community assets but had filed separately, no liens had been placed, saving the client over $1 million! We were able to get the client to pay his personal balance down and establish an Installment Agreement, which allowed the client to continue his finance options for his newly growing business. This was one of those cases where time really was on our side!
• • • •
• • •
2 tbsp olive oil
1 lemon, zest and juice 2 tbsp chopped parsley, for garnish
2 tbsp unsalted butter 2 cloves garlic, minced
1. Preheat oven to 400 F and season chicken with salt and pepper. 2. Heat olive oil in an oven-proof skillet over medium heat. Sear chicken skin-side down until crispy, about 5 minutes. Flip and cook 2 more minutes; remove from skillet and set aside. 3. Melt butter in skillet, then sauté garlic until fragrant. Add broth, cream, lemon juice, and zest. Simmer for 3 minutes. 4. Return chicken to skillet, spoon sauce over, and bake in oven for 15–20 minutes or until cooked through (165 F internal temperature). Garnish with parsley before serving. DIRECTIONS
3
WWW.IRSTROUBLESOLVERS.COM
• www.newsletterpro.com
Made with FlippingBook Ebook Creator