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STICKING TO OUR ROOTS: OUR PROCESSES AND PROCEDURES The Cornerstone of IRS Trouble Solvers
On Oct. 1, 1908, Henry Ford’s Model T first went on sale. From there, his assembly line went on to dominate the manufacturing world, proving the effectiveness of having a set of systems and practices in business models. The reliability and control the assembly line brought to the table were game-changing. Practice and procedure within a company are key, and you must have a vision before you can do anything — you have to know where you are going and how you will get there. For example, a train, airplane, or bus must have a destination before it sets out on its route. The mode of transportation is also dependent on your environment, affordability, and economy. If your desired destination is Los Angeles, California, but you cannot afford to fly, you may be forced to take a bus, and while you sacrifice time and comfort, you’ll still get there. In business, a process or procedure, like an assembly line, will provide consistency and discipline. This way, everyone knows what to do and how and when to do it. The beauty is that every team member does the same job the same way, and the customer gets the same result no matter who is involved.
care of, and in turn, it’s my team member’s role to make sure our clients are well taken care of and prioritized. Having a set of policies and procedures allows us to achieve that. When my father passed away last year, I could leave everything in the hands of my capable team. The processes and procedures we established meant I didn’t worry about the clients or employees; instead, I could focus on mourning the loss of my father, getting my life back in order, and ensuring my family was taken care of. Having a system in place offers peace of mind. While IRS Trouble Solvers specializes in tax resolution, that’s not all we offer. We provide our clients with peace, protection, and prosperity. If you are a client of IRS Trouble Solvers, you can rest assured we will take care of your problem, the IRS will not obtain your assets, and there will be a future for you. We take you under our wing, and our processes ensure we provide you with the same excellent service and attention as every other client. Just like in Ford’s assembly line, policies and standard operating procedures create consistency and discipline for the entire team. They know how and when to do things, so no matter who completes a task, they use the same skill, passion, and control. Policies and procedures are the backbone of IRS Trouble Solvers!
OCT 2022
WWW.IRSTROUBLESOLVERS.COM -Ben Golden
My business philosophy is that it’s my job as management to ensure our employees are well taken
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Business and Individual S CORP, C CO WHEN ARE T
Children of the ’90s (and those who raised them) will likely remember the spooky preteen book series “Goosebumps.” Over 62 volumes, author R.L. Stine terrified and delighted young thrill-seekers, and the expanded series continues to do so today. The first book was released 30 years ago in 1992, and the year’s scariest month is the perfect time to revisit its origins and legacy. Though more than 400 million “Goosebumps” books have been printed internationally, the series was anything but a surefire hit. Author R. L. Stine didn’t even want to write the series, but his wife/editor convinced him that horror stories for 7–11-year-olds would do well. The series started as four books, beginning with “Welcome to the Dead House,” a tale about zombie children. In retrospect, Stine conceded that this first volume was too scary and didn’t inject enough humor. By the second book, “Stay Out of the Basement,” he believed he had his winning formula. But the series didn’t take off right away. There was no marketing budget, so “Goosebumps” relied on word of mouth to find kids who wanted to read them. Eventually, children learned about the series from friends, and it became a runaway smash beloved for its creepy tales, light jokes, and twisty endings. Stine mined his own childhood fears for story ideas, and kids gobbled them up, begging their parents for each new release. When Stine ran out of stories, he resorted to creating book titles and inventing plots around them. Most books took him three weeks to write, while the illustrator spent an average of 35 hours on the covers. “Goosebumps” soon became too popular to stay on the page alone, and a TV series began airing in 1995. In 2012, a live-action film starring Jack Black hit theaters. And there are now seven unique “Goosebumps” book series. Even countless library challenges from concerned parents in the 1990s couldn’t hold the franchise back. Adults looking to relive their youth through the series will find brisk reading and likely some amusement at what used to make their skin crawl. But if you have a child who is up for something slightly scary, it would be much more fun to enjoy them together as a family. Try reading aloud to each other or starting a family book club. It’s the perfect way to get into a family-friendly Halloween state of mind. 30 YEARS OF SCARES Behind the Classic Kids’ Book Series ‘Goosebumps’
Back in 1909, President William Howard Taft, along with Congress, started to impose taxes on corporate income. The due date for filing all tax returns was set for March 1 each year, but when a new
law was passed in 1955, the due dates for both corporate and individual income tax returns were changed. In 2015, due dates were changed again when the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 was passed to streamline the flow of all filed tax returns and ensure 1040s are received prior to the Form W-2.
April 15 is considered Tax Day, or the federal tax due date. If you
require more time to prepare and file your tax return, you may be eligible to request an extension.
It should be noted that self-
employed sole proprietors and C-corporations
Spooky Spaghetti and Eyeballs
Inspired by FavFamilyRecipes.com
Make your family dinners extra spooky this month with a frightening dish: spaghetti and eyeballs!
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ORP, OR LLC TAXES DUE? Win of the Month
A GIANT SAVE FOR AN AUDIT ON A SCHEDULE C BUSINESS
Tax Deadlines Outlined
filing with a Form 1040 on Schedule C have the same due dates as individual taxpayers. Partnerships, S-corporations, and multi-entity LLCs have a due date of March 15 for filing their 1120S and 1065 returns.
However, if you are self-employed, you will follow a quarterly payment plan to the IRS. Your four due dates are: April 15, June 15, Sept. 15, and Jan. 15. For businesses with employees, a
CASE SNAPSHOT
Client: Worried Landscaping Company Owner Type of IRS Issue: Audit
Form 941 is required to be filed quarterly on April 30, July 31, Oct. 31, and Jan. 31.
Tax Year in Question: 2018–2019 IRS Claimed Liability: $230,575.74 Savings: $190,098.01
Because business and individual tax
return due dates and deadlines are
different and vary vastly, it’s important that your calendar is up to date with all tax deadlines. For reference and more information, visit the IRS online at IRS.gov. Do not miss a deadline!
Our client, a successful landscaping company, based out of California, reached out to our team in a panic regarding an overgrown tax bill from an audit for tax years 2018 and 2019. The bill claimed he owed over $230,000 to the IRS. While he was amazing at creating a beautiful oasis for his clients, he struggled with the “office” and clerical end of the business. He had submitted his taxes on time, but by his own admission, in 2018 he “guessed” on some of his deduction claims. Of course, the IRS decided to take a closer look at his returns. Having really dug himself into a hole, he sought out our assistance. The IRS conducted an audit, and the auditor adjusted his returns. When his liability grew to over $230,000 with penalties and interest, he didn’t know what to do. After sitting down with our team, we learned he did NOT have good records. In fact, he didn’t have any records for 2018, thus we decided the best thing to do was to re-create his returns and see where things landed. Our tax return team paired up with our incredible team of bookkeepers to painstakingly go through bank statements, invoices, and emails to pull out all possible costs associated with his business, put them into order, and re-create his return. Due to the fact that the IRS was already conducting an audit for 2018 and 2019, our team re-created his 1040 returns for both years. Thankfully, for tax year 2019, he had hired a bookkeeping service, so the re-creation of that return was much simpler. After the audit was complete, we were able to reduce the IRS’ assessed balance of $230,575.74 down by $190,098.01! He only owed $40,477, which he happily paid as he said, “It means my business is healthy!” Our client has resolved to ensure his tax returns are properly completed and to stay in good standing with the IRS!
INGREDIENTS
• • • • •
24 oz frozen meatballs 16 oz spaghetti noodles 24-oz jar spaghetti sauce
2–3 slices of mozzarella cheese
Sliced black olives
DIRECTIONS
1. Cook frozen meatballs according to package instructions, then keep warm in oven on low heat. 2. In a large pot, bring water to a boil and add spaghetti noodles. Cook until tender and drain. 3. In a small pot, heat spaghetti sauce over medium heat until warm. 4. After everything is cooked, mix noodles and spaghetti sauce together, then put the mixture into a serving bowl. 5. Slice the meatballs in half and mix half of the slices into spaghetti. Top the spaghetti with the remaining meatball slices with the flat sides up. 6. Cut slices of mozzarella cheese into circles and place one slice on each of the flat-topped meatballs. Then, put one black olive over each cheese circle to form the eyeballs. Serve and enjoy!
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IRS Trouble Solvers ™ ®
100 S. York Road, Suite 214 Elmhurst, IL 60126 www.IRSTroubleSolvers.com 630-832-6500 | 877-4-IRSLAW
1 Relying on Our Processes and Procedures 2 ‘Goosebumps’ Still Thrills 30 Years Later Business and Individual Tax Due Dates Spooky Spaghetti and Eyeballs 3 Win of the Month 4 Creating a More Sustainable Future! INSIDE THIS ISSUE
TECHNOLOGY IMPROVEMENTS TO HELP THE ENVIRONMENT
CREATING A MORE SUSTAINABLE FUTURE
Over the past year or two, many publications have challenged the idea that new technological advancements are helping us create a more sustainable future. Some of the most common examples cited are the disposal of electric vehicle batteries and the production of smartphones. How green are these technologies if they create new hazardous waste streams or increase fossil fuel use to generate electricity? Most of today’s electric vehicles use lithium-ion batteries, which are only recycled 5% of the time, even as automakers are trying to find second lives for their batteries. In a similar vein, smartphones are rarely recycled, and their production can be incredibly harmful to the environment. Some manufacturers, including Apple, have been introducing more environmentally friendly methods to create their devices. Companies across various industries have become more environmentally conscious. While there are some outliers that reflect negatively on sustainable technological advancements, most organizations are working hard to make a positive difference. Smart technology has allowed us to improve the efficiency of certain products, such as lightbulbs and HVAC systems. We can use this technology on our devices to control lights within our homes, set a thermostat
temperature, and more. We can even set timers to control when things are turned on or off. This helps us control our carbon footprint. Through reporting functions, these companies can make adjustments and improvements to devices without ever setting foot in our homes. When used correctly, technology can play a huge role in procuring a sustainable future for everyone — by increasing productivity and efficiency while also reducing product waste and the use of harmful chemicals. Now that companies are putting a greater focus on sustainable technology, you will begin to see improvements throughout society. It might not be immediate and there may be hiccups along the way, but with continued efforts, we can have a more sustainable future.
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