When CNC Status Helps Eliminate Tax Debt CASE SNAPSHOT Client: Alabama Business Owner Type of IRS Issue: Failure to File Tax Years in Question: Multiple IRS Claimed Liability: $2,977,615.15 Savings Secured: $2,726,207.32 Our client, a contractor, had gone years without filing. The IRS stepped in and filed substitute returns, totalling nearly $3 million! We were able to successfully enter the client into a Currently Not Collectible status and keep him there while the collection statutes continued to run. CNC status doesn’t always ensure the liability will go away, but in this particular case, we were able to let the client know that $2.7 million had dropped off his tax liability! We can now negotiate a reasonable Installment Agreement for the remaining balance with our client, lifting this tremendous burden and nearly ending his IRS troubles! WIN OF THE MONTH
the end of the year. Talk with your tax advisor about strategies like prepaying certain expenses or making retirement plan contributions. Into Tax Season ration Roadmap 4. Revisit payroll and contractor payments. Confirm that all payroll records are accurate and that contractor payments are tracked correctly. Remember: 1099-NEC and W-2 forms must go out early in the new year. Cleaning this up now saves you a frantic January scramble. 5. Plan for estimated taxes. If you’ve had a profitable year, double-check whether you need to make a final estimated tax payment in January. Paying in advance can help you avoid penalties and smooth out cash flow in Q1.
6. Schedule a year-end tax meeting. A proactive sit-down with your accountant is worth its weight in gold. They can help identify last-minute deductions, advise on big purchases, and flag opportunities for tax credits. Q4 is your chance to set up a smooth, stress-free tax season. By reviewing your numbers, tightening up records, and making strategic moves before year-end, you’ll not only stay compliant but also maximize savings. Future you (the one sipping coffee while calmly reviewing your return) will be grateful.
DIRECTIONS
1. Preheat oven to 350 F. 2. In a 9-inch round cake pan, add butter for topping. Place in oven for a few minutes until melted. 3. Sprinkle brown sugar over melted butter. 4. Cut apples into half circles about 1/4-inch thick (no need to peel) and arrange them in circles, overlapping slightly until they fill the entire pan. Set aside. 5. In a large bowl, whisk together flour, sugar, baking powder, ground cinnamon, and salt. 6. Add milk, melted butter, vanilla, and egg. Whisk until combined. 7. Pour batter over apple slices, smoothing as needed. 8. Bake for 30–35 minutes, or until a toothpick inserted in the center comes out clean. 9. Let cool to room temperature, invert on a plate, and serve.
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