ORP, OR LLC
May Win of the Month SAVED BY THE TRANSCRIPTS
But what happens if you aren’t able to pay your estimated tax payments?
CASE SNAPSHOT
If you aren’t able to make your estimated tax payments, or you underpay on them, you may face underpayment penalties from the IRS. Not only will you be responsible for the total amount of payments you did not make, but you will also be charged a penalty if you do not pay by the due date provided by the IRS. This penalty is not a specific amount or percentage but rather is based on the amount owed, the amount of time that has passed since the due date, and the period in which the correct amount of taxes were underpaid. In order to avoid an underpayment penalty, you must pay 100% of last year’s tax or 90% of the current year’s tax upfront. Always keep in mind that if you have any questions regarding your estimated payments, taxes withheld, or underpayment penalties, we’re the experts and ready to help! Give us a call today!
Client: Personal Issue Uncovers Business Tax Liability Type of IRS Issue: Taxes (Payroll and Personal)
Tax Years in Question: 2020-2021 IRS Claimed Liability: $19,960.39 Savings: $18,460.39
The clients, married business owners, came to us with concerns in regards to their personal tax
liability. They were having trouble making headway on
their prior personal tax debt while trying to remain compliant with
the payroll taxes for their small business. Wanting to be in good standing with the IRS, they reached out to IRS Trouble Solvers to see if we could assist them. Starting with an investigation, we pulled the transcript of accounts for them personally as well as the business side. After reviewing all of their account information, we determined that the best avenue of resolution for this client was an installment agreement for their personal tax issue, as they had the means to pay the debt off. However, we uncovered a previously unknown business liability on their payroll taxes of $19,960.39. This unknown liability sent our clients into a panic, as they had thought they were in good standing for the business. After further review of their returns, we determined there was an issue on the 941-payroll tax report, which we could correct by filing an amended payroll report. Once this was completed, the $19,960.39 liability was reduced to $1,500.00. Investigating the transcript of accounts, for both personal and business, is an important part of our process, as highlighted in this case. Without looking into the business side of things, the clients would not have realized the serious issue until they had accrued large penalties and interest.
INGREDIENTS
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Nonstick cooking spray 1/4 cup sweet potato, diced 1/4 cup yellow pepper, diced 1/4 cup broccoli, chopped
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Basil, thyme, salt, and pepper, to taste 1/2 avocado, pitted, peeled, and thinly sliced Cherry tomatoes, halved Sriracha hot sauce (optional)
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8 eggs
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DIRECTIONS
1. Preheat oven to 350 F and coat a cast-iron skillet with nonstick cooking spray. 2. In the skillet over medium heat, cook sweet potatoes, yellow pepper, and broccoli until soft. 3. In a medium bowl, whisk together eggs, basil, thyme, salt, and pepper. 4. Pour egg mixture into skillet with vegetables. Don’t stir but instead use a spatula to lift the edges of the egg mixture until it is evenly distributed. 5. Transfer mixture to oven. Bake for 5 minutes or until the dish sets. 6. Top with avocado and tomatoes. Drizzle Sriracha on top (if desired).
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