ORP, OR LLC COUNTABILITY: J’S ACCOUNTING MANDATE Modified Accrual Method This combines aspects of both cash and accrual methods. Which method is right for you? Your selection should align with your organization’s nature and financial activities. Smaller organizations without inventory often use the cash method, while the IRS requires those with over $25 million in sales or inventory to use the accrual method. Changing your method requires IRS approval. It should be noted that federal award recipients must specify their accounting system (cash or accrual) on the SF-425 Federal Financial Report. Failure to provide accurate information on
this form may result in holds on federal funds and denial of payment requests through the Automated Standard Application for Payments (ASAP). We always recommend seeking our advice or the guidance of a certified public accountant to determine the most suitable accounting method for your organization, since many factors such as staff, state regulations, organizational size, and expansion plans come into play!
WIN OF THE MONTH Keep on Trucking
INGREDIENTS
CASE SNAPSHOT Client: Retired Wife/Ex-Wife Type of IRS Issue: Personal and Business Tax Year in Question: Multiple Years IRS Claimed Liability: $268,404.28 Savings: $263,501.75
• • • •
3 cups whole milk 1 tbsp vanilla extract
• •
2 cups heavy cream 1 1/2 tsp nutmeg
For topping •
3 eggs, room temperature
4 egg yolks, room temperature
Whipped cream Ground cinnamon
• •
• •
1/3 cup sugar
Extra nutmeg
1/4 tsp salt
DIRECTIONS
Our client was content living off her retirement money while her husband started a trucking business. To contribute, she used some of her retirement funds to buy a truck for her husband’s business. Shortly after starting the business, her husband was in a terrible accident and has lived on disability ever since. The couple divorced, and our client was terrified because she was unsure what her total tax liability was with both the IRS and the state of California. We conducted an investigation and were able to give her the full “picture” of her liabilities and what she owes. Then, we negotiated a currently not collectible status with the state and the IRS. While in this status, the collection statutes ran out on $263,501.75 worth of older debt, bringing our client’s liability down to $4,902.53. This manageable amount will allow our client to keep on trucking for many years to come!
1. In a saucepan over medium heat, combine milk and vanilla, swirling occasionally until it starts to steam. 2. In a mixing bowl, beat eggs, egg yolks, sugar, and salt for approximately 5 minutes until the mixture is thickened. Slowly add milk and whisk to combine. 3. Pour the mixture back into the saucepan and cook over low heat, stirring for about 6 minutes. 4. In another large mixing bowl, place heavy cream and nutmeg. Strain egg mixture into the cream and cool in the fridge for at least 2 hours. When chilled, fill a glass with eggnog and top with whipped cream, cinnamon, and extra nutmeg!
Inspired by AheadOfThyme.com
3
WWW.IRSTROUBLESOLVERS.COM
Published by Newsletter Pro • www.newsletterpro.com
Made with FlippingBook Ebook Creator