TURNING TAX TURMOIL INTO RELIEF WIN OF THE MONTH
ERRORS AT YEAR-END BALL DROPS
Misclassifying Employees The IRS is cracking down on companies that misclassify employees as independent contractors. While hiring contractors can save money on benefits and payroll taxes, it can backfire if those workers meet the IRS definition of employees. Review your relationships carefully. If you control how and when someone works, they’re likely considered an employee, not a contractor. Forgetting Estimated Tax Payments Businesses that owe more than $1,000 in taxes must make quarterly estimated payments. Missing one (or paying late) can trigger penalties. Double-check that you’ve made all required payments for the year, and if cash flow is tight, talk to your accountant about adjusting your strategy for next year.
CASE SNAPSHOT Type of IRS Issue: Multiple State and Federal Matters
Not Meeting With a Tax Professional Perhaps the biggest mistake of all is waiting until tax season to talk to your CPA. Year-end is the perfect time for a strategic review to discuss depreciation options, tax credits, retirement contributions,
Tax Years in Question: 2014–2016, 2020, 2024 IRS Claimed Liability: $122,520.68 (remaining after CSED) Savings Secured: $134,937.56 Monthly Payment Secured: $0 (Still in Resolution) This client’s journey with IRS Trouble Solvers is a true example of persistence paying off. Over the years, our team has worked diligently across multiple state and federal tax jurisdictions to secure meaningful results and long-term relief. We first helped the client through the state of New Jersey Amnesty Program, achieving full compliance and significant savings. From there, we successfully negotiated Installment Agreements with both New York and New Jersey, allowing the client to manage and resolve their state‑level liabilities. Once the state cases were completed, our focus shifted to the federal side. We are currently in the process of securing a Partial Payment Installment Agreement (PPIA) with the IRS, an outcome that will allow the client to settle their remaining balance without undue financial strain. In the meantime, the Collection Statute Expiration Dates (CSEDs) for tax years 2012 and 2013 have expired, resulting in over $134,000 in savings, and more than half of the client’s total federal liability has been eliminated. This case serves as an excellent reminder that, with strategy, patience, and consistent advocacy, even the most complex cases can yield extraordinary results.
and potential changes to your business structure. A proactive meeting now can reveal opportunities you’d miss if you wait until after the books close.
DIRECTIONS
1. With a pestle and mortar, crush peppercorns, mustard powder, thyme, and celery seeds together. 2. Stir in oil, then rub into beef. 3. Preheat oven to 375 F and set seasoned beef in a snug roasting pan. Roast for 1 hour. 4. Remove from the oven, lift onto a platter, and cover with foil to rest 30 minutes. 5. For gravy, pour juices from the pan into a large measuring cup. 6. Let the juices separate, then spoon 2 tbsp of fat back into the pan. Discard remaining fat. 7. Top juices in the cup with boiling water to make 3 cups total liquid. 8. Heat pan with fat over medium heat and stir in flour, stock cubes, onion chutney, and yeast extract. 9. Cook for 1 minute, stirring, and gradually add juices/water. Bubble to thicken and serve with the beef.
Inspired by IHeartEating.com
3
IRSTROUBLESOLVERS.COM
Pro • NewsletterPro.com
Made with FlippingBook Ebook Creator