Innovative Tax Solutions of Central Florida Inc

07/13/2026

Joe and Mary came into our office worried and overwhelmed.

They had received IRS notices, the balance seemed too large to handle, and they were scared about what could happen next.

Before they even sat down, Joe said, “We want an Offer in Compromise.”

Mary quickly added, “We heard that may allow us to settle for less than what we owe.”

We understood exactly why they were asking.

When you are dealing with IRS debt, it is easy to feel desperate for a quick answer. Many taxpayers hear about Offer in Compromise programs online, from friends, or through advertisements promising to settle tax debt for “pennies on the dollar.”

But here is an important lesson we have learned in our office:

We do not begin with a solution.

We begin with an analysis.

An Offer in Compromise can be a great resolution tool for the right taxpayer, but it is not the right answer for everyone.

Before we can recommend any IRS resolution option, we have to review the full picture.

That means looking at:

• Whether all required tax returns have been filed
• The total IRS balance owed
• Income and household expenses
• Assets, bank accounts, and equity
• Family size and monthly ability to pay
• Collection statute dates
• Penalties and possible relief options
• The taxpayer’s overall financial situation

It is similar to going to the doctor.

A patient may walk in believing they need a certain medication, but the doctor still has to examine them, review their history, and determine the proper treatment.

Tax resolution works the same way.

Joe and Mary came in asking for an Offer in Compromise, but our responsibility was not to simply agree with the solution they requested.

Our responsibility was to determine the best available resolution based on the facts.

Sometimes the analysis may show that an Offer in Compromise is the right path.

Sometimes it may show that a payment plan, penalty relief, currently not collectible status, or another strategy may be better.

The key is this:

You should not guess when it comes to IRS debt.

You should not choose a resolution option just because you saw it advertised.

And you should not assume an Offer in Compromise is your only option.

At Innovative Tax Solutions of CFL Inc., we start with a complete analysis so we can help you understand your options and move forward with a plan that fits your situation.

If you have IRS notices, back taxes, penalties, or a tax balance you cannot afford to pay in full, contact our office before you decide what solution you need.

Let us review the facts, explain your options, and help you determine the best path forward.

Your peace of mind starts with a proper analysis.

07/10/2026

🏡 Buying a new home? Here’s a simple organization tip that can save you a lot of stress later.

Create a separate email address just for your home, such as:

[email protected]

Use that email for anything house-related, including appliance warranties, contractor invoices, upgrades, repairs, renovations, insurance documents, permits, and receipts.

That way, when it’s time to sell, all of your important home records are neatly stored in one place — and you won’t have to dig through years of personal emails looking for documents.

A little organization now can make things much easier later!

07/07/2026

Today we celebrate chocolate — because unlike tax notices, chocolate makes everything better.

Whether you prefer milk chocolate, dark chocolate, or “I hid this from my kids” chocolate, we hope your day is sweet, stress-free, and audit-free.

And remember: calories may not be deductible, but enjoying a little chocolate today is highly recommended.

Happy World Chocolate Day from all of us at Innovative Tax Solutions of CFL Inc.!

07/06/2026

Invest America Logo

Today marks a historic milestone for millions of American families.

Trump Accounts are now officially LIVE, giving eligible children access to a new tax-advantaged investment account designed to help build long-term financial security. Families who completed their registration can now log in, activate their accounts, and begin managing contributions through the official Treasury platform.

Trump Accounts are Live!

What's Available Today?

Activate Your Account: If you've received your activation email, complete your setup through the official Treasury website or the Trump Accounts app.

View Your Balance: Eligible accounts will display the U.S. Treasury's qualifying seed contribution, where applicable.

Start Contributing: Parents, grandparents, family members, employers, and eligible philanthropic organizations can now begin making contributions to help grow a child's future.

Manage Your Account: Monitor contributions, track growth, and securely manage your child's account from the web or mobile app.

A Quick Reminder

Trump Accounts are custodial investment accounts designed for eligible children under age 18. Funds grow tax-advantaged over time and can help support major life milestones, including higher education, homeownership, entrepreneurship, or long-term retirement savings.

The earlier contributions begin, the more time they have to benefit from long-term compound growth.

Need Help Getting Started?

If you haven't completed your registration yet, it's not too late.

Visit TrumpAccounts.gov for step-by-step activation instructions, frequently asked questions, and additional resources for parents, employers, and organizations interested in supporting eligible children.

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

07/06/2026

We feel your IRS frustration....please understand ours!!

TIGTA stands for the Treasury Inspector General for Tax Administration. It is an independent federal watchdog agency within the U.S. Department of the Treasury created by Congress in 1999 to provide oversight of the Internal Revenue Service.

TIGTA REPORT 7/1/2026

We made 91 unannounced site visits to IRS Taxpayer Assistance Centers (TACs) around the country. TACs are where taxpayers can go if they need in-person help to resolve an issue.

We periodically conduct unannounced visits as part of our work because they enable us to simulate taxpayers' experience with IRS customer service. This time, we conducted them to see how regular weekday service, extended weekday hours, and extended Saturday service at select TACs was working.

What did we find?
The IRS provided extended weekday hours on Tuesdays and Thursdays from
January through May 2025 at 236 TAC locations (there are around 360 TACs). It also held 290 face-to-face Taxpayer Experience Day (TXD) events on select Saturdays from February through June 2025 at 89 TAC locations.

During the 2025 Filing Season, the IRS assisted more than 925,000 taxpayers during the combined regular weekday hours, extended weekday hours, and Saturday TXD events. This was a 7 percent decrease compared to the 2024 Filing Season (997,600 taxpayers) despite the IRS having held 41 more TXD events in the 2025 Filing Season.

TAC visits
We did not receive full assistance during 30 of our 91 visits due to incomplete or inaccurate responses to tax law questions, denial of entry by security, or unexpected TAC closures.

In the 61 visits where we did get assistance, TAC employees did not provide correct tax law guidance during 28 of those visits (46 percent). We also found that

Taxpayers were also not consistently asked to provide feedback on the quality of service they received. Of the 61 site visits we made, 22 visits were to TACs that were scheduled to issue customer satisfaction survey cards. However, TAC employees did not provide us with surveys during 19 of the 22 visits (86 percent).

07/04/2026

07/03/2026

Our office will be closed on Friday, July 3rd in observance of Independence Day.

We will resume normal business hours on Monday July 6,2026.

Thank you, and we wish you a safe and happy Fourth of July!

07/01/2026

Will Trump Account Contributions May Create an Unexpected Gift Tax Filing Requirement?

As practitioners begin working with the new §530A Trump accounts, one question is already coming up:

If a parent, grandparent, or other family member contributes to a child’s Trump account, does that contribution need to be reported on Form 709, United States Gift and Generation-Skipping Transfer Tax Return?

Unfortunately, the answer may be yes.

Under the normal gift tax rules, the annual gift tax exclusion only applies to gifts of a present interest. In simple terms, this means the recipient must have the immediate right to use, possess, or enjoy the money or property being gifted.

Trump accounts create a potential issue because the child generally cannot access the funds during the account’s growth period. Because of that restriction, a contribution to a Trump account may be treated as a gift of a future interest rather than a present-interest gift.

That distinction matters. A future-interest gift generally does not qualify for the annual gift tax exclusion, even if the contribution is small and even if it is under the normal annual exclusion amount.

To prevent millions of taxpayers from being required to file Form 709 for routine Trump account contributions, the IRS has provided filing relief under Rev. Proc. 2026-25. However, the relief is not automatic in every situation. The IRS safe harbor rules must be followed carefully.

Before making contributions to a child’s Trump account, families should speak with a qualified tax professional to determine whether the contribution is covered by the IRS filing relief or whether a Form 709 may be required.

At Innovative Tax Solutions of CFL Inc., we are watching this guidance closely so we can help our clients understand the tax reporting requirements before a well-intentioned contribution creates an unexpected filing obligation.

06/29/2026

Taxes may not be everyone’s idea of fun… but around here, we make them a little less scary. 😄💙

At Innovative Tax Solutions of CFL Inc., we help our clients tackle tax season, IRS notices, back taxes, business returns, tax planning, and all those “what does this letter from the IRS mean?!” moments.

We believe in clear answers, honest guidance, and helping you feel more confident about your tax situation — without the confusion, panic, or tax-time headaches.

So whether you’re organized and ready early, still hunting down that one missing form, or staring at an IRS notice like it just spoke another language… we’re here to help.

📍 Innovative Tax Solutions of CFL Inc.
1678 E. Silver Star Rd., Ocoee, FL 34761
📞 407-499-2967
🌐 itscfl.com

Because life is stressful enough — your taxes don’t have to be. 😉

06/24/2026

S Corporations Can Offer Tax Benefits — But Planning Matters

Choosing to operate as an S corporation can provide valuable tax advantages for many business owners. However, an S election is not a one-size-fits-all solution. Without proper planning, business owners may face unexpected tax consequences that could have been avoided with the right guidance.

At Innovative Tax Solutions of CFL Inc., we help business owners understand the tax impact before major decisions are made — not after the damage is done.

1. Gains on the Sale of Business Assets

Because an S corporation is a pass-through entity, gains and losses generally pass through to the shareholders. This means that when the business sells an asset, the tax impact may flow directly to the business owners personally.

If a sale is expected to create a significant taxable gain, it is important to identify that early. With proper planning, there may be opportunities to explore tax mitigation strategies before the transaction is finalized.

2. Excess Business Loss Limitations

Many S corporation owners rely on business losses to help offset other taxable income. While losses can pass through to shareholders, the IRS limits how much business loss can be used to offset nonbusiness income in certain situations.

For higher-income taxpayers, this limitation can reduce or delay the expected tax benefit. Timing can make a major difference. Proper tax planning may help determine when deductions will provide the greatest benefit.

3. Accrued Excess Passive Income

Excess passive income can become an issue when a former C corporation converts to an S corporation. If the business has accumulated earnings and profits from its C corporation years and more than 25% of its gross receipts come from passive income, the corporation may be subject to additional tax — and could even risk losing its S election.

This is an area where careful review is critical. Business owners should understand how passive income, accumulated earnings, and prior entity history may affect their current tax position.

The Right Entity Choice Makes All the Difference

Business owners can run into costly problems when they choose an entity type based only on advertised tax savings without considering the full picture. An S corporation can be a powerful tax planning tool, but it can also create unpleasant surprises when not properly managed.

At Innovative Tax Solutions of CFL Inc., we help business owners look beyond the surface and make informed decisions that fit their business, income, and long-term goals.

Before making an S election, selling business assets, or changing your business structure, contact our office to discuss the tax impact and planning opportunities available to you.