Accelerated Tax Solutions

01/10/2024

The Rising Costs of Tax Preparation

The cost of tax preparation is on the rise. According to the National Association of Tax Professionals, new clients paid an average of $218 in 2023, up 25% from 2021. Even repeat clients experienced a roughly 23% increase over the same period.

According to a recent online article by Rebecca Chen for Yahoo Finance, much of the increase comes from the decline in CPA candidates, which has led to steeper competition for accountants and thus higher costs. It seems as though the accounting field has lost its appeal to apparently more lucrative or flashier financial fields in finance. In order to compete, accounting firms have had to increase salaries and benefits, allowing more and more staff to work remotely. One response has even been to increase dependence on outsourcing by hiring cheaper international employees.

Although going remote and outsourcing can lower costs, it might affect long term credibility for firms who rely on transitory staffing that threaten relationships and even standards of accounting. At Accelerated Tax Solutions, our clients can rely on relationships, experience, and high ethical standards. Our credibility demands cost effective processes that are trusted, efficient, and sound.

01/02/2024

Hire the Best–Experienced and Ethical–Tax Professional

If you think your tax return results are too good to be true, they probably are. An experienced and reputable tax preparer can get the results you deserve based on a thorough accounting of all revenue and expenses that can be properly written off, but some will appear to work magic in order to keep your business or justify higher fees.

Recently, four tax preparers in the Tampa Bay, Florida area received prison time for conspiring to defraud the United States by increasing their clients’ tax refunds. Among other false claims, the preparers claimed their clients owned businesses or were entitled to education expenses and fuel credits that they weren’t. Now they will be serving between one to three years for tax fraud. According to the IRS, their CI Special Agents will be using every legal method to crack down on fraudulent return preparers.

At Accelerated Tax Solutions, our case managers and tax preparers know your rights as tax payers and will use all legal means to make sure you pay only the taxes you owe. Although we don’t file stand-alone tax returns, we regularly file for our clients who need to become compliant before entering into an agreement or petitioning for penalty abatement or who want to challenge an audit or substitute for return with an original well-documented tax return.

12/15/2023

Call now before the IRS gets cranking.

11/24/2023

The IRS is warning about con artists who use threatening tactics to get taxpayers to pay their IRS tax debt with gift cards. They often suggest the taxpayer's identity has been stolen, instruct the taxpayer to buy gift cards, and provide the card number and PIN to the fake agent in order to pay a penalty.

The IRS does not specify payment methods such as gift cards, prepaid debit cards, or wire transfers to pay a debt, and the IRS doesn't threaten to suspend drivers' licenses, business licenses, or immigration status or to bring in law enforcement.

If you owe the IRS for income-related tax liability, know your rights and consider getting professional help so that you don't pay more than owe or more than you can afford.

09/05/2023

In February 2023, the IRS determined that residents of 21 states would not need to include certain special payments in their 2022 federal income. Residents in Georgia, Massachusetts, South Carolina, and Virginia did not have to include state refunds where the recipient claimed the standard deduction or itemized deductions but did not receive a tax benefit. The IRS also determined that it would not challenge the treatment of 2022 payments related to general welfare or disaster relief from 17 states including California, Florida, New York, and Pennsylvania (complete list) because of the uncertainties and complexities related to these situations. For more specifics, consult Notice 2023-56.

On August 30, 2023, the IRS confirmed that taxpayers who qualified under the 2022 program but did not actually receive payment until 2023 may also exclude those payments as part of their federal income.

08/18/2023

According to savings.com, teachers on average spend about $550 of their own funds each year to help their students acquire basic supplies, yet the annual tax deduction for such expenses has been stuck at $250 since the deduction was established in 2001. In 2023, the maximum deduction is $300, and it is anticipated to rise in future years by $50.00 increments to adjust for inflation. It’s about time!

Additionally, if you purchase a used electric or fuel cell vehicle in 2023 for $25,000 or less, you may qualify for a used clean vehicle tax credit for up to 30% or $4,000. Certain limitations apply, so visit irs.gov/cleanvehicles for more information before you make your purchase.

07/28/2023

ATS can help carry the load.

Accelerated Tax Solutions is a tax resolution firm serving clients in all 50 states since 2004.

09/05/2017

After speaking with over 52,350 people and helping over 10,140 clients resolve their tax problems… want to know the #1 biggest mistake we see that makes things much worse for people? (and it happens "all the time")

In this post, we’ll tell you what that mistake is and exactly what the two options are to avoid this BIG mistake…

But first, let's remember that Benjamin Franklin wrote “in this world nothing can be said to be certain, except death & taxes”.

And, there’s certainly no reason to think the IRS is going away now either.

So, the # 1 mistake we’ve seen clients make - over and over again is…

Contacting the IRS and making an agreement with them on their own.

I know, that sounds self-serving for a tax resolution company but the reasons for this make sense and are clear…

1. People, unless they’re a CPA or tax attorney, don’t know the whole tax code, so can’t possibly take advantage of many available tax advantages and programs that are in their favor.

2. Just as an example…

a. If someone owes the IRS less than $100,000 they don’t have to reveal any of their financial information to the IRS. (almost hard to believe but it’s true)

b. But… when they contact them, the first thing the IRS does is ask them to do this. They ask how much money the person makes, what all their assets are and everything else about their financial situation.

c. Then, based on that they will tell them how much they can “afford” to pay them. And it’s usually way more than they can really afford!

3. Also… there are many other things they won’t tell people:

d. When people file their back taxes and take ALL their deductions they probably won’t owe them as much as they say, or even anything at all. At times they are actually due a refund! (it’s not real common but it happens more times than anyone might expect)

e. Related to this, they certainly don’t tell people what deductions they are entitled to.

f. Also, it’s possible to negotiate a settlement (when qualified) or a payment plan that’s actually affordable. In most case they just tell people what they owe them and how quickly they have to pay it back… whether it’s affordable for the person or not.

g. This means people end up defaulting on those agreements because they can’t meet them so they get hit with more penalties and interest.

h. There are actually 50 different programs available to help people get back on their feet who owe back taxes…

So, for people who owe back taxes there are only 2 good options…

1. Learn the whole tax code so they know their rights, or

2. Get help from someone that does know the whole tax code

It’s that simple, without being armed with knowledge of the tax code it’s almost impossible to work out a favorable agreement with the IRS..

To learn more about what their options are available anyone can give us a call, at….(844) 847-2027.

Also, we will be posting more of these helpful tips, right here in coming weeks, so please keep checking back.

02/18/2013

Accelerated Tax Solutions Partners with Local Churches to Prepare Taxes

With the tax season now in full swing, Accelerated Tax Solutions (ATS), the nation’s leading tax debt resolution firm, is partnering with local churches to help underprivileged families prepare their taxes.

The company’s president, Wes Edwards, said on Wednesday, “We have built our company on the principle of helping others, and we are proud that through this and other partnerships, we can help the local community.”

Over the holidays, ATS raised money to provide holiday dinners and other gifts for families of the churches. Future charity work plans include a “day of caring” in which ATS employees will spend their normal workday doing service work in the community.

ATS provides tax relief services to clients in all 50 states and specializes in both personal and business tax solutions. The company was incorporated in 2004 and is a founding member of the National Association of Tax Resolution Companies (NATRC). Contact ATS at: 888-599-3344 or via their website atacceleratedtaxsolutions.com.

01/17/2013

The Internal Revenue Service announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012.

The tax items for 2013 of greatest interest to most taxpayers include the following changes.

Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates — 10, 15, 25, 28, 33 and 35 percent — remain the same as in prior years. The guidance contains the taxable income thresholds for each of the marginal rates.
The standard deduction rises to $6,100 ($12,200 for married couples filing jointly), up from $5,950 ($11,900 for married couples filing jointly) for tax year 2012.

The American Taxpayer Relief Act of 2012 added a limitation for itemized deductions claimed on 2013 returns of individuals with incomes of $250,000 or more ($300,000 for married couples filing jointly).

The personal exemption rises to $3,900, up from the 2012 exemption of $3,800. However beginning in 2013, the exemption is subject to a phase-out that begins with adjusted gross incomes of $250,000 ($300,000 for married couples filing jointly). It phases out completely at $372,500 ($422,500 for married couples filing jointly.)

The Alternative Minimum Tax exemption amount for tax year 2013 is $51,900 ($80,800, for married couples filing jointly), set by the American Taxpayer Relief Act of 2012, which indexes future amounts for inflation. The 2012 exemption amount was $50,600 ($78,750 for married couples filing jointly).

The maximum Earned Income Credit amount is $6,044 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $5,891 for tax year 2012.

Estates of decedents who die during 2013 have a basic exclusion amount of $5,250,000, up from a total of $5,120,000 for estates of decedents who died in 2012.

For tax year 2013, the monthly limitation regarding the aggregate fringe benefit exclusion amount for transit passes and transportation in a commuter highway vehicle is $245, up from $240 for tax year 2012 (the legislation provided a retroactive increase from the $125 limit that had been in place).

Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan.28, 2013.

01/03/2013

From all of us here at Accelerated Tax Solutions, we wish you a very happy and prosperous New Year!

12/07/2012

We have moved to a newer and bigger office to serve you better! Our news release from Monday:

Accelerated Tax Solutions Announces Expansion

North Miami Beach, Florida (PRWEB) December 03, 2012

Accelerated Tax Solutions, Inc., announces the expansion and relocation of its Jacksonville location to a new facility located at 9428 Baymeadows Rd., Ste. 350, Jacksonville, FL 32256. This relocation serves to accommodate the company’s recent growth and plans for increased hiring.

The company’s president, Wes Edwards, said on Friday, “With today’s economy, many people have found themselves facing severe tax problems. At Accelerated Tax Solutions, our mission is to assist these individuals and businesses by resolving these issues professionally and ethically. We are very excited about the company’s recent growth, and this new expansion will allow us to achieve our goal in becoming America’s most trusted tax resolution company.”

ATS provides tax resolution services to clients in all 50 states and specializes in both personal and business tax solutions. The company was incorporated in 2004 and is a founding member of the National Association of Tax Resolution Companies (NATRC). Contact ATS at: (888) 599-3344 or via their website at: http://www.acceleratedtaxsolutions.com/ .