Blue's Books & Taxes

04/29/2025

04/28/2025

Taxpayers who don’t meet their tax obligations may owe a penalty.

The IRS charges a penalty for various reasons, including if you don’t:

* File your tax return on time
* Pay any tax you owe on time and in the right way
* Prepare and file an accurate return
* Provide accurate and timely filed information returns
* The IRS may charge interest on a penalty if you don’t pay it in full. They charge some penalties every month until you pay the full amount you owe.

If you missed the tax deadline and you believe you are going to owe, pay as much as you can as soon as you can to minimize the penalties and interest. Let me know if I can help!

04/05/2025

Do you have tax debt stressing you out? An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability or doing so creates a financial hardship. The IRS will consider your unique set of facts and circumstances:

Ability to pay
Income
Expenses
Asset equity

The IRS will generally approve an offer in compromise when the amount you offer represents the most they can expect to collect within a reasonable period of time.

If you'd like to see if this is an option for you, please contact me and let's chat.

03/27/2025

Do you owe back taxes? As an Enrolled Agent, I specialize in resolving outstanding tax issues or disputes between taxpayers and the tax authorities, such as the IRS and State Revenue Departments. I can help you address your unpaid taxes, penalties, or any other issues needed to settle your tax debt, avoid further penalties, and potentially reduce the total amount owed. Don't fight the giant alone. I am here to help.

03/26/2025

Tax day is on the horizon. Only 3 weeks left to get those tax returns filed. I can help!

03/05/2025

ALERT [updated Feb. 19, 2025]: Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies. FinCEN will assess its options for further modifying deadlines. I can help!

02/26/2025

Assets are things your business owns. Liabilities are what your business owes to third parties. Equity is the value left over for the owners. This is summarized in the golden rule of accounting: assets equal liabilities plus equity.

02/07/2025

Did you know you may qualify for relief from a penalty by administrative waiver if it's your first tax penalty or you meet other criteria allowed under tax law. Ask me how I can help.