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East Coast Tax Consulting Blog

14Nov

The Pros and Cons of an Offer in Compromise

By |November 14th, 2018|Categories: Boca Raton, Tax Resolution Strategy|

The IRS’s offer in compromise program can be a great way to reduce the amount of debt you owe and make your payments more manageable. After all, the program is mutually beneficial to you and the IRS—it allows you to negotiate a tax settlement for less than you owe and allows the IRS to collect a portion of the debt owed to them.

21Oct

Opportunity Zone Investments Create Tax Deferral Planning

By |October 21st, 2018|Categories: Capital Gains, Tax Planning|

Have you realized gain from the sale of an asset and want to defer paying the tax?  Opportunity Zone Investments may be the solution for you. If you have a large taxable gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation you should investigate Qualified Opportunity Funds (QOF). 

10Oct

Good News-IRS Announces Business Meals Are Deductible

By |October 10th, 2018|Categories: Tax Deductions|

If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt disappointed by the part of the tax reform that passed last year that did away with the business-related deductions for entertainment, amusement or recreation expenses.

8Oct

5 Reasons Taxpayers Have IRS Tax Problems

By |October 8th, 2018|Categories: Back Taxes, Tax Debt|

There are many reasons why taxpayers find themselves with tax problems and on rare occasions it is due to criminal intent. However, the majority of tax problem resolution cases we deal with are caused  by some serious event that occurred in the taxpayer’s life.

30Sep

IRS Tax Debt Relief Help

By |September 30th, 2018|Categories: Tax Problem Help, Tax Relief|

We know the story all too well: finances are tight so you either don’t file your tax return, or file the return but don’t pay the balance due.  But you tell yourself not to worry as next year things will get  better. 

12Sep

S Corporations Should Pay Reasonable Compensation To Shareholders

By |September 12th, 2018|Categories: Tax Deductions, Tax Planning|

Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, credits and distributions are allocated to its shareholders’ on a pro rata basis.

5Sep

When Should You File An Amended Tax Return?

By |September 5th, 2018|Categories: Statute of Limitations, Tax Returns|

The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended.

22Jul

What is the IRS Offer in Compromise Program?

By |July 22nd, 2018|Categories: Offer in Compromise, Tax Relief, Tax Resolution Strategy|

We all have a responsibility to pay our taxes each year. But what happens when the amount you owe has spiraled out of control?

7Jul

Documenting Automobile Mileage For An IRS Audit

By |July 7th, 2018|Categories: IRS Audit, IRS Notices|

Often in an IRS audit, the tax examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, what should you do?

13Jun

Still Haven’t Filed Your Taxes?

By |June 13th, 2018|Categories: Installment Agreement, Penalty Relief, Tax Debt, Tax Penalties|

If you have been procrastinating about filing your 2017 tax return or have unfiled tax returns for prior years,  you need to consider the consequences, such as penalties, interest, and aggressive IRS collection actions.

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