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The longer you wait, the more penalties and interest are factored into your tax debt. The faster you resolve your tax compliance issues the sooner an installment plan can be implemented.

Taxation of Equity Compensation

Working for a company and you have been vested into a stock incentive plan? If so, the taxation of these equity compensation packages is complex. We can help with ensuring you are not double taxed as this can happen if you make an error on the taxation of equity compensation.

Late Tax Filers, Back Taxes, Prior Year Taxes

We can assist you to address your late filing needs including answering all your questions regarding late filings, penalties, and options to pay via an installment or offer in compromise. The best option is for you to call us and schedule a consultation. April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline.

Crypto Taxation

The IRS is now monitoring compliance with crypto transactions – including conversion of crypto assets. One of the key questions on the 1040 relate to whether you purchased, owned, sold, or were gifted crypto assets. Although, crypto assets are not subject to wash sale rules or 1099 reporting, the tax laws are constantly changing to ensure the IRS keeps abreast on the gains/loss of crypto assets.

Gift Tax Filings

So, you decided to be generous and gift an asset to your loved ones? This is a great way to avoid estate and inheritance taxes during their lifetime, effectively reducing the wealth that will be subject to federal taxes when it’s passed on to heirs. This is a sound strategy, but it’s knowing the gift tax rules is important so the IRS does not come knocking on your door. Below are some key concepts to understand

Business Tax Services

So, you kicked off your small business but are familiar with the advanced tax strategies that exist and trekking blindly? Our experts can help with ensuring you established the right structure (i.e., LLC, S-Corp, or C-Corp) and understand the tax compliance issues.

Tax Notice Resolution

Have you received an IRS deficiency notice (i.e., Notice of Underreported Income CP 2000) that specifies that the information you reported does not match what was reported to the IRS? Does the Deficiency Notice specify additional tax payments with penalties and interest included? Or has the IRS asked to have you mail in proof of the expenses claimed on your tax return?

Past Due Tax Returns

Use the content from here https://www.willgamarracpa.com/past-due-tax-returns.html

Back Tax Filings

https://www.willgamarracpa.com/past-due-tax-returns.html

Business Tax Services

We provide a full range of tax services for businesses, including tax planning and preparation, compliance, and consulting. Our team has extensive experience.

FAQS

Frequently Asked Question.

With over 17 years of experience in preparing taxes, we have come across a myriad of tax questions, from simple to complicated, and we value the fact that some questions require alternative actions as the tax law has layers of gray and not one true answer exist.

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If you are late in filing your taxes, our experts can help you file your late tax returns to mitigate the risk of having the IRS levy your bank account, assets, or garnish your wages.  If needed, we can aid you in establishing a monthly payment plan to get back on track with paying of your tax debt. In other cases, you may be able to qualify to have your debt reduced if you experienced severe financial hardship.

If you are working as a subcontractor, independent consultant, or registered a LLC and have questions on whether a specific expense is deductible as a business expense, then call us for a free consultation. 

If you have these type of transactions, then we can aid you in analyzing the impact it will have on your personal tax return.

Generally, major improvements made to a personal residence is not deductible. However, the expense will be factored into the cost basis of the home and will generate tax savings at the point in time where the sale of the home will occur. As such, you want to track all major improvements. If you home is used for your home office, then there may be an opportunity to deduct the portion dedicated to the business.

Your Partner Comprehensive Tax Solutions.

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