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Taxes
If you are an Atlanta, GA taxpayer with a tax bill you are unable to pay, this article is for you! There are two key steps that you should keep in mind if you have an IRS tax bill you are unable to pay. 

1. Tax Compliance


The IRS will agree to negotiate with you only if you compliant with their rules.   This is referred to as “tax compliance.” Tax compliance relates to both filing tax returns and making tax payments.

The IRS will consider you compliant if the the past 6 years of tax returns have been filed. 

Suppose you are an employee, you are compliant if you pay sufficient taxes through withholding from your paycheck. If you are a business owner, you are compliant if you have paid your required quarterly estimated tax payments.  If your business has payroll taxes, you are compliant if you have made all your payroll tax deposits and filed all of your payroll tax returns throughout the year. 

In the event that you cannot afford to pay your taxes, do not make the mistake of thinking that it would be better to not file at all. The IRS will not negotiate with you if you have not filed your tax returns.  Additionally, if you do not file the tax return, penalties, plus interest, will be added to your tax bill.  Penalties for missing returns are 5% per month, up to a maximum of 25%.   

Therefore, if you owe taxes for multiple years, we recommend that you pay your most recent tax bill first to show compliance. Then go back and resolve the older tax years with the IRS.

2. Options Available to You


The second step to consider when you are unable to pay a tax bill is to identify which of the available options is best for you. There are generally three options available when dealing with the IRS.  Each option has its own set of requirements

The first option is to get the IRS to considered you “non-collectible.”  This temporarily stops all IRS collection activity until your situation changes or the statute of limitations on your debt expires.

The second option is to request an Installment Agreement.  The terms of the agreement will depend on your facts and circumstances.  

The third option is to make an Offer-In-Compromise.   The offer is always lower the amount of the tax owed – if you qualify.

For more information about the options and resources available to you, give our office a call at 678-235-5460.   If you would like to learn more about the services we provide, visit our Home Page!

To watch our YouTube video on this topic, click here!



Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes

 


Watch our new video to learn about tax appeals!

In this video you’re going to learn about IRS Tax Appeals and, additionally, how Appeals can be used to save yourself from a painful situation with the IRS.

We cover three types of Appeals: Collection Due Process (CDP) Appeals, Equivalent Hearings and, finally, Collection Appeals Process (CAP) Hearings.

A taxpayer’s appeal rights are triggered after receiving a Notice of Federal Tax Lien or a Final Notice of Intent to Levy.

The first type of appeal right that we discuss is the Collection Due Process Hearing (CDP). This is the most powerful type of appeal and offers the most protection and rights to the taxpayer. In addition, a request for a CDP Hearing must be made within 30 days.

The second type of appeal right that we review is the Equivalent Hearing. This offers fewer rights than a CDP Hearing, but it is more flexible in terms of timing.   A taxpayer may request an Equivalent Hearing for up to one year.

The third type of appeal right that we discuss is called Collection Appeals Process (CAP). This is used primarily to untangle administrative errors relating to cases, such as levies issued to the wrong taxpayer.

Lastly, we discuss what an actual Appeal looks like and what you need to know to be successful at an Appeal Hearing.


If you enjoyed this video, and would like to see more content visit our YouTube channel!

To learn more about the services we provide, call our office at 678-235-5460, or visit our Home Page!


Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.

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Taxes



In this video, you’re going to learn exactly how to use the Installment Agreement program offered by the IRS to help taxpayers who cannot afford to pay their tax bill.

Here are the Installment Agreement strategies that I cover in the video:

First, you’ll learn how to utilize the Automatic Agreement program for those with less than $10,000 in taxes owed. In my experience, this type of Agreement is super easy to get.

Next, Gary will  explain the Streamlined Agreement. This has been expanded from $50,000 to $100,000 for 2020. Gary also suggests a simple strategy to take advantage of the benefits of this great program.

Then, I talk about how the Regular Installment Agreement works. With this, you need to work with financial statements in order to get the IRS to accept your Offer.

Lastly, I review the Partial Pay Installment Agreement to get around the 10-year Statute of Limitations.

I concluded with practical tips to avoid accidentally defaulting on your Installment Agreement. If you default, the IRS will void your agreement and you have to start all over again.


To watch more of our firm videos, visit our YouTube channel! Please subscribe so that you don’t miss our future videos. 

For more information about the services we provide, please visit our Home Page.
Call our office at 678-235-5460 for a free consultation.


Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes

Watch our new video to learn the three ways you can get rid of an IRS tax lien!  

In this video, we go through the ins and outs of IRS tax liens.  They are horrible, scary and wreck your credit score. And they make it harder to sell your house.  Here we learn exactly how to get out from under an IRS tax lien.

We start with an introduction to how an IRS tax lien works. Topics include what triggers the lien, the impact of lien on credit scores, appealing a lien, and when tax liens expire.


Strategies

We cover three strategies to deal with an IRS tax lien:

First, Gary explains how to discharge an asset from under a lien. This simple strategy allows the taxpayer to sell their house, even if the IRS has a lien on their property.

Second, I talk about loan subordination. By subordinating a loan, the taxpayer is able to refinance their debts, including a mortgage. The IRS agrees to allow another creditor, such as a bank, to take priority on a debt. Therefore, the debt is refinanced and the taxpayer uses part of the proceeds to pay off the back taxes owed to the IRS. Once the tax is paid, the lien goes away.

Third, I review the process to have a lien withdrawn. This is a great solution for those with $25,000 or less in tax debt.

I conclude the video with a discussion on foreclosures of tax liens. This may be the unfortunate result for those taxpayers who ignore their tax liens, along with repeated warning letters from the IRS.   As a result, these people can end up losing their house to pay back taxes.


To watch more of our tax and accounting videos, subscribe to our YouTube channel!

For more information about the services we provide, visit our Home Page! 


Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes
Tax and divorce.  If you are going through a divorce, there are 7 key tax questions you should ask.

What if all of My Tax Returns Have Not Been Filed?


The divorce court will want you to have tax returns filed and up-to-date. There are two reasons for this: to tie up the loose ends, and to provide the financial information needed for alimony and child support calculations. 

Is it better to files returns jointly or separately? In the case of Married Filing Jointly, both you and your spouse are jointly liable for the tax debt, which is frequently a cause for concern in a divorce setting. With this in mind, it may be better to opt for Married Filing Separately, even if that means you must pay some extra taxes now.  Also, keep in mind that you cannot amend a return to switch from Married Filing Joint to Married Filing Separately.

What if you don’t know if your ex-spouse filed all the tax returns? In this case, you can contact the IRS to get your tax transcripts which will show what, if anything, is missing. Transcripts also provide details of 1099’s and W-2’s, which sometimes go missing during a divorce.


How Will the Tax Responsibilities be Divided?


If you file a joint tax return, both spouses are equally responsible for the taxes.   The IRS will go after either party for unpaid taxes. If the divorce decree says that the husband or wife is responsible for the taxes, that is not binding on the IRS. If one spouse claims that they he or she had no knowledge of the income activities of the other spouse, the objecting spouse may request relief under the Innocent Spouse Rules.



What If I Do Not Trust Previously Filed Tax Returns?


If you do not trust the previous filed tax returns, then you can file amended returns, provided that your spouse agrees.


What If I Do Not Trust Our Current Accountant?

Does your accountant play golf with your ex-spouse? If so, you may want to find a new accountant. Look for someone who is independent and will represent your interests.


What If the Tax Returns Show Substantial Tax Debt and Penalties?

It may be time to start negotiating with the IRS for a resolution. Options include Penalty Abatement, Offer-In-Compromise, Installment Agreement, or Currently Not Collectible Status.   


Can I Sell Marital Property That has a Tax Lien on It?

Yes, the IRS will work with you to discharge or subordinate a lien so that you can sell the property pursuant to a divorce. They would rather you be able to sell the house and pay off some or all of your tax debt, rather than leaving you stuck with both unpaid taxes and an unwanted house.



Are There Any Negotiation Points Related to Taxes That I Should Be Aware of When Dealing with My Spouse?


You or your accountant should prepare a tax projection that shows the after-tax cost of several financial matters relating to your divorce. These are:

1. Alimony, which is no longer taxable to the recipient and no longer deductible to the payee. 
2. Who is Going to Claim the Children?   While children no longer provide dependency exemptions, there are child tax credits and earned income credits which need to be considered.  
3. Head of Household Filing Status – You will want to run a projection that shows the after-tax benefit of this filing status post-divorce.

If you need additional answers to your tax-related questions, please give us a call at 678-235-5460.

To watch our YouTube video on this topic, click here!

For more information about the services we provide, visit our Home Page!


Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes
Check out our new video about the 10-year Statute of Limitations on IRS Tax Collections!


The IRS has 10 years to collect a tax debt.  This is the Collection Statute of Limitations, or CSED.  However, once the Statute expires, the tax is unenforceable.

In this video discuss the mechanics of the Statute of Limitations.  We also discuss the events that freeze, or toll the statute.  Tolling of the statute means that the IRS has more time to collect on a tax.  Various events toll the statute.  These events include bankruptcy, filing an offer in compromise and requesting an installment agreement.  For example, filing a bankruptcy claim freezes the statute for the period that the taxpayer is in bankruptcy, plus six additional months.

It is generally in the taxpayer’s best interest for the Statute to continue to run, hastening the date when the tax becomes unenforceable.

The IRS creates a tax return for an uncooperative taxpayer who does not submit their own return.  The return created by the IRS is called a Substitute for Return or SFR.  The SFR triggers a tax assessment.  In addition, it also causes the Statute of Limitations to begin to run.


Planning

Gary concludes the video with a discussion of the interplay between the Statute of Limitations and tax planning.  In particular, we discuss how the Statute of Limitations impacts the primary resolution options available to taxpayers who are faced with a tax debt.  These options are the Offer in Compromise, Currently not Collectible Status and the Installment Agreement.

If you liked this video, please subscribe to our YouTube channel for more tax and accounting advice!

For more information about the services we provide, visit our Home Page!


Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes

Do you or someone you know need to make a deal with the IRS? Check out our video on the first steps you should take to best negotiate with the IRS!

 

In this video, Gary explains what a taxpayer must do to be considered in tax compliance. Similarly, he explains how being in tax compliance is a crucial aspect of making a deal with the IRS.

In addition to this, we lay out the steps an individual can and should take to be able to negotiate a deal with the IRS. In order to negotiate a deal with the IRS, you will need to prove that you are a good tax citizen. 

Contact us

If you are interested in learning more about the tax and accounting services our firm provides, visit our Home Page!  Call our office at 678-235-5460 for a free consultation. We would love to hear from you!

If you enjoyed this video, and would like to see more of our tax and accounting videos, check out our YouTube Channel! Be sure to subscribe so that you don’t miss future videos!


Massey and Company is a boutique CPA firm in located in Atlanta, Georgia. We are dedicated to serving the tax needs of small businesses and their owners.


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Taxes
If you are an Atlanta taxpayer that owes taxes to the government, you can stop IRS collection activity by being deemed Currently Not Collectible. Once you obtain this status, the IRS will stop sending you nasty letters about your tax debt.  And most importantly, the IRS will not be able to seize your assets.  The IRS will, however, file a lien on your property.  This will hurt your credit rating and will make it harder (but not impossible) to sell your property.

For the IRS to consider you not collectible, you will have to provide your financial statements to the IRS.  There is significant work required to prove that you are not collectible. However, the effort is often worth it, given the right facts and circumstances. Furthermore, there is planning that you can take advantage of to improve your numbers, such as maximizing allowable expenses. 


The Math Behind Being Not Collectible


First, calculate net equity in assets (home, car, investment portfolio, etc.). Second, calculate gross monthly income, less allowable expenses. If these calculations show no funds available to pay the tax, then you will be deemed not collectible. 

You can use current income numbers for purposes of the calculation. This helps your case if you have recently lost your job or had a recent decrease in earnings (such as during the pandemic).     

It is not a problem to obtain not collectible status if you have “dissipated assets” (assets disposed of in the past several years). However, dissipated assets are a problem if and when you apply for an Offer-in-Compromise. 

If banks will not let you borrow against the equity in your assets, that equity may be excluded from the net available equity in assets  calculation. This exception is not allowed in the case of an Offer-in-Compromise.
 


How Long Does Currently Not Collectible Status Last?

It is important to note that Currently Not Collectible status is temporary. The IRS will check in with you every year or two to see if your situation has changed. With that said, the 10-year statute of limitation will continue to run during the period that you are not collectible. With good planning, the statute of limitations may expire while you are not collectible.  If so, the IRS will write-off your tax debt in full, and the tax debt will simply go away. 

If you would like to learn more about how our firm can help represent you before the IRS, visit our Home Page.

Click here to watch our YouTube video on this topic!


Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes
Divorce is hard.  Taxes make it harder.  Watch our latest video on the 7 key tax questions for Atlanta taxpayers to ask before getting a divorce!

Check out our video on taxes and divorce.   Here are the questions that we address:

  1. What to do if tax returns are missing?  What will the divorce Court do about missing taxes?  Should we file married or separately?
  2. How will tax responsibilities be divided?  What is the significance of a joint tax return?
  3. What if I don’t trust previously filed tax returns?
  4. Is our accountant impartial?
  5. Are there options to deal with significant unpaid tax debts, interest and penalties?  What is the Offer in Compromise?
  6. Can we sell marital property if it has an IRS tax lien?
  7. Are there any negotiation points related to taxes that I should know?


If you would like to watch more of our videos, click here!

If you would like to learn about Innocent Spouse Relief, which often becomes important in divorce situations, click here!

For more information on the services we provide, visit our Home Page!



Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.

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Taxes

Watch our newest video to learn about the types of Innocent Spouse Relief!


What do we mean by the term “Innocent Spouse?” In the tax world, this happens when a couple files a joint return, and one spouse feels that they should not be responsible for the tax. There are three types of relief for the innocent spouse:


1. Traditional Innocent Spouse

This happens when there is an understatement of income on a tax return, and the innocent spouse did not know, or have reason to know, about the understatement. It is inequitable to hold them responsible for the tax regardless of whether they are married or divorced. They must, however, request relief within two years of the start of IRS collections.There will be an allocation of the liability. This means that there is no free pass for the innocent spouse. 


2. Separation of Liability

This happens when there is an understatement of income on a tax return. The two spouses must have been divorced, or legally separated for at least 12 months. In this case, they must request relief within 2 years of the start of IRS collections. The ex-spouses involved will be treated as married filing separately. The tax debt will be allocated based on who earned the income; or who owns the assets that are the source of income. Usually, this provides the better answer for our clients. 

 


3. Equitable Relief 

This happens when there is an understatement of income on a tax return; or the tax is correct, but unpaid. In this case, there is no requirement to file for equitable relief within two years. Given all the facts and circumstances, it is simply inequitable to hold the spouse responsible. The IRS will also consider marital status, economic hardship, knowledge or reason to know, abuse, physical or mental health, and financial dominance in the case of Equitable Relief. Liability will be allocated among the spouses. 


 

There is also relief for the Injured Spouse. This situation occurs when the couple files a joint tax return, and then some or all on an expected joint refund was taken to pay the other spouse’s tax liability. For example, the IRS takes part of a tax refund related to child support. The IRS will then give you your share of the money back. 

If you would like to watch our YouTube video on this topic, click here!

To learn more about the services we provide, visit our Home Page!



Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.

 

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Taxes
Late tax returns?  Maybe you are due a refund?  Atlanta taxpayers, if you are behind in your tax filings by months or even years, this article is for you!

You have three years (from the date the tax was due) to claim your tax refund. For example this means you have until July 15, 2020 to get refunds for 2016 tax returns. Therefore, 2016 tax returns need to be prepared and filed in the next month to secure a refund.


Notice CP516 

The IRS is looking for missing tax returns. The IRS uses Notice CP516 to request a missing tax return. If you receive this letter from the IRS, it means that the IRS knows of your missing return and it needs to be prepared and filed as soon as possible.  

If you do not file missing returns, you are subject to a Failure to File penalty. This penalty is 5% per month, for 5 months-Up to 25% of the tax due. Even if you cannot afford to pay the tax right away, file the tax return as soon as possible to stop the penalties from adding up. 


Substitute for Return

If you fail to file a tax return, the IRS will prepare a return for you. This is called a Substitute for Return. The Substitute for Return is almost always bad for you as it means the highest tax rates, and no deductions or exemptions. In other words, a Substitute for Return generally results in a large, unexpected tax liability. 

 

If you have missing or late tax returns, the best thing you can do is get them prepared and filed as soon as possible. 


If you would like to watch our YouTube video on this topic, click here!

For more information about the tax services we provide, visit our Home Page.


Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.
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Taxes

How Do You Challenge a Tax Bill?

Incorrect tax bills are actually fairly common. Why is this? It is because the IRS is relying on automated systems more and more to deal with taxpayers. For example, 75% of all IRS audits are done by computers. The IRS uses computer systems to create substitutes for tax returns, where they are missing them. As a result of this automation, many Atlanta taxpayers are receiving letters in the mail from the IRS that contain tax bills with incorrect tax amounts.





I hear of folks who write to the IRS about a bad tax assessment, and they experience the frustration of their paperwork getting lost in the system. As a result, bad tax assessments go unchallenged and appeals are not made. Individual taxpayers then find themselves battling with IRS Collections for money that they do not owe. These individuals may even be subject to a tax lien, which makes it nearly impossible to get approved for a mortgage. 

But fear not! Fortunately, there are ways to challenge an IRS tax bill.

1. Request for Audit Reconsideration
   We can get the audit reopened and re-examined.

2. Doubt-as-to-Liability Offer
    This is a type of Offer-in-Compromise that challenges the underlying liability itself.

3. Collection Due Process Hearing (CDP)
    During the hearing, the tax bill can be challenged.

4. Innocent Spouse Relief 
    We ask the IRS to adjust the amount of tax due, by allocating the tax between the spouses or former spouses.

5. File an Amended Return
    If the taxpayer does not receive anything in 6 months, then they can bring a litigation suit.

6. Bankruptcy
The issue can be challenged through bankruptcy


Which of these is the right one for you? The answer depends on an analysis of your facts and circumstances. Gary does this for our clients. If you are facing a tax bill, send me a message to discuss which strategy is right for you.




If you would like to watch our YouTube video on this topic, click here. Feel free to call our office at 678-235-5460 for more information!

Visit our Home Page


Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.

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Taxes

Watch our new video below to learn about the different strategies to challenge a tax!

How Do You Challenge a Tax Bill?

An incorrect tax bill is actually fairly common. Why is this? It is because the IRS is relying on automated systems more and more to deal with taxpayers. For example, 75% of all IRS audits are done by computers. The IRS uses computer systems to create substitutes for tax returns, where they are missing them. As a result of this automation, many Atlanta taxpayers are receiving letters in the mail from the IRS that contain bills with incorrect tax amounts.

I hear of taxpayers who write to the IRS about a bad tax assessment, and they experience the frustration of their paperwork getting lost in the system. As a result, bad tax assessments go unchallenged and appeals are not made. Individual taxpayers then find themselves battling with IRS Collections for money that they do not owe. These individuals may even be subject to a tax lien, which makes it nearly impossible to get approved for a mortgage. 

But fear not! Fortunately, there are ways to challenge an IRS tax bill.  Here is out list:

1. Request for Audit Reconsideration

   We can get the audit reopened and re-examined.

2. Doubt-as-to-Liability Offer

    This is a type of Offer-in-Compromise that challenges the underlying liability itself.

3. Collection Due Process Hearing (CDP)

    During the hearing, the tax bill can be challenged.

4. Innocent Spouse Relief 

    We ask the IRS to adjust the amount of tax due, by allocating the tax between the spouses or former spouses.


5. File an Amended Return

    If the taxpayer does not receive anything in 6 months, then they can bring a litigation suit.


6. Bankruptcy

The issue can be challenged through bankruptcy

If you have questions about a tax matter, call our Atlanta office at 678-235-5460. For more information, go to our website home page!


Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.

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Taxes
Click below to watch our most recent video about what to do if you cannot pay your taxes. If you are unable to pay your IRS tax debt, this video is for you!


In this video, we discuss what options a taxpayer may have if they cannot afford to pay their tax bill. In addition, Gary explains the importance of being in tax compliance when making a deal with the IRS. Similarly, he provides the various steps a taxpayer will need to take in order to be considered in tax compliance. Above all, it is important to remember that not filing a return is NOT a solution, and it will only make the situation worse. 

Finally, Gary discusses the options available to the taxpayer to negotiate with the government.


If you enjoyed this video, check out our YouTube channel to see more of our tax and accounting videos! Be sure to subscribe to see future videos that could benefit you or your business.

For more information about the tax and accounting services we provide, visit our Home Page. If you cannot pay your taxes, call our office today for a free consultation at 678-235-5460!


Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia. We are dedicated to serving the needs of small businesses and their owners.

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Taxes

Click here to watch our most recent video to learn how to get tax refunds for late or missing returns! If you have missing tax returns (especially if you feel you are due a refund), this video is for you.

As Gary discusses in this video, it is important to note that you have three years from the date a tax return was due to claim the refund. In order to get the tax refunds from a late or missing tax return, you will have to get them filed.

Remember that if they are not filed, the penalties and interest will quickly add up. Don’t wait!



Did you enjoy this video? If you would like to see more of our tax and accounting content, please check out our YouTube channel! Subscribe to see future videos that might benefit you and your business.

For more information about the services we provide, please visit our Home Page!
If you would like assistance preparing late or missing tax returns, call our office at 678-235-5460 for a free consultation.


Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia. We are dedicated to serving the needs of small businesses and their owners.

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Taxes

The IRS knows that there are over 7 million individuals and businesses with unfiled tax returns. A significant percentage of that number constitutes taxpayers who have not filed returns for multiple years. The IRS is beginning an initiative to target these “non-filers.”

If you come into our Buckhead CPA firm to resolve the problem of missing tax returns for you or your business, we will be sure to discuss with you three key strategies for non-filers:

1.) How Many Years to File?
– No matter how many years of returns have not been filed, the IRS only requires you to file six years of missing tax returns.

2.) How are You Going to File? – If you can’t afford to pay your back taxes, consider filing separately from your spouse, followed by an Offer in Compromise. This may save you thousands of dollars, depending on your fact pattern.

3.) Where You are Going to File? – Supercharge your Offer in Compromise for back taxes by filing your state returns first. This, too, may save you thousands of dollars, depending on your facts and circumstances.

Unfiled tax returns are an urgent matter. Especially if you want to stay out of trouble with the IRS.

For an appointment, please call our office at 678-235-5460, or send Gary an email at Gary.Massey@MasseyandCompanyCPA.com.

Click here to view our recent post!

Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes
The IRS urges taxpayers to act now to avoid “tax-time surprises”and ensure smooth processing of tax returns. It is never too early to start preparing.  For this reason, we have arranged four tips to help people file taxes on time.

FIle Taxes


1. Adjust Withholding; Make Estimated or Additional Tax Payments


“Tax Withholding Estimator” enables individuals to perform a paycheck checkup.  This IRS tool is important for individuals who received a smaller refund than expected or owed an unexpected tax bill in the past.

If the Estimator recommends a change, employees make adjustments to their withholding taxes.  In such case,  employees submit a revised Form W-4 to their employer.   Note that employees should not send these forms to the IRS.

The calculation of quarterly tax payments is especially important for independent contractors and business owners.  Massey and Company calculates quarterly taxes upon request, using sophisticated tax projection software.


2. Gather Documents and Organize Tax Records


We strongly suggests that all taxpayers utilize a tax record-keeping system. Whether electronic or on paper, this system keeps all the important information in one place.   Many of our business clients use QuickBooks for this reason.  Please note that taxpayers should keep copies of filed tax returns and all supporting documents for at least three years. 

To avoid refund delays, be sure to gather all year-end income documents before filing a tax return. Filing too early, before receiving key documents, often means a taxpayer must file an amended return to report additional income or claim a refund.   Furthermore, it can take up to 16 weeks to receive a refund from an amended return.
 File taxes
Remember to also notify the IRS of address changes.  Also, be sure to notify the Social Security Administration of legal name changes to avoid refund delays. 


3. Renew Expiring Tax ID Numbers


An ITIN (Individual Taxpayer Identification Number) is a tax ID number used by a taxpayer who does not qualify for a Social Security number. Taxpayers with expiring Individual Taxpayer Identification Numbers can get their ITINs renewed more quickly and avoid refund delays next year by submitting their renewal application soon.

Taxpayers who fail to renew an ITIN before filing a tax return next year could face a delayed refund and may be ineligible for certain tax credits. With nearly 2 million taxpayer households impacted, applying now will help avoid the rush as well as refund and processing delays.


4. Be prepared to File Electronically; Use Direct Deposit for Refunds


Electronic filing is the easiest, safest and most accurate way to file taxes. Direct deposit combined with electronic filing offers the fastest, easiest way to get a refund.   Furthermore, direct deposit eliminates the worry of lost, stolen or missing refund checks.

Direct deposit is easy to use.  Taxpayers select it as their refund method through tax software or tell their tax professional.    As an added benefit, direct deposit is less costly to the IRS, saving taxpayer dollars.  

Massey and Company offers electronic filing and direct deposit to all its clients.


Something to Keep in Mind

The IRS cautions all taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Some returns, especially those that are paper-filed, require additional review and take longer to process.

To get a jump-start on taxes, contact the firm today at 678-235-5460.  





Founded by Gary Massey, Massey and Company CPA serves the needs of small businesses and business owners.  The firm handles tax matters, IRS controversy, tax debts, back taxes, bookkeeping, and accounting.  Offices are in the Buckhead neighborhood of Atlanta.

Gary Massey, CPA

Massey and Company CPA

P.O. Box 421396, Atlanta, GA  30342

Massey and Company 

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Taxes

If you are a business owner, you know how important it is to track your expenses. You are probably also aware that keeping track of your money is becoming more and more difficult in our fast-paced digital world. The online receipt capture feature by QuickBooks Online makes this as easy as possible.

When it comes time to filing taxes, you need to be prepared with an organized expense record for your business. This has been a difficult task in the past. However, with QuickBooks’ new online receipt capture feature, this task has changed. Now, keeping a current record of your expenses has never been easier!





“Audit-Proof” Your Business with the Snap of a Picture
QuickBooks Online has always given you the option to sync your bookkeeping records to your bank accounts, credit card accounts, Paypal and Square.  What’s new is that you can now take pictures of your receipts on your smart phone, using the QuickBooks app.  The pictures are attached to your transaction inside QuickBooks and saved forever.  No more paper.  And your books are now audit-proof, in case the IRS ever comes knocking.

And with the ease of the QuickBooks App, you can audit-proof your business from virtually anywhere! 


The Best Part – No Extra Fees!

The best part of this new feature is that it comes with no extra cost for users of QuickBooks Online.

This feature could change the way you run your business, and make your life easier.  Think about what it will be like to eliminate years of paper receipts with the click of a button!  Plus, imagine going to sleep at night without worries of the IRS challenging your expenses in an audit.

We can show you how Receipt Capture works.  Feel free to give us a call at 678-235-5460, or shoot Gary an email at Gary.Massey@MasseyandCompanyCPA.com.  You can also contact us via our website.


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Founded by Gary Massey, Massey and Company is a boutique, Atlanta-based CPA  firm serving the needs of small businesses and their owners. We handle tax matters, IRS controversy, tax debts, back taxes, bookkeeping, and accounting. Our offices are in the Buckhead neighborhood of Atlanta and we welcome face-to-face visits
Gary Massey, CPA
Massey and Company CPA
P.O. Box 421396, Atlanta, GA  30342
Massey and Company

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