Monthly Archives: August 2014

IRS Audit Representation and State Tax Problems

Dealing With the IRS

Finding the right IRS Audit representation is not always easy. Yet, navigating the tax laws alone is never an option that a private citizen or business should undertake. And this is especially true in the event of an audit or delinquency. Good tax professionals are prepared to assist in taking on the tax system. Most professional tax firms have the expertise and skills to represent each client effectively.

At Business & Financial Solutions, each case is tailored to the clients’ needs, and tax problems. Representation for each client dealing with delinquent taxes, or IRS audits, is much different. Still, representation for an employer who neglected to pay his payroll taxes is even more complicated. Yet, our firm devises a strategy that best suits each case and each client, whether a business or individual.

Behind On Your Taxes

Many taxpayers have gotten behind with the filing of their returns. Some are behind with the IRS. And others are behind with local or state government entities. Regrettably, you may need professional assistance in preparing your returns. And the IRS and state taxing authorities have the ability to create and assess substitute or estimated tax returns. In fact, these are referred to as “Substitute for Return” (SFR). And once the IRS or state prepares the SFR on your behalf, you will owe the balance due. Of course, that is unless or until you file a corrected return. Even so, we can even assist in getting your past tax records from the Internal Revenue Service. And upon receiving the we can get the past due or overdue tax returns filed in a timely manner.

Try Our Accounting Firm

Business & Financial Solutions, has convenient offices located in Frederick and Rockville Maryland. We are committed to helping you find a fair solution to your tax debt. And our firm will work with you to address IRS tax audits, file back taxes, end wage garnishment, avoid property seizure. We will work on your behalf to stop levies and liens and resolve your IRS problems.

When you work with our specialists we will analyze your situation and outline the options for you. And we can help solve your IRS problems. First and foremost, we end the harassing phone calls. If you are a taxpayer in need of help with state or IRS audits, back taxes issues, or unfiled returns, BFS has the solution for you. And you can avoid unnecessary inconveniences from the IRS.

We have office locations serving Olney, Beltsville, Silver Spring MD, Wheaton, South Laurel, Colesville, Fairland and Hyattsville.

Call (240) 297-1055 for help. Or email us at info@bfswebsite.com.

Our offices are located in Vienna, Rockville, Frederick. (Washington DC Metro Area.)

Filing Form 990 for Tax Exempt

Help Filing Form 990 Tax-Exempt Organizations.

Business & Financial Solutions is an tax accounting firm. And we provide a wide range of services to individuals, businesses and nonprofit organizations. Our goal is to assist clients in their successes. We offer the services and tools you need for that success. Inclusively, we prepare the the Form 990 Income Tax Return for exempt Organizations. And our tax preparers are experienced and efficient. Moreover, we can prepare form 990 for tax exempt organizations, regardless of the type of organization.

Most exempt organizations well generate income one way or another. And some will have gross receipts of at least $200,000 or assets worth at least $500,000. Consequently they will need to file form 990. In fact, form 990 is a requirement for any organization that generates that amount, or more.

However, some organizations, such as political, churches, and other religious organizations, are exempt from filing an annual Form 990. Except for those exempt from filing, we recommend every organization file the form. But we don’t make the recommendation lightly. And we make the recommendation, despite the fact that they are not required. There is a perfectly good reason for the recommendation.

Non-profit, actively seeking funding through grants, will be required to provide copies of recent 990 tax returns. And the funder will want to see this return as part of the review process for the grant. Providing copies of these tax returns greatly improves the possibility of regardless of the gross receipts or assets requirement.

Checks and Balances

Form 990 initially requires the organization to describe its mission or other significant activities. Therefore, the organization must disclose financial details on its revenues, expenses, assets and liabilities. Also, the IRS wants to ensure that the organization is worthy of maintaining its tax-exempt status. And the agency requires more details on the types of activities it engages in during the year.

A significant portion of the form requires information on organization’s is governance. And specific requests are made. For example, you are required to give the names of your officers, directors and highly compensated employees. And the form raises questions about other employees who are involved with managing the organization. Strangely enough, a nonprofit organization that over-compensates its management may jeopardize its tax-exempt status with the IRS.

Further, the Internal Revenue Service scrutinizes non-profit organizations. Because they to assure the community that the organization is not being used as a shell for illicit activities. And the agency provides oversight to make sure the non-profit is not used for personal gain. Consequently, the information required in this filing provides vital information on the activities, intentions and worthiness of 501(c) (3) operations. And preparation of form 990 requires careful record keeping, organization and documentation. And our accounting firm can help with every aspect of this workload.

Tax Accounting Services

For additional information on form 990, contact our offices at (855) 557-2222. Or email info@bfswebsite.com. Our team can help with the bookkeeping, organization preparation of this tax return with the least difficulty.

BFS has offices located in Vienna, Rockville and Frederick.