Yes, it is the beginning of November, and the leaves are changing color and the air is getting crisper. The end of 2020 is fast approaching and that means business owners will need to start thinking of getting their bookkeeping cleaned up or STARTED!!!
Unfortunately, this is where many problems start for business owners when it comes to filing their taxes. The bookkeeping isn’t started or was started but never finished or maintained. Business owners that I know don’t want to spend the time doing the bookkeeping and never get around to dealing with it. So, there it sits in a corner, waiting to be finished and then another year comes and goes and now the 3rd year has started. See the cycle?
So, if you see you are in this cycle of not doing your bookkeeping and it is preventing you from sleeping and filing your taxes, give me a call and I can give you some possible solutions. After you have gotten your bookkeeping cleaned up and we file all those back years, we can look at the whole picture and see what the next steps are once we are ready to file.
Some of those solutions are:
- Check for some possible penalty abatement
- Pay in full
- Installment agreement
- Partial pay installment agreement
- Offer in Compromise
FYI: Several years ago, we offered an IRS Transcript Monitoring Plan (TMP), and I spent this year revamping it and now I am offering it again, but much more comprehensive than in the past. With a signed Power of Attorney (POA), we can access your transcripts at the IRS and see what they see on a daily basis. The beauty of the TMP is that we will be immediately notified of any change to your IRS account, often before a notice arrives in the mail. If you have any questions about the program, feel free to reach out.
Ancient taxes from around the world
- King Henry 1 allowed knights to opt out of their duties to fight in wars by paying a tax called “scutage” – essentially, a cowardice tax. At First, the tax wasn’t high, but then King John came to power and raised it to almost 300%. Some claim that the excessive tax rate was one of the things that contributed to the creation of the Magna Carta, which limited the king’s power.