Category: Uncategorized
Remove IRS Accuracy-Related Penalties Using Reasonable Cause + Form 843 (IRC §6662)
By Glen L. Graves II, CPA, CTRS – Federally Authorized Tax Practitioner | Decatur, Georgia Many taxpayers incorrectly assume IRS accuracy-related penalties are automatic and unavoidable. In reality, relief is available when the taxpayer can demonstrate reasonable cause and acted in good faith. The path to relief is often Form 843 + supporting documentation, not…
Solo 401(k) Guide | Atlanta CPA
Employee Deferrals, Employer Contributions, and Business Structure Matters 🔑 Key Takeaway (Read This First) If you are self-employed or own a small business with no full-time employees, a Solo 401(k) can be the most powerful retirement and tax-reduction strategy available. However, the ability to maximize tax-deferred retirement contributions depends heavily on how your business is…
First Time Penalty Abatement
If you’re facing unexpected penalties from the IRS, you’re not alone—and you do have options. One of the most overlooked forms of relief is the IRS First-Time Penalty Abatement (FTA). This program can potentially eliminate hundreds or even thousands of dollars in penalties. At Expert Accounting Services LLC, we help individuals and businesses in Atlanta…
LT16 – Received one from the IRS? Here’s What It Means—And Why You Need to Act Fast
If you’ve recently opened your mailbox to find an LT16 letter from the IRS, you’re not alone—and you’re not out of options. At EAS Income Tax Services, we help individuals and businesses across Atlanta and nationwide resolve serious IRS problems. The LT16 notice is more than just a warning—it’s a sign that your tax debt…
Late 8621 Filing with IRS Streamlined Penalty Relief
Form 8621 is required by the IRS when a U.S. taxpayer owns shares in a Passive Foreign Investment Company (PFIC). A PFIC is generally a foreign corporation where: At least 75% of its income is considered passive (e.g., dividends, interest, rents, capital gains), orAt least 50% of its assets are held for producing passive income.…
Penalty Abatement Under Reasonable Cause
What is Reasonable Cause The IRS may abate (remove) penalties if the taxpayer can demonstrate that they exercised ordinary business care and prudence but were still unable to comply with tax obligations. This relief often applies to: If you’re working with a tax preparer Atlanta trusts, or a tax preparation CPA Atlanta families and businesses…
IRS Using AI for Enforcement
Understand the affect of AI on the IRS and enforcement It’s important to understand the importance of filing returns promptly and accurately, especially in the age of IRS AI Enforcement practices. The IRS Is Using AI to Crack Down on Taxpayers—What You Need to Know Artificial Intelligence (AI) is changing how the IRS identifies tax…
FBAR Form 114 vs. IRS Form 8938 and Missed Filing Remedies
It’s Crucial to Understand the filing requirements for FBAR Form 114 and IRS Form 8938, as well as what to do if you miss a filing. Don’t take the risk of not filing your annual FBAR Form 114 or IRS Form 8938 if you are required to do so. If you have foreign assets you…
Maintaining Your Visa or Green Card Status: Why IRS Compliance Is Crucial
It’s Crucial to Say in Compliance with all IRS Filing and Payment Requirements Don’t take the risk of losing your Visa or Green Card status due to non-compliance with the IRS. There has never been a time in U.S. history where IRS compliance for foreign nationals has been more important than it is now. Stay…
Can the IRS Really Take Your Home?
If you’re behind on your taxes, it’s natural to worry about the worst-case scenario: Can the IRS actually take your home? The short answer is yes—but it’s far more complicated than many people realize. While property seizures do happen, they’re typically a last resort after numerous warnings and attempts to resolve the debt. In this…