For individuals and businesses facing tax challenges in Diamond Bar, CA, understanding the intricacies of estimated tax payments is crucial, especially when considering an Offer-In-Compromise (OIC). At Christopher G Carmona CPA, APC, we specialize in IRS problem solutions and tax debt relief. In this blog, we'll dive into the calculation of estimated tax payments and how they play a role in the OIC process.

Offer In Compromise (OIC) stands as a beacon of hope for individuals and businesses in Diamond Bar, CA, burdened by tax debts. At Christopher G Carmona CPA, APC, I specialize in providing solutions for IRS problems, including OICs. In this blog, we'll explore key things you should know about the OIC process and how it can bring financial relief.

Navigating the intricacies of tax matters can be overwhelming, especially when it comes to business assets and the IRS. As a leading CPA Firm in Diamond Bar, CA, Christopher G Carmona CPA, APC. specializes in providing tailored solutions for IRS problems and tax debts. In this blog, we'll dive into the crucial topic of how the IRS treats business assets for the purpose of filing an Offer-In-Compromise (OIC), shedding light on key considerations.

Bookkeeping and accounting are essential parts of every business, regardless of industry or sector. However, not all companies have the time or budget to do the task justice. Thus, businesses, especially ones that operate on more minor scales and work within a limited budget, tend to overlook bookkeeping procedures and end up with issues come tax time.

It’s that time of year again when you have to start thinking about your taxes. For some people, this is a simple process. They gather up their documents and send them off to their accountant. But for others, it’s a complicated and stressful process. They’re not sure what they’re doing and are worried about making a mistake.

Bankruptcy is often viewed as an admission of failure or a defect of character. But, bankruptcy is not a desperate move but a second chance to rebuild your financial future.

As a Certified Public Accountant and a tax expert, I always have to work within the purview of the tax law. However, very often, I have encountered cases that require me to go beyond what I generally do to ensure that my clients get what they deserve and ensure success.

The IRS restructuring act added Section 6320 of the U.S. Tax Code. It gives you the right to request a hearing when the IRS has filed a tax lien against you or has issued you a notice that it intends to file a levy. As an expert in the field, Christopher G Carmona CPA, APC, wants to help you understand the truth behind how a Collection Due Process (CDP) hearing works. 

With the downturn in the economy and massive job losses, personal bankruptcy filings have exploded. Many clients may benefit from including federal tax debts in their petition during this time. Besides being aware of the tax resolution options of bankruptcy, a professional will be familiar with administrative tax resolution methods, which the client should pursue first. As experts in the field, we at Christopher G Carmona CPA, APC want to help you understand the truth about discharging taxes and how it can affect you. 

At Christopher G Carmona CPA, APC, we are a CPA Firm that strives to prepare returns at affordable prices while minimizing taxes for clients. We listen carefully to understand our client’s concerns. Therefore, we like to find solutions to the tax problems they may have with the Internal Revenue Service (IRS). Please keep reading to learn how we help clients that can’t pay their taxes. 

The Internal Revenue Service (IRS) collects payroll taxes for social security payments. Therefore, it resolutely chases down firms that make deductions from employees’ salaries but don’t submit the contributions on time.

At Christopher G Carmona CPA, APC, we understand that payroll tax payment and filing requirements can be quite a challenge. The rules can be complex, and penalties for non-compliance severe, but accurate and timely compliance is the key to avoiding payroll tax penalties!

Public accountants help with tax levy preparation and filing. They also assist with asset protection, estate planning, bookkeeping and accounting. They provide information about tax laws and regulations along with helping with asset protection and estate planning.

An Offer In Compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. The Internal Revenue Service (IRS) will accept an offer in compromise when it is unlikely that the tax liability can be collected in full and the amount offered reasonably reflects collection potential. However, taxpayers who can fully pay the liabilities through an installment agreement or other means generally won’t qualify for an OIC in most cases. As an expert in the field, Christopher G Carmona CPA, APC has written down the steps you can take if you do not qualify for an OIC. 

With the IRS claiming between $50-$52 billion in collectable tax debt but limited resources to collect it, Congress passed a law requiring the IRS to use private collection agencies to help retrieve this debt. The law, passed in 2015, led the IRS to assign certain types of inactive debt cases to Private Debt Collection (PDC) agencies to help the IRS collect the debts they were not actively pursuing.

The Collection Due Process (CDP) appeal is your opportunity to seek an independent review of your tax assessment to be sure that the Internal Revenue Service (IRS) has not made a mistake. The CDP appeal is used to appeal any enforcement actions, such as federal tax liens, property seizures, liens or wage garnishments that are made against you. 

Corporations are obligated to pay a number of taxes, including payroll taxes, sales and use taxes, and income taxes. If they fall behind or fail to pay these taxes, the IRS will come calling and could levy fines and penalties. Typically, people believe that any person in the company who is required to collect, pay over, or financially account for taxes paid to the IRS may be held liable for the failure of payment. However, it is not solely the responsibility of those in charge of finances to be held liable for errors not made by them. Believing in such myths and misconceptions, you find online can severely hamper you. In order to help you steer clear of this misconception, Christopher G Carmona CPA, APC, has debunked this widely believed legal myth in the accounting industry.

Happy Holidays from Christopher G Carmona CPA, APC. Wishing you a joyous and safe holiday season and a Happy New Year 2022!

If an employer has not paid federal withholding taxes, the IRS may issue a Letter 1153 assessment and Form 2751. Letter 1153 is an IRS Trust Fund Recovery Penalty (TFRP) assessment against a business or responsible party. If you received a Letter 1153, the IRS has determined that you are responsible for an assessment for unpaid payroll taxes. A Form 2751 is issued along with the Letter 1153 and provides for agreeing to the assessment. To help you learn more about how you should go about the agreement process and how to appeal the proposed assessment in case it isn’t accurate, Christopher G Carmona CPA, APC has put together information on what exactly the Proposed Trust Fund Assessment: Letter 1153 and Form 2751 entail.

Regardless of any business, if you’re an employer, it is important you know about tax laws, the rules and regulations about tax preparation, and when to pay them. However, as a business owner, you may be oblivious to the tax process, so a wise decision would be hiring a tax professional capable of meeting the requirements of your specific business.