Month: May 2018

Business and Personal Accounting Service

Are you interested in trying personal accounting services? Or maybe you need accounting assistance for your business? Regardless of your answer, you are probably aware that there are two options that individuals and organizations are using in situations like this.

First of all, they are relying on the so-called do-it-yourself approach. This means that they are taking care of these things on their own. The main reason why they are doing this is to save money. The other option is to hire a professional accounting service provider like TaxPM. The fact is that the second option is much better because it will not only save you time, but it will also save you money in the long run. Professional accounting service providers have experience, knowledge, and expertise in this field and they are less likely to make mistakes. Ordinary people don’t have the resources to finish this task in the right way. Now let’s see what you can expect from reliable personal and business accounting service providers:

Bookkeeping (end to end service)

It’s the best idea to leave the professional to take care of your bookkeeping needs from the beginning to the end. The typical bookkeeping service includes receiving, keeping and paying vendor invoices, creating electronic payroll taxes deposits, preparing payroll tax returns and payroll in general, preparing debt service payments as we all other occasional payments and taking care of sales tax returns. (1)

IRS Communication and Negotiation

Owing the IRS is a big deal. This is the reason why it is important to communicate and negotiate with the agency in the best possible way. There are professionals that can help you with this. It turns out that this is an investment that pays off. Through this process of communication and negotiation with the IRS, these professionals can help you get the best option for tax relief. In the end, you will use the best option for tax debt relief – penalty abatement, installment plan, offer in compromise, currently not collectible etc.

Payroll and corporate tax filings

Payroll and corporate tax filings let business owners take care of their employees and their company. Instead of wasting time on this time-consuming process, business owners should leave this task in the hands of true professionals. (2) With the right service provider on your side, you can rest assured that the payroll and corporate tax filings will be accurate and reliable and completed on time. They can help you file literally all the payroll and corporate taxes you need to pay.

Tax planning and preparation

It doesn’t really matter whether you are an individual or a business owner, you will need tax planning and preparation strategy that includes tax saving tactics and strategies like insurance strategies, employee benefit plans, financing alternatives and more. All these things can be overwhelming for an ordinary person, but the experts in this field like TaxPM are doing this on a daily basis for dozens of individuals and businesses.

These are some of the reasons why individuals and business needs professional personal and business accounting service.





Texas Corporation Compliance

Corporate compliance is a term that people have started using more frequently in the last few years. This is quite natural because the number of corporations in Texas is growing rapidly. Unlike in the past, companies today are not free to do what they want. The laws and regulations are here to create a balance between rationality and ethics. For instance, companies can’t ask their employees to work for countless hours per week without a break just because there is a high unemployment rate in the area and they can find workers willing to do this. In addition, they can’t pollute the environment just because this will help them cut the expenses.

Industry standards, agency law, state laws and federal laws are the forms of the law and regulation for corporations in Texas. So, those who will form a corporation must take specific steps regularly in order to keep their company in compliance. So, there are some specific requirements that every Texas Corporation must meet.

Annual Report

This is a detailed report that has one objective – to provide information to shareholders as well to other interested parties about the activities and financial transactions and overall performance of the company in the past year.

Franchise Tax Report

The franchise tax represents a privilege tax that every taxable entity in Texas must pay. The annual franchise tax report is due May 15th. In case this day falls on a holiday or weekend, the due date is moved to the next business day. So, the franchise tax report is the report to the state of Texas that includes information about the annualized total revenue and calculation of the tax you are paying as a company.  You can send the franchise tax report in a few different ways – with the help of certified electronic submission software providers, electronic services or simply download and print the necessary forms and mail them. There are a few forms to choose from and that’s why we recommend using professional help in this process.

Texas Business License

According to some sources, there are more than 250 occupational, professional and facility business licenses that people and organizations in Texas can obtain from the state. There is more than one reason why business licenses were introduced in Texas. They are here to make the identification process of companies easier and to add a sense of responsibility and accountability for the owners’ activities. In addition, they make taxation simpler. Finally, they keep the general public’s health and safety protected.

Texas Corporate Records

The principal office of any corporation in Texas is the place where the corporate records must be stored. These records can include different kinds of items, but there are a few of them that must be available to the authorities at any time. These corporate records include records of accounts and books of accounts, a clear list of past and current shareholders with their personal information, minutes of shareholder and director meetings and a stock transfer ledger with information about the initial issuance of shares as well as information about all the transfers.






Tax Debt Relief

There are many reasons why people are unable to pay their taxes – economic setbacks, loss of job, disability, illness etc. In situations like this, many people believe that paying certain taxes and debts is not that important. But, the fact is that people have to pay their taxes because IRS can use forced collections methods to get this money from you.

People need good tax debt solutions in order to prevent or fight the aforementioned IRS collection methods like IRS tax liens, IRS bank levies, interest and penalty abatement, wage garnishments and more. (1) Keep in mind that any taxpayer can get in a situation where they have to face serious tax problems. There is a chance that you have not be contacted by the IRS for a few years, but out of nowhere, you can get a notice of intent to levy mail. From that moment on, you will have to figure out how to avoid the IRS collections methods.

Staying Away From Serious Tax Problems

Preventing things is much smarter than trying to fix them. You should address this issue from the start. In order to achieve this goal, you have to act fast and identify the problems early on.

First of all, you should get in touch with the IRS in case you can’t pay taxes when you file. It turns out that the IRS is willing to assist individuals who can’t pay debts by providing a few tax debt solutions. By doing this you will avoid critical tax problems. Explain why you are unable to pay the taxes and they will help you.

Next, you should file and pay the taxes on time in case you want to avoid IRS collections. In cases like this, you won’t need any tax debt solutions. Remember that if you are able to pay the taxes, you must file and pay that debt.

IRS Collections Actions

If you have tax debt, the IRS can use a few collections actions/methods to get that money from you. For starters, they are using Wage Levy. This method is used frequently and it can seriously affect your everyday life. Namely, this method can take up to 75% of people’s paychecks. (2) So, you should give away between 50% and 75% of your paycheck until the debt is cleared. The worst part is that they usually don’t take your monthly bills into account. This is a serious situation and that’s why it is highly recommended to use professional assistance like the one provided by TaxPM.

Additionally, they can use bank levy and asset seizure.

Tax Debt Relief Solutions

There are a few tax debt relief solutions that you can use. For instance, the installment agreement allows you to pay the debt over a pre-determined period of time. There’s also an Offer in Compromise which allows you to pay a portion of your debt, but the IRS will consider that you have paid the entire debt.

These tax issues can be quite complex and that’s why it’s a smart idea to get professional tax advice from companies like TaxPM.