Missed Tax Returns? File Today

Missed Tax Returns Framingham MA

It is not difficult to fall behind on filing your taxes. This may happen due to several reasons, such as; 

  • Inability to afford any tax services.
  • You could forget about the filing tax deadline.
  • You may also have suffered a severe disease that left you incapacitated and hence unable to file your tax return. 

Most people are tempted to stop filing their tax returns and ignore any severe actions. However, this gets completely serious when the IRS starts sending you reminders of your unfilled tax or debt you have not paid. The IRS has a powerful ability to take stern action against you for failure to file. Therefore, it is essential to know the possible repercussions for failure to pay. 

Failure to pay is a crime

When you fail to file your tax returns, there are chances that you will get into serious trouble. The IRS considers this a crime and assumes you are intentionally evading the liability. They usually assess the debt on your behalf. The resulting consequences may mean a jail term for not filing your tax returns or fines or hefty fines amounting to up to $250,000. 

missed tax returns

The IRS can file a substitute return for you

This, however, is not a courtesy return for those who fail to submit their gains. Therefore, it does not include any deductions or exemptions. The IRS files a Substitute return, in place of the missed returns, when they notice the failure to do so. Filled SFRs may reflect a tax liability owed by the taxpayer. After that, the IRS sends out a detailed collection notice showing that an SFR was filed. They will seek to know if there exists a tax balance that is associated with the SFR.

No timeline for IRS action

The IRS has no time limit within which they can enforce their collection action When they asses the balance that is due for collection from you. When IRS analyzes and finds a balance against your account, they can take your wages; charge the bank accounts, where the need arises, they place notices on your physical assets. Do not let time pass by, regardless of time-lapse IRS never loses track of the debt. It gives them more right to ask for the accumulated amount.

Benefits of filing your missing tax return

When the IRS takes collection procedures against you it is not easy; therefore, you should submit your tax return. Although you are not bound by a time limit to file returns for any past tax years, the IRS limits receiving refunds for previous tax returns. The IRS allows you collection on a tax refund for up to three years from your returns the due date.

Filing the tax returns is not one of the exciting things to do. Some people even dread the activity every year. Regardless of your feelings about filing your returns, always remember it is a requirement. You also need to remain compliant and out of the collections list with the IRS. When you have unfiled tax years, consider it beneficial to speak to a tax attorney or any tax resolution organization. These enable you to resolve all outstanding debts, that you may have for all the unfiled years or all the tax debt assessed on you after the IRS filed an SFR. 

Learn More

Contact Ash CPA to learn more about filing missed tax returns. Call (617) 462-6651 or book an appointment online.

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Tax Issues: Avoid Tax Liens Today

Tax Issues Framingham MA

A tax lien is a hold that the IRS places on your assets to ensure that you pay your debt. This, however, should not be confused with a tax levy. The sole purpose, the IRS places a tax lien is to attempt to ensure that it receives the payment due for the unpaid taxes you owe.

There exist five ways by which taxpayers can likely avoid IRS placing a tax lien on them.  

Pay the Taxes You Owe in Full

Stop an IRS lien on its tracks by paying the taxes you owe in full. If you can afford to do this, the tax lien will not apply. When you want to make the payment IRS makes it possible for you to pay directly from your bank account, using your credit card, or through a third-party processing service. You can also use the Electronic Federal Tax Payment System (EFTPS) to make a safe electronic payment. You may also choose to go on a low-tech route and mail a check, money order, or personally deliver your amount to the local IRS office.

Enter into a Guaranteed Installment Agreement

If you owe less than $10,000, and cannot pay the entire tax debt in full, you can still avoid a tax lien, by making a plan for the Guaranteed Installment Plan. In this plan, you can set to remit your entire balance to IRS through monthly installment payments. The size of the monthly payout and the length of repayment will vary according to the size of your debt.

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Streamlined Installment Plan

This method is applicable if you owe a sum ranging from $10,000 to $25,000 in unpaid debt of taxes. You can still avoid a tax lien from the IRS, by entering into a Streamlined Instalment agreement plan. The plan works in the same way as a Guaranteed Instalment Plan. The result is the same, and you eventually pay the entire debt that you owed in federal income taxes.

Reduce Your Balance

This method applies when you owe more than $25,000 in back taxes to the IRS. You, therefore, must reduce your debt balance to less than $25,000 to keep away from a federal tax lien. The payment has to be before the lien gets imposed on you. There is a relief when your unpaid tax balance goes below $25,000, and you are safe to enter into a Streamlined Instalment Agreement.

File for an Offer in Compromise

There are times you can only afford to pay back only a portion of the federal taxes you owe. You could still avoid a tax lien by going to file an Offer in Compromise. When accepted, the Compromise enables you to resolve your tax responsibility with the IRS for an amount less than the sum of federal taxes due. However, the IRS is strict about tolerating Offers in Compromise. The procedure to review Offer in Compromise applications is lengthy. There is also no assurance the IRS will not inflict a tax lien while you are waiting for the decision on your Offer in Compromise plea.

Resolve Your Tax Issues

Ash CPA offers assistance with tax issues for individuals and entities. Learn more by scheduling a consultation. Call (617) 462-6651 or book an appointment online.

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How to Handle a Tax Audit

Tax Audit Framingham MA

Individuals and private business entities are required by law to complete their tax returns. Some people and business owners are not aware of their tax obligations, resulting in tax issues and audits. Therefore, it is important to know how to handle a tax audit and why a tax audit representative is essential. Learn more below and contact us today.

What is a tax audit representation?

Tax audit representation, also known as audit defense, refers to any service where tax or legal professionals defend the taxpayer for state or IRS tax audits. The law allows the taxpayer to have legal representation during an income tax verification. The legal representative should be registered and licensed by the IRS to practice within the specified region or state. The representatives are usually CPAs, attorneys, and enrolled agents. The audit representative serves on the interests of the taxpayer during the process. They ensure that all the required paperwork is updated and available, attends meetings, and serves as a link between the taxpayer and the tax authorities.

tax audit framingham ma

What is the tax audit process?

Audits occur at random or when suspicious items appear in tax returns, such as unusual deductions or stated income amounts. The state or IRS will notify the individual or entity via letter. The letter usually states that an audit will be conducted on a specific date. Usually, the letter will also require that certain documents be made available for the audit.  Depending on the audit, the taxpayer may need to simply submit the documents or formally meet with the auditor. Both of these instances should include a tax audit representative to assure the audit is properly handled.

It is prudent to reply to the letter from the tax authorities promptly. Ignoring the letter is not advisable. If you need extra time, you can ask to extend the date. When called upon to present yourself to the tax authorities, assess whether you need legal representation. Sometimes all is needed is clarity on the information provided in the tax forms. When not sure about what they require from you, it is essential to seek professional advice and guidance for a tax audit representative.

On the completion of the audit, the agent will assess the documents you provided. Next, the results of the case will be discussed. In other words, you may or may not be charged a penalty. If so, you can appeal. Having a competent, qualified, and experienced attorney, agent, or CPAs representative will help during this process. 

Learn More

Learn more about proper tax audit representation with Ash Wasilidas, CPA. He has over 20 years of experience assisting individual and business tax audits. Schedule a complimentary consultation today. Call  (617) 462-6651 or book an appointment online. New clients are always welcome!

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How to Benefit from a Local Business Consultant

Local Business Consultant

Local Business Consultant | They say if you want something, act like it’s already yours. At least that’s what I’ve heard, and attempt to do every day. How can this apply to you? Well, if you are a business owner and want to grow, mirror larger companies. There is a reason why large corporations are successful. Of course, not every business tactic is advisable. But much like professional influencers, small businesses should be motivated to operate similarly to successful, well-known companies. With that said, have you considered a local business consultant? Most, if not all, large corporations use them to their advantage, and so should you. Read below to learn how to benefit from one today.

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Objective Reasoning

Many businesses have partners, management teams, and the like. Have you ever tried making an executive decision? It probably caused a stir of different opinions and objections. For this reason, a local business consultant is ideal. He or she is essentially a third-party whose primary focus is your success. Therefore, they will guide your decision-making with your best interest in mind. Also, a local business consultant is a great problem solver. They even search for potential and current issues that you may not have been aware of.

Project Assistance

Innovative projects or campaign ideas benefit from a business consultant. You may have unique ideas or business moves that require specialized attention. Business consultants are experts and great at identifying issues. In fact, it’s best to speak with one regarding your idea before investing in it. You will save time and money. For example, your idea may have opportunities to reduce expenses, which saves you money. Or, perhaps you realize that more team members are needed to successfully operate a campaign. In any case, investment ideas need a business consultant.

Learn How a Local Business Consultant Benefits Your Business

If you do not have a business consultant, speak to Ash CPA today. We offer a variety of accounting solutions including business consulting. In addition, our team has over 20 years of experience assisting entrepreneurs and their unique business goals. Call (617) 462-6651 or request an appointment online. You may also visit us at 945 Concord Street, Suite 100 Framingham, MA 01701.

business consultant framingham ma

3 Reasons to Hire a Business Consultant

Business Consultant

Business Consultant | Businesses will vary, even those within the same industry. Obviously, success is the main objective. How you determine and obtain success is what sets you apart from the competition. That’s why you need to hire a business consultant. Here are 3 reasons why. Read more below and contact us today.

Expertise

Business consultants are experts and motivated to make you successful. They have market insight and knowledge on current trends that will increase your revenue. Trust them. Also, those with several years of experience have worked with a variety of businesses with unique challenges and dynamics. There’s no denying that an expert will help you overcome any current or potential business obstacle.

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Solutions Driven

There are always opportunities for improvement within a business. Whether it be with operations or sales, you need a motivated professional that seeks effective solutions. In addition, your business consultant searches for areas in need of improvement. Oftentimes, owners overlook issues until an objective personnel explains the reason for concern. No business is stagnantly perfect. There is a continuous need for solutions, especially with today’s competitive and ever-changing market.

Innovative Thinker

Objective minds are needed for every business. It is easy to have tunnel vision as a business owner. Creating ideas or new business strategies may seem challenging when you are accustomed to functioning in a certain way. That’s when a business consultant is needed. They are innovative thinkers with your success in mind. Likewise, consultants use their previous experience and current business knowledge to help you reach your short and long term goals.

Contact Us for Business Consultant Information

Every entrepreneur benefits from a business consultant. Learn how your business will grow with one today! In fact, Ash CPA has over 20 years of business consulting experience for various businesses and industries. Schedule a complimentary consultation with Ash Wasilidas, CPA. Call (617) 462-6651 or request an appointment online. Moreover, you may also visit us at 945 Concord Street, Suite 100 Framingham, MA 01701

Business Bookkeeping: 2 Easy Ways to Maintain Cash Flow

Business Bookkeeping: Cash Flow Tips

Business Bookkeeping | There are many factors in growing a business, and maintaining cash flow is one of them. Cash flow is defined as the money a business receives and pays. Maintaining that flow is important to avoid issues such as bounced checks and unpaid employees. Cash flow is also one of the many challenges for new business owners. As a result, we’ve simplified two easy ways to help owners avoid cash flow interruption. Learn more below, and contact us today.

business bookkeeping

Expenses

Expenses are expected, so knowing what they are is very important. For example, say your total expenses including employee pay is $25,000 a month. Avoid breaking even by assuring your accounts receivables are maintained. Send invoices early and enforce a penalty for late payments. Likewise, using a business bookkeeping service will help you organize your financial records.

Customer Loyalty

In addition, create value behind your product or service to increase customer loyalty. Added value can be a guarantee or free maintenance service. Of course, these additional features should not affect your profits. Therefore, speaking with an accountant is a great way to determine what added value is best. In general, added value generates more sales, and will outshine your competitors.

Also, promote a referral program. This encourages existing customers to promote your business. Did you know that people are more likely to purchase a product or service based on a personal recommendation?  It’s true. In fact, encouraging customers to post online reviews is also a great way to create customer loyalty. People naturally advocate. Give them the online platform and use their testimonials to further promote your brand.

Learn More

Business Bookkeeping | In all, cash flow should never be low. Maintain your accounts receivable and increase sales to assure you maintain your cash flow. Learn more about cash flow with a complimentary consultation at Ash CPA. We have over 20 years of experience assisting businesses of various industries and sizes. Our firm offers business bookkeeping, accounting, business consulting, tax planning, and more. Call (617) 462-6651 or request an appointment online. You may also visit us at 945 Concord Street, Suite 100 Framingham, MA 01701. We proudly accept new clients and serve Framingham, Natick, Wayland, Weston, Sudbury, Marlborough, Southborough, Hopkinton, Ashland, Holliston , Westborough, Northborough, Sherborn, Midfield, Wellesley, and more.

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Accounting Firm: 3 Business Insight Services

Accounting Firm

Accounting firms offer different services. Therefore, we suggest researching for one that provides services geared to growing your business. In other words, one that provides insight to your unique business and industry. These additional services truly help businesses grow by customizing each plan for success. Do more for your business today! Learn about these insight services below and contact us for more information.

accounting firm framingham ma

Financial Planning

Everyone wants to be successful. However, everyone requires a different plan to achieve it. We recommend hiring an experienced accountant to assist you with financial planning. This insight will assist you in properly managing your revenue and profit. Along with financial planning, your accountant will advise you on tax saving techniques. Overall, your financial planning will protect your assets and wealth.

Payroll Processing

You have a team that operates your business and paying them accurately and timely is important. Don’t skip a beat. Instead, use an accountant to manage payroll. They will properly apply taxes, track hours, and process your payroll. In addition, accurate tax forms will be completed and sent to each employee.

Consulting

A great accountant is knowledgeable and experienced in your industry. Therefore, search for one that offers consulting to properly guide your business decisions. For example, every business owner plans to grow or at least minimize expenses. Have an accountant guide your decision-making. They will apply their knowledge and experience to make you successful. Whether you have short and/or long term goals, a great accountant will advise you in the right direction.

Improve Your Business Today

Accounting Firm | Ash CPA offers customized services to successfully grow your business. Our 20 years of experience allows us to assist any business within any industry. Schedule a complimentary consultation today. Call (617) 462-6651 or request an appointment online. Moreover, our office is located at 945 Concord Street, Suite 100 Framingham, MA 01701.

 

hire accountant framingham ma

Business Startup: Hire an Accountant

Hire Accountant

Hire Accountant | We applaud those that take on business startups. The risks and excitement are the perfect blend of adrenaline that pushes entrepreneurs forward. With that said, we strongly advise to add an experienced accountant to your team. It’s a necessary investment that guides you toward success. Learn more about hiring an accountant for your business startup below.

hire accountant framingham ma

Why Hire an Accountant?

Financial consulting is needed for all businesses. Let’s be honest. You may have limited startup funds. Therefore, professional guidance is needed to best achieve your short and long term goals. Include an accountant within your budget. Shortly, you will begin to see the value of this investment.

How Will an Accountant Guide Me?

Accountants offer a number of services. Based on your initial consultation, they will recommend a customized plan that benefit your business goals. Common services include:

Business Incorporation

Many entrepreneurs think that a limited liability corporation is how their business should be incorporated. However, there are a number of other incorporation structures that should be considered to best protect your assets and minimize tax obligations. In other words, have an accountant recommend the best one for your unique business.

Financial Planning

Organize your finances to protect you and your loved ones. In addition, professional financial planning will protect your hard earned money from potential risks.

Tax Planning

Accountants will forecast  your revenue and tax obligations. Therefore, they will advise you on how to move your money to benefit your business while legally reducing your tax obligation. Also, your accountant will prepare and file your taxes error free.

Bookkeeping

Bookkeeping is essential to accurately record your business finances. In fact, this task involves discipline and an eye for detail. Trust us. You will prefer to have a professional handle your bookkeeping. Avoid discrepancies and cash flow interruption by hiring an accountant.

Contact Us.

Ash CPA has over 20 years of experience guiding entrepreneurs with their business startups. Learn how to grow your business with a complimentary consultation. Call (617) 462-6651 or request an appointment online. Moreover, our office is located at 945 Concord Street, Suite 100 Framingham, MA 01701. New clients are welcome.

tax planning framingham ma

What is Tax Planning?

Tax Planning | Tax obligations are not entirely avoidable. However, professional tax planning legally reduces your tax obligation. Accountants are professional tax planners. If you do not already have one, hire an accountant today! Accountants are essential for every type of business. They are knowledgeable about current tax laws and recommend strategies in order to save you money. Learn more below and contact us today.

tax planning framingham ma

What is tax planning?

In short, tax planning is a strategy that uses current tax laws to implement strategies that reduce a person’s and/or business’s tax obligations. Your accountant will advise you on tax-law provisions that maximizes deductions and credits. Effective tax planning strategies allow you to excel financially yet legally reducing your tax bill each year.

Each business will have their unique tax plan. For example, some may benefit with simple business related mileage deductions. If so, we recommend tracking these expenses by using phone applications such as TripLog Mileage Tracker and Hurdlr. Other businesses may benefit from increasing marketing expenses. This is a great technique because you are investing your money back into your business as opposed to paying a bill. In addition, travel, insurance, and office supplies are other deductions businesses can use to reduce their tax liability. Overall, tax planning is a combination of strategies that will vary for each client.

Contact us.

Learn more about current tax deductions and credits with professional tax planning. Ash CPA has over 20 years of experience. In addition, our team offers an array of accounting solutions to best serve each business. Whether you have a small or large business, an effective tax plan is vital for your financial health. Contact us today. We proudly serve Framingham, Wayland, Natick, Southborough, Marlborough, Ashland, and Sudbury. Call (617) 462-6651 or request an appointment online. You may also visit us at 945 Concord Street, Suite 100 Framingham, MA 01701.

hire bookkeeper framingham ma

When to Hire a Bookkeeper

Hire Bookkeeper

Hire Bookkeeper | Starting a new business is expensive. Most entrepreneurs attempt to tackle as many tasks to save money. However, if you can afford extra help, hire more staff members. There’s a lot on your plate and owning a business should be more rewarding than stressful. In fact, your new team members should be a bookkeeping firm. Maintaining financial records is difficult for any business owner. It involves great attention to detail and time. Are you attempting to maintain your books? It could be time to hire a professional. Read more below. If any of the following relates, contact us today.

hire bookkeeper framingham ma

Not Enough Time.

Sometimes being a business owner requires working more than 40 hours a week. You have a lot of responsibilities and simply want the business to grow. To be honest, bookkeeping requires a lot of time and patience. Therefore, leaving it to a professional is worth the investment. Growth can be costly at first. However, you will benefit from a professional bookkeeper in the long run.

Is It Correct?

Bookkeeping requires accuracy and timely generated reports. One mistake could cost the business time and money. Thus, it needs to be done correctly and routinely. If you are spending too much time finding discrepancies, contact a professional. You need accurate monthly reports to maintain cash flow. Also, your reports are needed for your accountant. Simply stated, save time and stress by hiring a professional.

Contact Us.

Hire Bookkeeper | Ash Wasilidas, CPA offers bookkeeping for businesses of all sizes. Learn about our customized bookkeeping services with a complimentary consultation. Ash Wasilidas, CPA has over 20 years of experience and is A+ BBB rated. Call (617) 462-6651 or request an appointment online. You may also visit us at 945 Concord Street, Suite 100 Framingham, MA 01701. Our team proudly serves Framingham, Wayland, Natick, Southborough, Marlborough, Ashland, and Sudbury.