Educational Tax Tip: What the IRS Requires for CNC Status
Have you ever wondered what the IRS needs when applying for CNC status? To qualify for Currently Not Collectible (CNC) status, you’ll need to prove your financial situation. This may include filing overdue tax returns, completing forms like 433-A, 433-F, or 433-B, and submitting supporting documents such as bank statements, proof of income, monthly expenses, or asset records. These details help the IRS verify your eligibility and assess your financial hardship. Proving your case is essential to ensure
Educational Tax Tip: Your Right to Challenge the IRS
Have you ever wondered if you could dispute the IRS’s stance on your tax matters? The answer is yes! As outlined in the Taxpayer Bill of Rights, every taxpayer has the right to challenge the IRS's position and be heard. This means you can dispute an IRS decision, present supporting documentation, and receive a clear response before any final action is taken. This right applies to audits, penalties, and collection actions, ensuring a fair process for all taxpayers. If you believe an IRS decision is
.jpg)
Maintaining a Healthy Cash Flow as a Small Business Owner in Orlando, Florida
As a small business owner in Orlando, Florida, it's important to keep a close eye on your cash flow. After all, cash is the lifeblood of any business. In this article, we'll give you some tips on how to maintain a healthy cash flow so you can keep your business running smoothly.Lease Necessary Equipment One of the best ways to save money as a small business owner is to lease equipment and supplies rather than buying them outright. This way, you can free up some cash that can be used for other purposes,
