Educational Tax Tip: How the IRS Calculates Penalties
Do you know how quickly penalties and interest can add up on unpaid taxes? The IRS can charge two separate penalties: one for filing late and another for paying late. The failure-to-file penalty is typically 5% of the unpaid taxes per month (up to 25%), while the failure-to-pay penalty is 0.5% per month (also up to 25%). On top of those, daily interest accrues on the total balance due. These charges can build up fast, turning a manageable debt into a much larger burden. Want help avoiding or resolving
Exclusive Broker’s Open in St. Cloud Showcases Luxury Listing with Pool and Upscale Amenities
FOR IMMEDIATE RELEASEJuly 23, 2025 St. Cloud, FL — Real estate professionals are invited to an exclusive Broker’s Open House on Thursday, July 24th from 5:00 PM to 7:00 PM at 2618 Mead Ave, St. Cloud, FL 34771. This special event offers agents and brokers the opportunity to preview a stunning luxury home listed at $795,000 by real estate agent Michael Becker. This exquisite property features 6 bedrooms, 4.5 bathrooms, and a private pool, making it an ideal listing for clients seeking comfort, space, and
News Release: 7/21/2025
At Orlando Soccer School Lake Nona we are hosting our annual "Family Fun Day" here at our SOFIVE facility! We'd like to formally invite any businesses that may want to set up a stall at our event. We anticipate over 1000 participants at our event throughout the day. If this is something that you may be interested in then you can email callumharley@oclakenona.com. Thank you and we hope to see you August 2nd!
Educational Tax Tip: Understand the Business Tax Levy
Do you know what can happen if a business falls behind on any type of tax payments? When businesses fail to comply with tax obligations like corporate income taxes or payroll taxes, the IRS can issue a business tax levy. This allows the government to seize business assets, freeze accounts, or even suspend operations to recover unpaid taxes. The financial impact can be severe, potentially disrupting daily activities or damaging the long-term health of the business. Staying current with your tax
Educational Tax Tip: How the IRS Applies Your Tax Refund When You Have Debt
Do you know what happens to your tax refund if you owe back taxes or other federal debts? When you’re entitled to a refund, the IRS can automatically apply it to any unpaid federal or state taxes before you receive it. If your refund is not enough to cover your total debt, you may still owe the remaining balance. If you’re expecting a refund but have outstanding tax liabilities, don’t be caught off guard! Want to know if your refund is at risk of being taken? Visit our website and contact us today for
Educational Tax Tip: Can the IRS Take Your Home for Unpaid Taxes?
We know the IRS can seize your assets if you owe back taxes, but can the IRS really take your home? Technically, yes—but it’s uncommon. The IRS can pursue your residence through court approval or foreclosure, but these actions are considered last resorts and involve extensive legal procedures. In most cases, the IRS prefers to file a lien and wait until you refinance or sell the property. However, your home’s equity will still be factored into any payment arrangement or settlement. Concerned about how
Educational Tax Tip: How to Add to an IRS Installment Agreement
Do you know what to do if you already have a payment plan with the IRS but owe more taxes? Since you can’t have two active plans at once, you must amend your existing agreement to include the new balance. The IRS offers different ways to do this, like online, by calling them, or by visiting a local IRS office and submitting Form 9465. If you can’t afford the new monthly payment, you may need to file Form 433-F, which could open the door to other solutions like an Offer in Compromise. Need help updating
Educational Tax Tip: Understanding IRS Notice CP12
Do you know what to do if the IRS sends you a CP12 notice? This notice means the IRS corrected your return, resulting in a different refund amount—usually an increase! The notice will include a summary of changes and a comparison of your original return with the IRS's revised figures. If you agree with the changes, no action is needed, and you’ll receive your updated refund within 4 to 6 weeks. If you disagree, you must respond with documentation within 60 days to preserve your right to appeal. Received
Educational Tax Tip: Which IRS Forms Are Eligible for FTA Penalty Relief?
Did you know that First-Time Penalty Abatement (FTA) isn’t available for every type of tax form? The IRS only allows FTA for failure-to-file, failure-to-pay, or failure-to-deposit penalties on certain returns. Some of the most common forms include Form 1040 (individual), 1120 (corporation), 1120S (S-corp), 1065 (partnership), 941 (payroll), and 940 (unemployment). If your penalty is tied to one of these, and you have a clean compliance record, you may be eligible for relief. Want to know if your return
Educational Tax Tip: Protect Your Business with Proper Tax Documentation.
Do you know which records you should keep for your business in case of an audit? The IRS requires business owners to maintain accurate records that clearly show income, expenses, assets, and employment taxes. This includes receipts, invoices, canceled checks, deposit slips, payroll records, and documentation of purchases and sales. Whether you use paper or electronic systems, your records must support the information on your tax return. Organized documentation not only helps you comply with tax laws—it
Educational Tax Tip: When Innocent Spouse Relief Doesn’t Apply
Have you ever wondered what would make someone ineligible for Innocent Spouse Relief? The IRS would reject your request if you knew—or reasonably should have known—about the tax errors when you signed the return. You're also ineligible if you miss the two-year deadline after receiving a notice or if you've already settled the issue through an offer in compromise, a closing agreement, or a court. Innocent Spouse Relief can be a valuable option, but strict rules apply. Need help determining if you qualify?
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Introducing 'Mommy Wants a Break': A New Community for Mothers to Connect and Recharge!
### “Mommy Wants a Break” Initiative to Launch January 24, 2025: A New Community for Mothers Seeking Support and Self-Care** Orlando, FL – Exciting news for mothers everywhere! "Mommy Wants a Break," an innovative initiative dedicated to providing a supportive community for moms, will officially launch on January 24, 2025. This initiative seeks to empower mothers by offering resources, valuable connections, and a space where they can prioritize their self-care amidst the daily challenges of
