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
Universal Orlando Foundation Grants $1.3 Million to Local Nonprofits
Since its formation in 1998, the Universal Orlando Foundation has awarded millions in grants to organizations and programs in Central Florida that take a proactive approach to addressing the needs of our community in the areas of education, children and families, and basic needs.For the past three years, the UO Foundation has hosted its Celebration of Giving event to recognize its nonprofit partners and the incredible work they do for the Central Florida community, and as an opportunity for the Foundation
Aspiring Business Owners: Get to Know These Terms
If you're thinking about starting a business, it's important that you have a basic understanding of common business terms. Knowing the ins and outs of business terminology will help you make informed decisions as you launch your venture. In this blog post, the Lake Nona Regional Chamber of Commerce covers some essential business terms that every new entrepreneur should know.Cash Flow Cash flow is the movement of money in and out of your business. It's important to keep tabs on your cash flow so that you
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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,
