tax return

Everything today is moving online, and the way you file your taxes is no exception. More and more returns are being filed electronically today. As a Reno CPA I have to let you know that if you file electronically, it is going to save you time and is going to be a lot faster in many different ways. When it comes to tax preparation, you need to know your options.

Usually if you were to send in your paper tax return, it would take three to four months for you to get any acknowledgement from the IRS. With electronic filing, you usually get acknowledgment within 48 hours. This is great, because you don’t have to spend months worrying about whether your return was filled out correctly.

Along with electronic filing comes an option for direct deposit. This is the really cool part about how technology has played into taxes. You go through the work of filling out your return and then you have to play the waiting game. Well not any more, yes you will still have to wait, but with direct deposit, your money will be deposit sooner and there is less chance of your check getting lost in the mail. Some people worry about the safety of providing the IRS with your bank account information, but as a Reno CPA I want to let you know it is just as safe as your check going through the mail.

You also have to consider the time you will save by not having to go to the post office to send in your return. The trip to the post office alone can take a lot of time out of your life.

Lastly, an interesting fact is that the IRS is pushing for electronic filing. Next year a CPA who files 100 tax returns will be required to file most of the returns electronically. If you are still wary about technology and electronically filing, I understand. You need to contact Reno’s Best CPA for more information and to get help with your tax return.

Until Next Time,
Tim Nelson

Reno’s Best CPA

Whether it’s back taxes, money owed following an audit, or taxes due from the current year, owing money to the IRS can have devastating repercussions if left unpaid. The IRS has the right to place levies and liens against your property to insure tax repayment. This could lead to seizure of your home, automobile, or bank account with serious effects on your credit. When the IRS wants money, there are several options available. There are many ways a Reno CPA can help.

Notice of Tax Due

When an individual doesn’t pay the total tax amount due to the IRS by the annual filing date, they will receive a “Notice of Tax Due” letter. Within a few months, the debt will be in collections status and penalty fees will continue to add up. It is important to act quickly when you owe taxes to the IRS. A person who doesn’t agree with the amount stated has the right to ask for an assessment by an IRS manager. Copies of bank statements, receipts, and other finance related records will be needed for the hearing. Many taxpayers choose to hire a CPA to represent them at this point.

Finding a Qualified CPA

Retaining the services of a Certified Public Accountant can be very beneficial when you owe tax money to the IRS. Not all CPAs are qualified to represent taxpayers during the IRS collection process so it’s important to choose the right one. Beware of tax debt relief scams that may end up costing you even more money in the long run. Look for a CPA that specializes in working with the IRS on the taxpayer’s behalf. Read client reviews and look into their previous case history if possible before deciding to hire a professional. The right Reno CPA can offer sound advice and get the best IRS payment deal possible.

What to Expect from a Reno CPA

The first thing a CPA will do is discuss the available options. An “offer in compromise” is usually the best strategy. This allows the taxpayer to make a settlement with the IRS and pay less than the total tax amount. The CPA will help you decide on the best plan of action and will make sure it is executed correctly. He or she may file necessary paperwork with the IRS and will represent you in meetings with IRS agents. The CPA will also assist with appeals, hearings, or audits that may be required to help lower the tax amount you must pay.

The IRS can be brutal when it comes to collecting taxes that are owed. Doing nothing when you owe money to the IRS can lead to wage garnishments, frozen bank accounts, and the loss of your home. There are several options available to pay back the tax money owed to the IRS. A qualified Reno CPA can help you make the best decision and can even reduce the amount you owe. Hiring a Reno CPA also brings peace of mind. It’s easier to be confident when there’s a knowledgeable, experienced professional working for you.

Tax Preparation In Reno And Electronic Filing

IRS Wants Money, a Reno CPA Can Help