Pierre-Louis & Associates CPA, P.C.

Huge federal tax debt IRS notices got you flailing to stay afloat?
Do you think the IRS might have got it wrong in your case?

You can request an appeal. If your petition is considered by the IRS collections office, they'll kick you to the Office of Appeals.

The Office of Appeals operates independently from the IRS division that assesses tax debt and ignites collection.

Their office aims to resolve tax snarls impartially without litigation.

There's no magic wand to abracadabra your tax problems away.

Not the tax debt. Not the audits. Not the IRS notices.

But there is a way to relieve the pressure.
It just takes the decision to face them... and ask for help.

Did you know the IRS can go after the individual -- not just the business -- for unpaid payroll taxes?

If they think the individual taxpayer was responsible for the taxes not being paid, they'll seek recompense from *personal* accounts, not the business’s. This is not a position you want to be in as a taxpayer, nor do you want your employees to have to deal with as a business owner.

Deal with the unpaid tax issue head-on.

Top 5 Savings Tips for Long Island Families

Top 5 Savings Tips for Long Island Families https://bit.ly/3Y7lNYW

Top 5 Savings Tips for Long Island Families Burgeoning inflation demands new money habits for families everwhere – and we’ve got savings tips to help out.

The New Congress and Your Long Island Business

The New Congress and Your Long Island Business https://bit.ly/3iQKE2Q

The New Congress and Your Long Island Business With a new Congress in play, what should you be paying attention to in your business? I’ve got 7 takeaways.

How Bonuses Are Taxed (and Bonus Tax Rates)

Bonus on your mind? Make sure you're thinking about the tax implications.

How Bonuses Are Taxed (and Bonus Tax Rates) Understanding how bonuses are taxed can be confusing due to the withholding laws. Here we clear up the confusion so you can make the most of any bonus coming your way.

Some of the most common red flags for tax fraud investigations:
1) Keeping two sets of books
2) Making false entries in books and records
3) Claiming personal expenses as business expenses
4) Claiming false deductions or credits against taxes owed
5) Hiding or transferring assets

Those who reach their financial goals usually carry a willingness to live beneath their means for as long as it takes. While their peers are showing a tendency toward embracing the good life at the first sign of prosperity, the would-be wealthy take a pass on all of that.

A drive to save large amounts of money causes frugal spending habits, which then enable the ability to make purchases without using debt.

It's a domino effect.

There are a few different approaches to getting debt reduced, but some come with some setbacks that you should consider ahead of time.

Here are two:

1) Debt Settlement -- Inviting a third party to negotiate outstanding debt in your name.
Setback: You often end up paying more out of pocket than if you had just taken on the debt yourself.

2) Debt Consolidation -- The consolidation method is used by companies that essentially roll all your debt into one lump sum, then charge you at a lower interest rate.
Setback: It (usually) just means you'll be in debt for a longer period of time.

If you have years of unfiled tax returns weighing on you, don’t get paralyzed by the burden.

First of all, the IRS only requires filing for up to 6 years past.

Second, it really is possible to work out a doable plan for repayment.

Long Island Businesses choosing to live out of a place of gratitude

Long Island Businesses choosing to live out of a place of gratitude https://bit.ly/3GZMqc9

Long Island Businesses choosing to live out of a place of gratitude No matter what you may be facing this year (personally or in business), no matter if the news portrays the world as spinning out of control, we can choose to live out of a place of gratitude.

This is the time of year when we re-examine what success looks like.

In rethinking and re-examining, you'll soon discover that sometimes the "most successful" people can be the most impoverished ... and those without many zeroes in their accounts can be flat-out rich.

"Success" is a state-of-mind -- and it's tied to gratitude. Gratitude is the enemy of fear. It's like an opposite magnet for it. Walk in gratitude, and fear just melts away.

If you owe less than $25K in back taxes, you have the option of paying off your debt in 60 months or less via an installment agreement with the IRS. There are other qualifications related to your past tax history so it's not necessarily for everyone.

If you need help figuring out if you're qualified, and if it's in your best interests, we're on standby.

Giving Tuesday 2022 Is Today: What It Means and How You Can Help

Ever thought about giving more than just money for Giving Tuesday?

Which of these giving ideas resonates the most with you?

Giving Tuesday 2022 Is Today: What It Means and How You Can Help There are many ways you can give back to your community this year that go beyond giving cash.

Business owners, it's the little things that count with your employees this time of year.

Here's a way you can help them with their 2022 tax returns.

Invite them to take a quick look at their tax withholding *before year-end* and make last-minute adjustments up or down based on any income and other life changes that may have occurred this year.

This is one positive step they can take toward affecting their 2022 tax burden.

"I would maintain that thanks are the highest form of thought, and that gratitude is happiness doubled by wonder.” G.K. Chesterton

We hope your day is filled to overflowing with those people and memories you are most thankful for.

Do you ever hesitate to do that one thing on your to-do list that just seems too hard?

If an old tax return is "that one thing" for you - you haven't filed, but are hesitant to do so because you can't pay what you'll owe - DON'T FREEZE.

It is best to file, even if you can't pay right away.

Q: When will the IRS start levying your wages to pay off your tax debt?

A: It's one of the most common problems that drives clients to our office. An IRS wage levy is a situation that can be solved. The IRS mostly just wants effective communication and an agreed-upon plan for compliance. Levies are issued (generally) when they haven't heard anything from you about payment.

Time to fix that problem.

Have you, for whatever reason, found yourself with a pile of tax debt and keep putting off taking care of it?

If you don’t pay your taxes or arrange to settle your debt, the IRS or a state taxing authority can in extreme cases seize and sell any type of your real or personal property.

They can also garner wages and freeze bank accounts.

But, as a taxpayer, you’re entitled to advance warning and a fair hearing before the IRS can slap you with any penalties or extreme measures.

Of course, waiting for notice, won't make the problem go away.

There are people who HAVE plans, and there are people who MAKE plans.

Which are you?

Can Long Island Businesses Still Get the Employee Retention Credit?

Can Long Island Businesses Still Get the Employee Retention Credit? https://bit.ly/3DGs19S

Can Long Island Businesses Still Get the Employee Retention Credit? The Employee Retention Credit is gone now, but it might be worth the trouble to retroactively file for it.

You must save all the financial documentation used to create your tax returns, in order to defend yourself in the case of an audit.

The IRS is one of the few courts where failure to produce proof of your claims results in the assumption that you are guilty of tax fraud.

This is part of the reason why you ALWAYS want a professional on your side in these matters. Would you go to court without an advocate? Would you go before a court with a software-generated defense?

"Your honor, here is my lawyer, Siri."

Scammers are 'on the move' now that the student loan forgiveness application is live, warns FTC. Watch out for 5 red flags

Watch out for the student loan forgiveness application scammers...

Scammers are 'on the move' now that the student loan forgiveness application is live, warns FTC. Watch out for 5 red flags Scammers are trying to steal student loan borrowers' money and personal information.

Here we are in the fall, and the pace of life has clearly accelerated for most families. And because it's so intense, it's easy to put off difficult things to face. Like tax debt.

The deadline isn't breathing down your neck (we're almost exactly as FAR away from the April 15th deadline as you could possibly be), and so many other parts of life can crowd onto your mental plate.

But that might mean that this is the PERFECT time to rid yourself of the weight around your shoulders.

Always keep an eye out for tax scammers who use texting, phone calls, and emails to do their dirty work. These messages often contain bogus links claiming to be an IRS website link or other online tax tools. And they're aimed at one thing: Getting your personal information in order to steal from you.

If it looks bogus, sounds bogus, or smells bogus... it usually is -- Don't respond to it.

Any requests for information or notices of payments owed will be done via mail, and they'll be minus threatening "or else" language.

Long Island Taxpayers’ Right to a CDP Hearing

Long Island Taxpayers' Right to a CDP Hearing https://bit.ly/3gybNGY

Long Island Taxpayers’ Right to a CDP Hearing The IRS can’t just seize your property without notice. By law, you have the right to a CDP hearing.

How Long Island Owners Can Have a Productive Business Meeting

How Long Island Owners Can Have a Productive Business Meeting https://bit.ly/3DhVtCX

How Long Island Owners Can Have a Productive Business Meeting A productive business meeting? Is it possible? Yes, if you follow some of these tips.

IRS problems will not go away by themselves. (The IRS never forgets.) You only have three choices to end your IRS nightmare:

- Pay the IRS 100% of what THEY think you owe today.

- Set up a monthly payment that almost never goes away because of the additional penalties and interest that continue to add up.

- Reduce the total amount you owe to an affordable number (with our help) and get on with the rest of your life.

Have a reasonable excuse for why you didn’t file a tax return or pay your taxes on time?

The IRS will consider waiving your penalties due to "reasonable cause." But they have specific rules for how they evaluate those kinds of requests and decisions are made on a case-by-case basis.

The IRS is looking for proof that you've made reasonable efforts to comply with the tax laws but just weren’t able to because of circumstances beyond your control.

Use the following questions to determine that:
- Were you or a family member seriously ill?
- Was there a natural disaster that affected your local area?
- Did you experience identity theft?
- Were there drug, alcohol, gambling, or other addiction issues?

If your answer was yes to any of these, you have grounds on which to request leniency.

Student loan forgiveness application officially launches, putting relief in sight for 40 million Americans

The how-to for applying for the new student loan forgiveness...

Student loan forgiveness application officially launches, putting relief in sight for 40 million Americans Tens of millions of Americans can now apply for student loan cancellation.

There’s no avoiding meetings completely in business – but with a little work you can make them a little more necessary and a little less evil.

Start by considering the following questions:
- Could this meeting be done by phone call or fact sheet?
- Is this going to help move work forward?
- How many people should be at this meeting?
- Is this the best day/time to have a meeting?
- Do you have an agenda prepared in advance and are you sticking to it?
- Are the right questions being asked and answered?
- Do people leave feeling like the meeting was worthwhile?

What would your financial situation -- both personal and business -- look like in a year if you applied this principle to all of your financial decisions?

There’s nothing like the weightless feeling you have after paying off debt.

There’s a reason people scream and shout about being debt free. It feels REALLY good.

That’s one reason my team and I love doing what we do. There’s a satisfaction to seeing our clients get free from their tax debt shackles. Huge congrats to those who have made strides on this front in recent years. It's a really big deal.

Want to get a good night’s sleep? First of all, stop trying

We all want to get a good night's sleep, but there's a lot of debate out there about how that actually happens.

This sleep study has our interest piqued.

Want to get a good night’s sleep? First of all, stop trying Seven expert and unexpected tips for people who have already tried everything. By Camilla Stoddart

A lot of people with unpaid taxes have flown under the IRS's radar the past few years due to the effects of the pandemic on an already burdened government agency. But with new technology and increased manpower, the IRS is already planning to increase collection efforts and audits are over the next five years.

What does that mean for you?

NOW is the time to get things in order. Don't wait until the IRS finds you.

We can help you get things on track, set up payment plans, and get in good standing.

Dallas Fed says inflation surge badly eroding many American's wage gains

Many, many Americans are facing this predicament.

If you are, you're not alone.

Dallas Fed says inflation surge badly eroding many American's wage gains Americans' wages are losing ground to inflation at a steep rate, a report on Tuesday from the Federal Reserve Bank of Dallas said, a finding that offers some support for the central bank's super-charged campaign to lower price pressures.

You can take hundreds (even thousands) off of your overdue tax bill with the right negotiation strategy.

And we have negotiation know-how with the IRS and are ready to employ it on your behalf right now.

Frantz Pierre-Louis’s Guide on Next Steps to Tax Debt Freedom

Frantz Pierre-Louis's Guide on Next Steps to Tax Debt Freedom https://bit.ly/3rNW7RW

Frantz Pierre-Louis’s Guide on Next Steps to Tax Debt Freedom If you’re seeing the light at the end of the tax debt tunnel, here are some things to expect and be aware of.

If you own a home but have unsettled tax debt, you may be more likely to catch the IRS's attention as your mortgage lender will be submitting records on their customers, and owning a home implies that you probably have money with which you could repay what's past due.