Case Study

Company X Procrastination

Read more about this client story.

I am amazed at how new clients when I first set up a meeting with us are so afraid of the work necessary to complete to resolve issues arising from non-compliance with the tax code. Just this week a client calls up for payroll processing. We handle the payroll of course, but the client does not even keep a set of books. I stated to the person you need to enter the books and track them for tax purposes. So, now we are handling the Bookkeeping and payroll service of the client.

While gathering the necessary information to begin, I find out there are 2 companies, not one. The client reaches over and grabs a pamphlet of our services and sees tax relief. The conversation starts with how he is in a tax audit for 2016 -2018 the tax levy is $210,000. I was so surprised the client was here for payroll, but the more pressing thing was the IRS audit. I quickly explained without books the IRS and State can levy whatever they see fit and no argument can be made.

I quickly offered the services to create the books from the start and then we have a leg to begin to address the issue at hand.

I offered proof of areas where the client was under-reporting expenses. Automobiles, Insurance, Repairs, Meals, Cell phones, and so on. The client stated; I can claim that? Once again, I was shocked.

Furthermore, even though the company structure was incorrect, LLC should have been an S Corporation. Because of this 1 point alone, the client was overpaying in taxes by creating a tax burden. All these issues led to the tax levy, including not filing taxes.

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