Blog – Page 3 – Ferretti CPA, Vero Beach

How to Recognize an IRS Tax Scam – and What to Do if the Tax Due Notice is Real

July 15, 2019 by Richard A. Ferretti Jr. CPA PA

Hearing from the IRS is bad enough, but being contacted by a scammer posing as the IRS is even worse, or at least just annoying and frightening. IRS scams are everywhere these days, and they take many different forms. Even sophisticated taxpayers have been fooled by these fakers, sometimes losing thousands of dollars in the process.

If you do not want to be the next victim, you need to educate yourself about how these scams originate, what forms they take and how the perpetrators prey on an inherent fear of the IRS.

Here are some warning signs to look out for when someone claiming to be from the IRS comes calling.

Do You Owe Money to the IRS? Possible Tax Resolution Strategies to Set Your Mind at Ease

July 10, 2019July 1, 2019 by Richard A. Ferretti Jr. CPA PA

Even for honest taxpayers, the IRS can be extremely frightening. Unlike most other government agencies, the IRS has the power to attach your wages, freeze your bank account and even confiscate your property, and that is enough to send a chill up the spine of any taxpayer.

If you receive a letter from the IRS saying that you owe additional taxes, it is important not to panic. It may be a frightening situation, but there are things you can do to settle your tax debt and get back on the good side of the IRS.

Taxpayers do have options when resolving tax disputes and paying additional taxes due, and simply knowing what those options are can set your mind at ease.

As an expert Tax Resolution Firm, we encourage all readers facing a tax problem to contact us for a free consultation.

Regardless, it’s important to an educated taxpayer so here are three strategies you can use to resolve your tax debt and get on with the rest of your life. Not all of these options will be right for everyone, but it is important to be an informed taxpayer. The IRS may be frightening, but they can be surprisingly reasonable – if you know what to say and how to approach the situation.

Is it Bad to Settle With the IRS?

July 10, 2019June 15, 2019 by Richard A. Ferretti Jr. CPA PA

You may have heard on the radio, TV, and online, that you can settle your tax bill for less than what you owe. But are these claims actually true? And can you really settle your tax debt without hurting yourself in the long run?

Some of these national tax resolution firms you hear advertising offer very little service, just look at their Google and Yelp Reviews. So it’s important to know who to trust and get educated on what your options are to resolve your tax problem.

As a local expert Tax Resolution Firm ourselves serving Vero Beach, Florida we encourage all readers facing a tax problem to contact us for a free consultation.

What to Look for When Hiring a Tax Resolution Professional

July 10, 2019June 1, 2019 by Richard A. Ferretti Jr. CPA PA

If you are under audit from the IRS or in receipt of a notice of additional tax due, the steps you take next could make all the difference. There is a strong temptation to ignore these communications, but doing nothing will not make the IRS go away. Indeed, the longer you wait, the more dire the situation will become.

Every day you wait is one more day the IRS will tack on fees, penalties, and additional interest. Before you make the situation worse, it is time to face the problem head-on, even if that means hiring a tax resolution professional.

With Employees Comes Payroll!

June 28, 2019April 25, 2018 by Richard A. Ferretti Jr. CPA PA

employees at table learning about payroll

Deciding to hire employees and having a payroll is a big decision for small businesses. This can add new complexities to a business’s accounting system because the business will not only have to pay the employees, but the business has to pay federal employer taxes and state unemployment taxes. Due to this additional complexity, it helps to go through an accounting firm that offers payroll services.

Payroll includes the following elements. There are wages, which is the gross amount (amount before any withholding for income taxes or payroll taxes). Federal income tax withholdings are another component of payroll where the employer takes part of the employees pay and sets it aside for the income tax bill. There are also employment taxes, usually, this is referred to as FICA taxes. FICA taxes are made up of Social Security taxes and Medicare taxes. Employees and employers pay 6.2% and 1.45% for these amounts.