Bandura CPA, LLC

Bandura CPA, LLC

Certified Public Accountant


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The Secret Life of Passwords

Here's a very interesting article from the NYT regarding passwords.  MORE

The Secret Life of Passwords

Here's a very interesting article from the NYT regarding passwords.  MORE

How long should records be kept?

Records must be kept at least until the statute of limitations for a tax return has expired. See Statute of Limitations, page 15-3. Here are some general guidelines. MORE

Are you an Innocent Spouse?

Did you know that you could get out of the tax debt due to the misdeeds or fraud committed by your spouse? Innocent Spouse Relief exists to alleviate unjust situations where one spouse is clearly not responsible for the tax liability created by their spouse or former spouse. MORE

What to do about Levies & Garnishments?

Levies do serious damage to a taxpayer. A levy is the IRS’s way of getting your money and your immediate attention. What they are saying is, “We have tried to communicate with you, but you have ignored us. If you own it, we can take it.” That includes bank accounts, autos, stocks, bonds, boats, pension checks, paychecks, and even Social Security checks! MORE

What to do about a Lien?

The IRS or State may take money from your paycheck or bank account by garnishee or levy. We can often prevent this or have these removed so you can pay your bills. They may also place liens on your home and all other assets you own.  If you are presently dealing with or concerned about a levy, garnishee, or lien we can help. Tax Liens can really make your life miserable! When your taxes are unpaid the IRS and/or the State files a lien against all of your assets. This gives them the legal right to collect taxes from the sale of your assets, which includes literally everything you own. The liens may be filed against you, your spouse, or your company depending on how the tax liability was incurred. Everything you own is in jeopardy of becoming property of the government. Liens filed against you show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. If a lender is willing to approve a loan for you, the interest rate will be higher when a lien appears on your credit report. Think about paying 18-22% interest on a car that is already too expensive. Buying or selling real estate is likely out of reach as well. Liens can be removed once the government is satisfied that you are compliant. Federal liens can even be erased from your credit report once certain criteria are met. MORE

Is there a Statue of Limitation?

The IRS only has so long to assess taxes they want to collect from you. Once assessed, there is a limitation on how long they have to collect tax. As part of our engagement, we review the statutes for all open years to see if any have expired, or are about to expire. If we find this to be the case, we will advise the IRS to cease and desist in their enforced collection actions. MORE

What can be done about your Unfiled Returns?

Every day the massive computer center at the IRS is getting more sophisticated, it’s just a matter of time before they catch up with you. Of course, if the IRS computer has not found you yet, the State may discover the missing returns. They will start to pursue you and then inform the IRS as well. This is not a situation to take lightly; failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished, possibly with jail time. The guidelines are one year for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns! Let us give you peace of mind by helping you get into compliance with the filing requirements. If you voluntarily file your delinquent returns, you’ll likely avoid further problems other than having to pay the interest and penalties. If you wait for the IRS or State to file your returns for you, they will be prepared in the best interest of the government. IRS will not include exemptions, deductions, or credits that could reduce the tax amount. Before anything can be done to extract you from this predicament, all the returns must be filed. You must be current. In most cases, you will likely owe taxes, interest, and penalties after the returns are filed. Once we see how much is owed, we’ll design a plan of action to resolve that too. Generally, we can prepare and file delinquent returns avoiding exposure to such harsh penalties. In some cases, the IRS has prepared a return for you and assessed the tax based on that return. These IRS-prepared returns will all the income items IRS knows about, will not include deductions, exemptions, or credits you are entitled to claim. Therefore, the tax assessed based on the IRS-prepared return will generally be higher than the amount we determine considering appropriate deductions, exemptions, and credits. We will assist you in filing the return with the lower liability and having your IRS record amended. If there is a balance due after correcting the IRS records, we will represent you before the IRS to resolve that in the least intrusive manner available. MORE

Obtain a copy of your IRS File!

Did you know you can obtain a copy of your IRS file? Most people are surprised to learn what the IRS knows about them. Reviewing this information is critical to constructing the best approach to resolving your tax problem.   Your IRS file includes information that third parties have sent to the IRS about your income from various sources. It includes a record of your IRS filings and a record of actions IRS has taken related to you and much more. We will secure your IRS file without raising any red flags. Under the Freedom of Information Act, we can secure, review, and interpret the IRS transcripts for you. This record reveals your history with the IRS (according to them.) We may also anticipate their coming actions based on the information posted to your account. MORE

Why have Audit Representation

Nothing strikes fear in the hearts of people more than receiving an IRS or State Audit letter in the mail. Audits take significant time away from your business and family, requiring you to gather mounds of records substantiating each and every item reported on your tax return and develop a comprehensive understanding of tax law. You should not go before the IRS without representation any more than you should go to court without a lawyer. You see, IRS trains Auditors to extract more information from you than you have a legal obligation to provide. IRS Auditors know that most people fear them and are ignorant of their rights. As a result, they know they can use that fear and ignorance to their advantage. We know the right way to represent taxpayers under audit. We understand the implication of those “friendly inquiries” from auditors. There are red flags that may not be apparent to a taxpayer representing himself. The IRS leaves no stone unturned in its mission to determine the accuracy of your tax return. If you don’t comply with the Auditors’ wishes, the IRS will recalculate your tax and send you home with a hefty tax bill as your parting gift. We generally can close audits quickly, which helps to avoid the taxing agency seeking to expand of the scope of the audit. Generally, the cost of representation is far less than the savings gained through qualified representation. Our clients rarely have to talk with the IRS. We handle it all for you so that you need not take time off from your business or job to handle the bureaucracy, paperwork, and pressure of the IRS. No lost wages or lost business. You simply forward notification of an audit to us and we will contact you to discuss an appropriate plan deal with the IRS or State on your behalf. MORE

Penalty Abatement

The IRS and State both increase the amount a taxpayer owes by adding penalties and interest to the unpaid tax. In many cases, a taxpayer could pay the tax, but thanks to the penalties and interest, the ballooning balance quickly becomes unmanageable. Penalties and interest might be reduced or eliminated if you can demonstrate reasonable cause and prudent action. Further, we may be able to couple Penalty Abatement with an Installment Agreement. MORE

What is an Installment Agreement?

We can secure an agreement with the IRS to allow monthly payments on your tax liability. The agreement keeps IRS or the State from levying as long as the payments are paid as agreed. Without an agreement, the IRS or State may take all but a small amount of your paycheck. They could also levy bank accounts and file liens on all of your assets including your home. We may be able to combine an Installment Agreement with Penalty Abatement to save money and get time to pay the rest.   If you do not qualify for the Offer In Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS allows time to pay your tax debt. Unfortunately, IRS or the State continues to add penalties and interest to any unpaid balance. A major benefit of a well-negotiated plan is the level of payment takes into account your living expenses and provides protection from enforced actions. Additionally, they will release levies they have filed once your payment plan is approved. They will not file any new levies as long as you make the agreed upon payments. MORE

What is an Offer in Compromise (OIC)?

Offer in Compromise is the government’s “Let’s Make A Deal” program that allows you to pay an amount you can afford to satisfy your entire tax liability. It even includes the penalties and interest. Yes, the amount you pay is based on what you can afford, not the amount you owe! The program allows an eligible taxpayer to pay what they can afford to pay regardless of the amount they owe. The OIC is the essence of fresh start; once an offer is accepted and paid the taxpayer is then current with all their tax liabilities. We are able to determine your eligibility for the Offer program and advise you on how to become qualified when appropriate. The IRS Code states: “We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential…” (Internal Revenue Code §7122). It is possible to eliminate all the taxes you owe – including all penalties and interest – at an enormous discount. There is no minimum that the IRS may accept to settle your debt especially if your offer is done “right.” If you qualify, your debt will be settled for a fraction of what you owe. Planning is often the key to qualifying and securing the lowest Offer the IRS will accept. As Certified Tax Resolution Specialists, we are uniquely qualified to assist you in preparing an acceptable Offer.  MORE

Are you having problems with the IRS?

We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discrete. The IRS problems will not just go away by themselves; they just keep getting worse with penalties and interest being added each day. If you owe the IRS, you have a very serious problem. It may take the IRS several years to catch up to you, but they're relentless and have no mercy in collecting all the money that is owed. When the collection process starts, they'll make your life miserable and literally ruin all aspects of your life. We serve clients throughout the United States and help them resolve their tax problems.  We are immediately accessible to clients in entire Birmingham area.  MORE

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Jeffrey Sykes' victims may have gotten grim satisfaction yesterday when he received an 8-year sentence for stealing withheld taxes from his payroll service. Still, grim satisfaction doesn't help them get right with the IRS. MORE

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