Tax Preparation by former IRS Agent
IRS and NJ Tax Problems Solved
Certified Public Accounting Firm NJ
Certified Financial Planner New Jersey
Norman Schneider worked for the Internal Revenue Service for over 40 years as an IRS Agent and Appeals officer. He understands how the complex IRS taxation system operates and he can find you every legitimate deduction and credit available to save you money. Over the years, Mr. Schneider's clients have had exceptionally few IRS audits due to his experience avoiding deductions that are questionable to the IRS.
Computerized Individual Tax Preparation:
All State returns
Corporate Tax Returns:
Federal 1120 and 1120S returns
NJ corporate returns CBT 100 amd CBT 100S
Partnership and LLC Tax returns:
NJ Form 1065
Mr. Schneider specializes in IRS problems including multi-year non filers. He has handled many cases over his career giving his clients a fresh start with the IRS..
Mr. schneider can obtain the lowest possible monthly installment agreement due to his 10 years IRS experience and over 30 years working for clients dealing with the IRS.
IRS Audits and Appeals
Audits are the mechanism used by the IRS to ensure that people are properly reporting their income and deductions. Individuals and businesses are audited for many reasons. The IRS has a process whereby they match reported income to actually income. If these amounts don't agree, an audit is generated. Having deductions that seem inconsistent with ones income could also trigger an audit. One should also be aware that there is a greater chance of being audited if you are self employed or own rental real estate. It is very important to be prepared for an audit. My vast experience handling audits include knowing how to document deductions by using estimates and third party evidence when canceled checks are unavailable. I will personally meet with an IRS representative and use my knowledge of the workings of the IRS to obtain the best results.
If you are unsatisfied with the assessment after you have been audited, you have the right to file an appeal with the IRS appeals department. A written protest must be submitted to the appeals department supporting your claim and explaining why you feel the audit is incorrect. Since I work for the IRS appeals division, I am experienced in the appeals process. It is simple to get a reduced adjustment, mainly because the IRS wants to settle these cases expediently.
Offers in Compromise
In certain situations, the IRS may accept a lesser payment of an unpaid tax liability in the form of an Offer in Compromise. In this case, the IRS recognizes that they will not receive full payment for the existing debt and this newly negotiated amount is accepted. However, the IRS will not accept offers if they can collect the full payment through liquidation of assets, a monthly installment plan, or if your offer is less than the value of your assets and present income.
Payroll Tax Liabilities/Trust Fund Penalties
Most payroll tax problems arise when clients do not file their payroll returns on time or when clients do not file at all. Also, businesses often delay IRS payments, allocating funds for other expenses. As a result, businesses accumulate large debts of payroll taxes for many periods that they cannot pay. The penalties and interest for non-filing or non-payment can be extremely high. The IRS can close your business and/or assess all of the responsible parties trust fund penalties for the portion of the taxes owed.
If you are encountering payroll tax problems with your business, my professional tax services can be extremely beneficial.
The IRS wage garnishment is a very powerful tool used to collect taxes that are owed to the IRS, through your employer. If a wage garnishment is instituted, your employer collects a large percentage of your wages and transfers this money to the IRS. The wage garnishment is in effect until your debt is paid off in full or until the IRS agrees to accept a monthly installment agreement.
A monthly installment agreement is a contract with the IRS which says that you will agree to pay a predetermined amount of money, monthly, until your debt is paid off.
I have efficiently secured many monthly installment agreements to terminate wage garnishments for my clients. If a wage garnishment was filed against you, my professional services can be very beneficial.
Federal Tax Liens
When the IRS feels that they will not receive taxes that they are owed, they generally file a federal tax lien. A federal tax lien is a procedure that helps the IRS secure their interest. Once the lien is implemented, the IRS can legally levy or seize your property ( real or personal ). A lien is fixed until the tax liability is satisfied.
If the IRS establishes a federal tax lien, you will not be able to pass clear title or refinance your property. This lien can also have a negative effect on your credit rating.
My professional financial services could be the factor that prevents the IRS from substantiating you with a lien. In addition, my invaluable experience could help you remove a lien that has already been implemented.
Often times, the need for declaring bankruptcy is a course taken to eliminate tax debt. In order for the tax payer to use the bankruptcy laws to avoid income taxes certain tax liabilities must qualify. My expertise in evaluating your tax situation will help you decide if bankruptcy is the correct course of action.
Accounting and Payroll Services
Are you looking for personalized accounting services that could maximize your profits and minimize your taxes? Norman Schneider CPA is a small business specialist who provides accounting services on a monthly or quarterly basis, depending upon your organization's needs. Your records can be computerized and in-turn more efficient, which clarifies your financial situation, with programs such as Quick Books and other accounting software. Remember, computerized accounting programs can organize and calculate the financial health of your business however it cannot give you tax saving advice and insight.
Mr. Schneider will analyze and recommend various techniques for business owners to save money on taxes including payment of wages to children for work performed in your business. In addition, a year-end review is prepared to reduce your potential tax liability. Call 1 - (732) - 238-8536 for your free consultation and experience personalized accounting.
Payroll services include quarterly preparation of Federal form 941 and New Jersey Form 927. Year-end services include preparation of W-2 forms for employees and 1096 forms for independent contractors.
Licensed to sell securities products in NJ, PA & NY.
- 401K & IRA Rollovers
- 529 & College Planning
- Estate Planning
- Life Insurance
- Retirement Planning
- Tax Deferred Investments
- Tax Free Investments
Securities offered through:
TFS Securities Inc.
847 Broadway, Bayonne N.J. 07002
Members NASD & SIPC