Herron & Associates Tax Services, LLC offers a vast number of tax related services unlike your average tax preparation company. Those services are: (Click Icon)
Individual tax preparation
Business tax preparation
Non Profit 501(c)3
Sub Chapter Corporation (S-Corp)
Limited Liability Corporation (LLC)
Limited Liability Partnership (LLP)
Direct Deposit from IRS
Responding To IRS Correspondence
Initiating IRS Correspondence
Relinquish your Refunds
Offer in Compromise
Notary Public Service
Identity Theft and Your Taxes
Protect Yourself against Identity Theft
If you engage Herron & Associates Tax Services, LLC as your tax preparer or to assist in resolving IRS issues, we will use our years of experience to accurately and completely prepare your tax return legally and to your best advantage. Herron & Associates Tax Services, LLC can prepare and electronically transmit federal/state personal and business tax returns for all 50 states.
Individual tax preparation
Herron & Associates Tax Services, LLC, can accurately and professionally prepare individual tax returns no matter what tax return is required, i.e. Form 1040, Form 1040A, and/or Form 1040EZ, with the necessary forms required depending on individually filing status. The IRS requires all tax preparers to electronically file current tax year tax returns or receive a penalty. If the taxpayer request that his/her tax return be mailed, the tax return must include IRS Form 8948. Herron & Associates Tax Services, LLC has the ability to electronically file your tax return. Herron & Associates Tax Services, LLC can also prepare tax returns for past tax years. Many times, the IRS will owe you a refund but you will be limited in collecting those refunds if you do not filed your tax return within three (3) years from the date it was originally required to be filed. These type tax returns are required to be to the IRS. If the preparation of your tax return results in a refund, the following services are offer in order for you to receive that refund.
Business Tax Preparation
Herron & Associates Tax Services, LLC, can accurately and professionally prepare business tax returns no matter what tax return is required, i.e. Form 940, Form 941, Form 944, Form 945, Form 1065, Form 1120, Form 1120S, Form 990 series, and State Unemployment, with the necessary forms required depending on the type of business return required for filing.
There are several means of receiving your tax refund. Herron & Associates Tax Services, LLC, aligned with our affiliate bank to provide you with the option of receiving your refund as quickly 10 days from the date of acceptance by the IRS. Those options are:
Because the IRS prohibits Herron & Associates Tax Services, LLC from deducting its preparation fees directly from the IRS to its bank account, this option of receiving your tax refund is the same as the Direct Deposit option below. If you elect this option, your tax refund is sent to you from the IRS through our affiliate bank where the IRS will deposit your refund into our affiliate bank. The bank will transfer your tax refund amount to the bank of your choice. This option is good if you cannot pay at the time your tax return is prepared. The bank will deduct the amount you owe, to include preparation cost and bank fees, and transfer the balance into the bank account you requested. The amount that you will receive will be your tax refund minus the preparation and bank fees. Your tax refund will reach your bank account, minus the fees, in about 10 days after the IRS accept your electronically filed tax return.
Direct Deposit from the IRS:
If you want to have your tax refund direct deposited to the bank account of your choice, this is the option you should chose. This option requires electronic transmission of your tax return information to the IRS. This method is faster than receiving a paper check by getting your tax refund to you within 10 days. This is a quick and safe method of ensuring that your tax refund is gotten into your possession. Because the IRS prohibits Herron & Associates Tax Services, LLC from deducting its preparation fees directly from the IRS, this method also requires payment for the tax preparation at the time the tax return is completed and does incur additional charges for electronically transmitting your tax return information.
If you elect to receive your tax refund check by mail, it will be mailed to the address you provide. Herron & Associates Tax Services, LLC will prepare all the necessary forms for electronic transmission or mailing. Herron & Associates Tax Services, LLC will provide you with the mailing address to mail your tax return. This method of receiving your tax refund takes approximately 4 to 6 weeks for the refund to be mailed to you. This is a preferred method if you would like to hold down tax preparation fees associated with filing and receiving your refund. This method requires payment for the tax preparation of your taxes at time the tax return is completed and you will not incur any additional charges. The tax return is electronically filed or mailed directly to the IRS which limits the amount of fees charged to you.
IRS TAX DEBT REPAYMENT OPTIONS
At some point in time, many will underpay their tax obligation to the IRS. Herron & Associates Tax Services, LLC can assist in helping to resolve your tax debt. When this happens there are several means to resolve this IRS debt:
Herron & Associates Tax Services, LLC can represent taxpayer when they are being audited by the IRS and or the State. Herron & Associates Tax Services, LLC success for audits cases has either saw the taxpayer audit result in no changed to the taxpayer’s originally filed tax return or a decrease in the amount proposed by the audit. If engaged to represent the taxpayer in an audit by the IRS and or State, Herron & Associates Tax Services, LLC will represent the client completely. The client’s contact with the auditor will be at a minimum. Herron & Associates Tax Services LLC will ensure that the client is disrupted as little as possible. All contact with the auditor will be conducted by Herron & Associates Tax Services. The Auditor will be required to conduct any onsite meetings at the offices of Herron & Associates Tax Services, LLC whenever possible. Herron & Associates Tax Services, LLC will own the audit from the beginning to its conclusion. m.
Relinquish your Refunds
The IRS is authorized by law to withhold any refunds and apply those refund to a tax debt. This is done automatically whenever there is an amount owed to you. Also, the amount owed continues to add interest and penalties until the debt is paid in full.
Installment Agreements (Payment Plan)
The IRS is required by law to evaluate and accept your request to pay overdue taxes in installment payments. They are not required to accept the amount offered but will work with you to reach an acceptable payment amount. The negative side to entering into an installment agreement with IRS is that interest and penalties you will continue to added over the length of the installment agreement. Also, during the time of the installment agreement, the IRS can still withhold any future tax refunds until the installment is paid in full.
Offer in Compromise
Herron & Associates Tax Services, LLC has the knowledge of the offer in compromise program which was enacted by the Congress of the United States to assist taxpayers who owe back taxes to the Federal government. Congress realized that, many who owe back taxes, were now unable to pay what was owed. Through the offer in compromise program, a taxpayer can make an offer of an amount less than what they owe and based on their current (and future) financial situation. The IRS can either accept the offered amount, ask the taxpayer to raise the offer amount, or reject the offer amount. To date, Herron & Associates Tax Services, LLC has an 85% acceptance rate. The majority of the accepted cases were accepted for the amount originally offered and several were accepted based on an increase to the offer amount but only with the approval of the taxpayer. Herron & Associates Tax Services, LLC will not submit an offer in compromise if it does not believe it will not be accepted.
SMALL BUSINESS COUNSELING
Thinking about starting a small business? Herron & Associates Tax Services, LLC can offer counseling to those individuals who are entering into the world of business. Herron & Associates Tax Services, LLC will counsel on the type of business structure you may need depending on the particular product the business will offer. The decision as to what type of business you chose is very important because the tax application which is different based on the type of business.
This type of business is recommended if you are entering into the business world as the business owner and do not expect to have any employees. This choice will place taxation on the income you earned and will require you to report that income on your individual tax return (Form 1040). Even if you decide later to add employees, this type of business should be your choice. The owner is solely liable for all legal issues involving the business and if a lawsuit is lodged against the company, the owner's personal assets can be attached for settling the lawsuit. A business owned by a husband and wife can be still considered a sole proprietorship. If a sole proprietorship wants to shift the legal aspect of the business solely to the business, then it should operate as a Limited Liability Corporation (LLC). This allows the owners to run the business under the guise of a sole proprietorship but with the protection of a corporation.
This type of business is recommended if there is more than one owner/business partner. This type of business is similar to the Sole Proprietorship in tax reporting although it will generate additional forms for each partner as well as an additional form for the partnership. Each partner is equally liable for legal issues involving the Partnership which means that each partner's personal assets can be attached for settling the lawsuit. This type of business should be very carefully thought out because each partner is responsible for any action of the other partner(s). Profit or losses are distributed bases on the individual partner's share of the partnership. Each partner must report his/her share of the profit or losses on their individual tax return. Partnerships have certain reporting requirements to the State in which it is organized. If a partnership wants to shift the legal aspect of the business solely to the business, then it should operate as a Limited Liability Partnership (LLP). This allows the partners to run the business under the guise of a partnership but with the protection of a corporation.
This type of business is recommended if the business will seek investors (called shareholders). This business can have an unlimited number of shareholders. This business type is usually operated under board members (called Board of Directors) who govern the activities of the business. The Board of Directors reports the shareholders who are not active in the operation of the corporation. The corporation has its own reporting requirements for tax purposes. The Board of Directors is not liable for any legal issues involving the corporation unless it is proven that direct intent to perform illegal actions. Corporations have reporting responsibilities to the Federal Trade Commission (FTC) and to the State in which it is organized. Corporation must have board meetings and the minutes from those meetings are subject to review by the FTC and/or the State where it is organized.
Sub Chapter Corporation (S-Corp)
This type of business enjoys the benefits of a corporation within certain restrictions. S-Corps are restricted to 10 owners (shareholder) or less. It offers the flexibility of a sole proprietorship and partnership as far as ownership but the benefits of a corporation. It does not have the reporting responsibilities to the FTC and/or the State where it is organized like a corporation does.
Limited Liability Companies (LLC)
A limited liability company is a legal structured organization that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. It does not have the reporting responsibilities to the FTC and/or the State where it is organized like a corporation does.
Limited Liability Partnership (LLP)
A Limited Liability Partnership is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from that of an unlimited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation. It does not have the reporting responsibilities to the FTC and/or the State where it is organized like a corporation does.
Nonprofit Tax Exempt (501(c)3
A 501(c) company is an American tax-exempt nonprofit organization. Section 501(c) of the United States Internal Revenue Code (26 U.S.C. § 501(c)) provides that 28 types of nonprofit organizations are exempt from some federal income taxes. Sections 503 through 505 set out the requirements for attaining such exemptions. Many states refer to Section 501(c) for definitions of organizations exempt from state taxation as well.
If you have any questions or concerns, but may not be sure about how to contact the Internal Revenue Services, we will contact them for you. Whether it be in response to contact from the IRS, or initiating contact with the organization, we can help!
Responding To IRS Correspondence
The IRS will write when issues arises that need attention by the taxpayer. Some issues are:
denied your filing status,
denied dependents deduction,
other deduction sand tax credits claimed on your tax return.
The IRS will request additional information to justify these entries on your tax return. Many times, after you have provided what you believe is the information that they have requested, the IRS will still not accept this information causing you not to receive refunds you are entitled or leaving you with a tax debt. Herron & Associates Tax Services, LLC has the experience and knowledge to stop the IRS action and or reinstate your claim to what is shown on your tax return. We will use the IRS’s regulations and procedures to back-up your tax return and remove any additional taxes, penalties, and or interest that the IRS has charged.
Herron & Associates Tax Services, LLC understands the uncertainty when you receive IRS correspondence. We will step up and be your representative when communicating with the IRS is necessary. Any correspondence issued by the IRS to you will also be received by Herron & Associates Tax Services, LLC. Herron & Associates Tax Services, LLC will make a determination as to the issues addressed in any IRS communication and how best to resolve them. Herron & Associates Tax Services, LLC will only involve you when additional information is needed or additional question needs answering. Herron & Associates Tax Services, LLC will contact the IRS via mail or telephone to resolve all open IRS issues.
Initiating IRS Correspondence
If the need arises for you to contact the IRS, Herron & Associates Tax Services, LLC will be here to assist you. Herron & Associates Tax Services, LLC will initiate all communication and correspondence for you to the IRS based on the particular issues at-hand. Herron & Associates Tax Services, LLC will be your spokesperson to the IRS to request additional information, clear up tax issues, or for answers to general tax questions. Herron & Associates Tax Services, LLC stands ready to assist you in all ways possible.
Kenneth J Herron is a notary public and is available to notarize most documents. Please come in to the office or contact us via telephone to setup an appointment.
IDENTITY THEFT AND YOUR TAXES
Did you know that your Social Security number can help an identity thief get a job, get a tax refund in your name, or get the tax refund that should be yours? The Federal Trade Commission, the nation's consumer protection agency, cautions that thieves can use a stolen Social Security number to apply for a job or file for a tax refund under a false identity. Identity theft linked to tax return fraud is on the rise as well. Nearly 25 percent of the people who filed a complaint about identity theft to the Federal Trade Commission in 2011 said it was related to taxes or wages. That number has nearly doubled since 2008, when only 12.3 percent of identity theft complaints were related to taxes or wage theft. The FTC received nearly 280,000 complaints about identity theft in 2011 -- an increase of 10 percent over the previous year.
Identity theft continues to rise. As a result of aggressive efforts to combat identity theft from 2011 through October 2014, the IRS has stopped 19 million suspicious returns and protected over $63 billion in fraudulent refunds.
For 2015, the IRS will continue to increase both the number and efficiency of the identity theft data models and filters that are used to identify potentially fraudulent returns. These pre-refund filters stop the vast majority of fraudulent returns. Additionally, the IRS continues to expand its partnerships with financial institutions to identity and stop fraudulent refunds.
IRS Criminal Investigation continues its robust efforts, and in Fiscal Year 2014, the IRS initiated 1,063 identity theft-related investigations. Criminal Investigation enforcement efforts resulted in 748 sentencings as compared to 438 in FY 2013, an increase of 75 percent. Our incarceration rate rose to 87.7 percent as compared to 80.6 percent in FY 2013. The courts imposed significant jail time with the average months to serve in FY 2014 at 43 months as compared to 38 months in FY 2013 with the longest sentencing being 27 years.
How can you protect yourself from identity theft? The IRS offers these tips to all taxpayers. No matter your filing status, income, or age, you should take these precautions to avoid become a tax scam or identity theft victim:
File your return as early as possible. Scammers do too, hoping to beat you to the punch and claim your refund.
If filing electronically, be sure the computer you use is not on a public Wi-Fi network or a wireless system that could be tapped. You should be connected with an Ethernet cable. If you aren’t sure what this is, ask someone.
Don’t leave your returns on your computer. Once you’ve filed, transfer the information to a flash drive or a CD.
Make sure you protect your computer from viruses and spyware with updated protection. Run anti-spyware software regularly.
Never provide ANY personal information, especially your Social Security Number or date of birth, to anyone who has contacted you by telephone, via email or text message. Only provide this information when you have made the contact and can verify the recipient. Legitimate organizations understand that you need to be cautious and should be able to assure you of safety. If you are in doubt, don’t give anything out.
If someone else will file your tax return for you, be sure you know the individual. If your tax return will be completed and filed by a company, verify that it is a company that is recognized by the IRS to prepare and file tax returns. Each year, new companies appear just for the tax season and are not recognized by the IRS. The IRS requires tax preparation companies to apply for and be granted a Personal Tax Identification Number (PTIN). If the company you select does not have a PTIN, then it is recognized by the IRS to prepare taxes.