Tip Tax Solutions, LLC

Are you having problems with the IRS?
IRS Tax Resolution
Before you call one of the large advertisers claiming to solve your problems for pennies on the dollar, take the time to talk to your trusted, local expert.

We are 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.

Resolve your tax problem with the peace of mind that you are in good hands.

We can help you with the following:

Wage Garnishment
Bank Levy
Threatening Letters
IRS Audit Notification
Non-Filing
Back Taxes
Liens
Offers-in-Compromise
IRS Seizures
Innocent Spouse

Small Business Accounting Made Easy.
Accounting & Bookkeeping
Whether you are a start-up business, a growing business or a mature corporation, Tip Tax Solutions has the expertise to help you. Through prompt and timely service, along with an intimate knowledge of the rules and regulations, we can keep you ahead of government deadlines, maintain order in your internal financial systems, and reduce the headaches that come with owning a business.

We can handle it all, from your payroll needs to banking and check writing. If you’re having issues preparing your financial statements, we can tackle them for you. You name it…we can do it!

Why hire staff? Let Tip Tax Solutions do your monthly bookkeeping at a fraction of the cost of a full-time employee.

Our talented team is experienced with all the major accounting software programs. We perform vital accounting functions, such as accounts payable/receivable, payroll, general ledger accounting, bank reconciliations, financial statement preparation and financial analysis.

When you retain our services, we make it a priority to learn your goals and operations quickly so we can hit the ground running. Based on experience, we can easily identify opportunities for more effective tax planning, improved internal controls, and other areas that will make your business more profitable.

Managing payroll may not seem like a critical task until something goes wrong. It can be time-consuming, but, more importantly, it requires a good knowledge of the tax laws and deposit rules.
Payroll
At Tip Tax Solutions, we can simplify the payroll process for you. We assist in all areas of payroll and can provide full-service payroll duties upon request. Your only responsibility is to obtain and provide employee data, such as the hours worked and other related information. Upon receipt of your data, we’ll take it from there.

We offer a wide range of services, which include the following:
Checks or Direct Deposit for Your Employees
Payroll Reports
Quarterly Tax Forms
Year-End Tax Forms
Tax Deposit Services
W-2s and 1099s

Hiring a professional on a part-time basis offers an excellent alternative.
Part-Time CFO Services
There are few companies that would not benefit from the advice and knowledge of an experienced CFO, but hiring a company with that level of expertise is an expensive proposition that goes well beyond the budget of most small and medium-sized businesses. Hiring a professional on a part-time basis offers an excellent alternative. Outsourcing CFO services gives you the ability to get the guidance you need on developing plans that will make your company profitable and provide you with financial management leadership without having to pay a full time salary and benefits. Tip Tax Solutions is available to help your business in exactly this way. Tip Tax Solutions can help you build a plan for your future, protecting your assets while at the same time creating long-term goals designed for success.

Whether you are a small start-up company or a medium-size company seeking guidance, you can have full confidence that Tip Tax Solutions will use our high-level skills to advance your company’s financial plan and give you the kind of financial management that you thought you could not afford without hiring a full time CFO.

Working with Tip Tax Solutions is an exercise in taking control of your business’ future. We will meet with you to create a plan that starts with the current quarter and looks to build and improve for years to come. Our services will include helping you with budget creation, cash flow management, senior-level financial decision making, creating a tax strategy, and reviewing all of your insurance policies in order to ensure that you are well-protected. By paying meticulous attention to detail and making sure that you understand what is happening with your accounting process and financial plan at every turn, Tip Tax Solutions will make sure that our role as part-time chief financial officer translates into full time confidence.

We take care of the bookkeeping so that you don’t have to.
Small Business Accounting
When you started your business, you didn’t anticipate spending your time on reconciling your bank account and working with your general ledger - you wanted to pursue what you do best and generate profits. Tip Tax Solutions understands that it is more important for you to focus on business success than on accounting, and that’s why we offer small business accounting services. We take care of the bookkeeping so that you don’t have to.

Whether you prefer that the work is done on a monthly or quarterly basis, we’ll reconcile your bank account, generate an income statement, clean up your general ledger, and generate a balance sheet. Maybe most important of all, when you use our services we will be there to answer all of the questions you have, making sure that your business has a solid foundation and accurate accounting system in place. If you have special areas or services that you want us to provide, whether payroll, tax preparation or planning or anything else, we can customize your package of services and add them on as you wish.

Bank Reconciliation: Bank reconciliation ensures that all of your important records are up-to-date and in sync with each other. By carefully reviewing your business checking account and comparing it to your accounting and tax information, we’re able to help you:

Identify missing checks and deposits and discover unauthorized wire transactions.
Spot bank charges which may be unjustified or excessive and prevent them from happening in the future.
Make sure transactions are posted correctly.
Protect yourself from the risk of funds being embezzled as well as unauthorized or forged checks or other fraudulent activity. Constant analysis and oversight can transfer responsibility and risk to the bank.
Have a clear picture of the health of your business.
Provide you with more effective cash management.
Have the piece of mind of knowing that all of your financial paperwork is in order.
Income Statement: An income statement is a valuable business toll that itemizes all of your revenues and expenses in order to show you your profit or loss during a given period. Having an accurate and current income statement gives you the ability to:

See at a glance where you are spending too much or staying within your budget.
See exactly where you are making money and where you are spending money in order to assess business performance.
See where expenses are running higher than anticipated, allowing you to make corrections.
Identify other unanticipated activities, such as product returns or sudden increases in the cost of goods.
Calculate income tax owed.

Balance Sheet: Having an accurate balance sheet available provides you with a quick way to determine the health of your business at any given moment. By reviewing balance sheet information you can:

See where your business’ strengths and weaknesses lie
Spot trends, determine their cause and come up with solutions, especially those involving accounts payables and accounts receivable.
Make informed decisions regarding the possibility of expansion.
Make informed decisions regarding your ability to remain flexible in the face of expansion and contraction of business.
Determine whether you need to increase your cash reserves.
See whether your payables are being made in a timely way.

Having an up-to-date, accurate balance sheet and income sheet is essential for businesses that are considering applying for credit or who are responsible for providing financial reporting to creditors. These are the documents that they will rely upon in making decisions that are important to your business’ future.

Keeping a Clean General Ledger

One of the most important services that we provide to small business is a regular review of your general ledger system. The reason that this is so essential is that the general ledger is where the most essential information about your company’s finances is recorded. If something within the ledger is incorrect, the problem will flow through the rest of the company’s financial information, so having us double check for accuracy and discover any discrepancies will ensure that bigger problems don’t develop along the way.

Unlimited Consultations

When you work with our small business services, unlimited consultations are part of the package. We want you to have a complete understanding of the information that we provide and how you can best use it, so you should never hesitate about contacting us with questions.

Beyond number crunching, audit, review, and compilation are just the first step of our comprehensive services.
Audit, Review, and Compilation Services
No matter the size of your business, we offer auditing, review and compilation services for your financial statements and any other attest functions you may need.

Beyond number crunching, audit, review, and compilation are just the first step of our comprehensive services. We also provide you with the benefit of our real-world expertise and experience, advising you and providing insights that provide a perspective that will prove invaluable. We pride ourselves on the depth of our research: our assessments are informed by long hours spent making sure that we truly understand what you do, what is going on in your industry, how your competitors operate and the technical resources that facilitate your company’s operations. It’s our belief that only once we truly understand what you do that we can competently and confidently provide you with educated observations and guidance on taxes, finance, and your essential business functions.

Our approach is guided by our appreciation of how important it is for stakeholders of all kinds, including owners and lenders, to have accurate financial statements upon which they can rely and base their decisions about their financial future. That’s why we go to such great lengths to ensure that our reports are fully verified, and why we dedicate so much time and care in preparing our client recommendations.

The ability to make financially informed decisions relies upon the accuracy and thoroughness of your data, and one of the most essential tools available is a meticulously completed and compiled audit and review. We view our role in the preparation of these documents as essential and collaborative: the higher the quality of the product we provide to you, the better the decisions you can make.

To arrange a consultation regarding these services or any other help we can provide for your business, contact us at your earliest convenience via email or phone. We look forward to being of service.

We will help you assess your initial capital requirements and sources from which you can get it.
New Business Formation
Owning and operating your own business is a dream for many aspiring entrepreneurs, but the reality of running a business can quickly squash the initial thrill. Making sure that you are well equipped to manage all aspects of running a business is the key to success, while failure to do so is a recipe for disaster. Our new business formation services will provide you with a strategy that will give you a plan for the future that lays out a long view, providing a methodical approach that protects your dream and avoids the mistakes that many make.

Tip Tax Solutions will provide you with an initial business plan that will provide you with an approach to marketing, financial planning and management. We will help you assess your initial capital requirements and sources from which you can get it. We’ll also help you determine how much you will be qualified to borrow for your business. We’ll look at the different types of business structure, evaluating each in terms of your legal exposure, their tax advantages, and how easily you will be able to operate in order to find the one that works best for you. We’ll also help you plan for relocation if necessary.

From a business services perspective we’ll help you choose an accounting software package that is appropriate for your needs, including your budget and your hardware, and will create a cash flow budget to help you anticipate your needs as you go through your business’ first few years of growth. We’ll help you create a billing system and collection policies and procedures that will facilitate cash flow, and help you create a budget and procedures to help you stick to it. If you plan on operating out of a home office we’ll show you the best way to do so in order to give you the maximum tax advantage.

There are so many documents and applications required to establish a new business, and we’ll help you with all of those, too. We’ll provide you with help in the process of applying for all appropriate state and local permits and licenses, as well as your Federal Employer Identification Number. We’ll assess your business’ insurance needs, and when you hire your first employee we’ll take care of setting up your payroll and payroll tax filing, making sure that you comply with all employment laws. If your business is a partnership, we’ll help you create a Partnership Agreement that provides all involved with the appropriate protections and anticipates and heads off potential problems in the future.

We will work with the IRS to negotiate the full or partial release of the wage garnishment if you qualify for relief.
IRS Wage Garnishment
Stop Wage Garnishments

If you have received a wage garnishment notice that the IRS is going to apply a deduction to your paycheck, it means that the IRS can notify your employer that you have a back tax debt. And your employer is then required by law to send a significant portion of each of your paychecks directly to the IRS to offset the debt.

Keep in mind that if you do not respond, the IRS will continue to garnish your paycheck until your debt is paid in full.

By partnering with Tip Tax Solutions you do not need to take on the IRS by yourself. We will work with the IRS to negotiate the full or partial release of the wage garnishment if you qualify for relief. Depending upon your individual circumstances, we may be able to arrange an installment agreement so you can pay the IRS a specified dollar amount every month until the debt is paid. Once the installment agreement is in place, an offer-in-compromise may be negotiated to settle your debt for less than the actual liability, depending on your individual financial circumstances.

Another option is to be placed in a “currently not collectible” status, in which you may not have to make payments to the IRS at all, again depending on your individual financial circumstances.

Please contact us to set up a free consultation to review your options and take the stress out of dealing with an IRS wage garnishment notice.

Steps to Take to Protect Yourself from IRS Seizures
IRS Seizures
A federal tax lien arises when a tax return is filed and the tax isn’t paid after a demand for payment has been made. By law the lien is in favor of the United States and is upon all property and rights to property of the person with the unpaid tax. It gives the IRS the authority to seize any proceeds from sales of real estate owned by a delinquent taxpayer. To protect the government’s right of priority against other parties who are owed money by the same person, the IRS will file a Notice of Federal Tax Lien, which puts other creditors on notice about the IRS’s claim.

After receiving a notice that a lien has been filed, it is crucial that you work with an expert to help minimize the IRS’s actions and ensure that deadlines are met for initiating applicable appeals. There are many strategies that can be used to try to prevent or delay the IRS from seizing personal and business assets. Here at Sancus Tax, we are experts in IRS seizure procedures and can help.

Are You Behind on Filing Your Tax Returns?
Non-Filed Tax Returns
The IRS has identified taxpayers who fail to file income tax returns and effectively stop paying income tax as a serious threat to tax administration and the American economy. The IRS's role in combating the area of non-filing is that of outreach, education, and enforcement of the tax laws.

However, it is understood that there are those who will not respond to outreach efforts and simply refuse to comply with the law. It is to those individuals, who deliberately fail to comply with their obligation to file required tax returns and pay any taxes due and owing, that IRS Criminal Investigation devotes its investigative resources. In the most egregious cases, criminal prosecution is recommended to the United States Attorney's office.

If you have not filed past returns, you need professional help. To avoid criminal charges and/or to add to the civil charges, it is important to file your tax return even if it is late or you cannot pay the taxes owed.

Tip Tax Solutions can assist you in organizing your tax documents and getting you back in compliance with the law. Our job is to work with the IRS to minimize your penalties. It is a complicated process and you need someone on your side that has the expertise to find the way through the clutter and be an advocate for you.

Reduce Your IRS Debt with an Offer-In-Compromise
Offer in Compromise
Qualifying for an offer-in-compromise settlement can save you thousands of dollars in taxes, penalties and interest. An offer-in-compromise is an agreement between a taxpayer and the IRS to settle the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement.

Beware of advertisers that claim tax debts can be settled through the offer-in-compromise program for "pennies on the dollar." The offer-in-compromise program is very complex and time-consuming, sometimes taking as much as two years to complete. Tip Tax Solutions has the expertise and experience in working with the IRS to help expedite and take the stress out of the process

Tax Debt and Innocent Spouses
Innocent Spouse Relief
Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows. Both taxpayers are jointly and individually responsible for the tax and any interest or penalty due on the joint return even if they later divorce. This is true even if a divorce decree states that a former spouse will be responsible for any amounts due on previously filed joint returns. One spouse may be held responsible for all the tax due even if all the income was earned by the other spouse.

In some cases, a spouse will be relieved of the tax, interest, and penalties on a joint tax return. There are three types of relief available:

Innocent spouse relief
Separation of liability
Equitable relief
If the qualifications for one are not met, it is possible to qualify for the others. These mechanisms can relieve you from being responsible for unpaid back taxes, penalties and interest incurred as a result of the joint tax return that was filed. Each mechanism has different specific requirements that need to be met in order to qualify for the type of relief.

Innocent spouse relief is known to be one of the more difficult types of relief to obtain from the IRS. Many cases are denied because of mistakes made during the filing process or due to lack of professional representation. Tip Tax Solutions are experts in innocent spouse relief and can help.

Cloud accounting takes paperwork out of the equation for both entrepreneurs and their accountants. Business owners can also update bookkeeping data in real-time.
Cloud Accounting
If you’re like most small business owners, you wear many hats while attempting to make your business as successful as possible. For example, you may be responsible for managing inventory, communicating with clients, dealing with complaints, and handling all the financial aspects of your business.

In many cases, business owners take on all of these responsibilities simply because they don’t believe they have the ability to bring in experts to help them with any of these important tasks. Unfortunately, all this multi-tasking can cause problems for your business, especially when it comes to your finances.

Introducing Cloud Accounting

Also known as online accounting, cloud accounting is the method of using software applications and computer hardware to complete accounting online. Information is sent to the cloud, processed, and returned to the user.

Cloud accounting offers many benefits for both entrepreneurs and their accountants. The two can collaborate better and work together more accurately. It gives both sides greater insight into the numbers and cash flow with its anywhere accessibility, advanced security technology, live updates, and bug fixes along with real-time facts and figures.

Farewell to Paperwork

Cloud accounting takes paperwork out of the equation for both entrepreneurs and their accountants. Everything is stored in cloud services and apps. This means that it takes less time for business owners and their accountants to find, file, and analyze documents. When compared to traditional accounting methods, cloud accounting is a no-hassle paper solution. It’s also efficient and green.

Real-Time Facts and Figures

Business owners can also update bookkeeping data in real-time. This keeps the information up-to-date and allows accountants to work with the current facts and figures. Both entrepreneurs and their accountants get a true snapshot and more insight of what’s currently happening in the financial arena.

Wouldn’t it be nice if running a business was nothing but money coming in?
Cash Flow Management
Every business has creditors and expenses, and positive cash flow isn’t always a given. Finding yourself with more cash flowing out of your business than flowing in causes more than stress – it can result in angry creditors and suppliers and the potential for your business to fail.

If you’ve ever found yourself in a position where you’ve had to borrow money in order to make payroll, then you need Tip Tax Solutions cash flow management service. With our help you will have a better understanding of your cash needs and the various sources available to you for meeting them. Maintaining a positive cash flow provides a number of benefits, including positive relationships with your creditors and lenders, and we make that possible by developing both short term and long term cash flow projections to help you to anticipate cash needs from week to week and as long as five years into the future.

Maintaining positive cash flow and preventing shortfall crises is largely a matter of understanding where the money is going and where it has gone in the past, so in addition to preparing projections we’ll look back and prepare historical statements from which you can learn. In addition to that, we’ll help you with all the pieces that can improve your cash flow, including obtaining reliable and reputable lines of credit, accelerating your cash collection techniques and putting effective policies into place, creating a payment schedule and policy that works for your business, and making the most of your idle cash.