Explore practical accounting, tax, and financial guidance from Simplicity Financial.
Currently Not Collectible status is what the IRS assigns to your account when it agrees you cannot pay anything toward your tax debt right now without creating a financial hardship. Once your account is placed in CNC status, the IRS pauses active collection, things like wage garnishment, bank levies, and
The IRS Fresh Start Program is legit, but it isn’t a single program, and it doesn’t work the way most TV and radio ads make it sound. What actually exists is a set of IRS initiatives, expanded eligibility rules for installment agreements, Offers in Compromise, and penalty relief, that the
The IRS Fresh Start Initiative and an Offer in Compromise are not the same thing. Fresh Start is a broad set of IRS policies that made several relief programs easier to use, and an Offer in Compromise is one specific program that falls under that umbrella. As a CPA who
The IRS Fresh Start Program is not a single form or application. It is a set of IRS policy changes, first rolled out in 2011 and expanded in 2012, that made it easier for taxpayers to qualify for payment plans, penalty relief, and debt settlement on back taxes. There is
You apply for IRS Currently Not Collectible (CNC) status by filing a Collection Information Statement, like Form 433-F, 433-A, or 433-B, that proves your income can’t cover your tax debt and your basic living expenses at the same time. If the IRS agrees, it will temporarily suspend collection activities on
TL;DR: Currently Not Collectible (CNC) status pauses IRS collection when you cannot afford to pay, but only the IRS decides who qualifies. No company, including ours, can guarantee approval. A legitimate firm reviews your finances honestly, files the paperwork correctly, and represents you if the IRS has questions, without promising
Your mortgage lender needs three years of tax transcripts by Friday. Your financial aid office flagged a missing income verification. The IRS sent a notice referencing numbers you do not recognize on your own return. In every one of these situations, the answer is the same: request a tax transcript,
You are two weeks from closing on a home. The rate is locked, the inspection is done, and your moving date is on the calendar. Then your lender emails asking you to sign a Form 4506-C before underwriting can finalize. You have never heard of it. You are not sure
Filing Form 1310 is how you formally tell the IRS who has the legal authority to receive a refund that belonged to someone who has passed away. This guide covers the current revision Form 1310 (Rev. December 2025) and walks you through every step, from gathering documents to submitting the
Most business buyers don’t realize the IRS requires two separate filings the day a deal closes — one from the buyer and one from the seller — each reporting how the purchase price was divided among asset categories. Whether you’re the buyer inheriting a depreciation schedule or the seller managing
When you sell a business through an asset sale, the IRS doesn’t just care about the total price — it cares about how that price is divided among everything being sold. The allocation of purchase price in an asset sale determines whether your gain is taxed at favorable capital gains
Moves happen. People change roles. Businesses grow out of one space and into another. The part that gets missed is the boring-but-expensive detail: the IRS still sends time-sensitive notices to whatever address is on file. That’s why form 8822-b matters. It’s the “please send our official mail to the right
When people search DBA vs LLC, they usually want the simplest setup that won’t create tax surprises later. The CPA answer starts with one clear distinction: a DBA is a name filing, while an LLC is a legal entity. That difference affects how you sign contracts, how you separate business
Choosing between LLP vs LLC is less about which acronym looks better on a business card and more about what the structure will force you to do at tax time. The cleanest way to decide is to match the entity to how the business actually earns money, how the owners
Form 8832 is the “pick your tax classification” form. It matters most for LLC owners who want something other than the default IRS treatment. It can also matter for multi owner entities that want to switch how they’re treated for federal tax purposes. If you want a CPA to confirm
Can I claim my girlfriends child as a dependent? The honest CPA answer is: sometimes, but only when the living situation and support facts line up with IRS tests. It is not based on who feels like the parent. It is based on who can prove the rules were met.
If you are planning purchases, budgeting for business expenses, or simply trying to understand how local taxes work, knowing the san francisco sales tax rate 2025 is essential. Sales tax affects everything from retail shopping to restaurant bills, and accurate information helps you avoid surprises. Since Simplicity Financial operates fully
If you’re a retired federal employee, you’ve probably heard of the FERS Supplement—a benefit designed to bridge the gap between your early retirement and when you become eligible for Social Security. For those retiring before age 62, understanding how this supplement works can make a major difference in your income
If you live or run a business in San Jose, 2025 is shaping up to be the year to go green—and save money while doing it. The San Jose Clean Energy rebates program offers incentives for everything from efficient heat pumps to solar installations, helping households and business owners reduce
How Does a New Roof Qualify for Energy Tax Credit? When it’s time to replace your roof, the cost can make any homeowner wonder if there’s some financial relief available through tax incentives. The big question is — does a new roof qualify for energy tax credit? The answer depends
Simplicity Financial is Based in California, Available Nationwide California is known for its sunshine, high energy costs, and forward-thinking climate policies. If you’ve been wondering how to save on energy bills while boosting your home’s value, the CA clean energy rebate program might be the answer. Designed to encourage households
Ontario Ranch Property Tax Rate: Key Information You found the dream home. New build. Safe community. Great schools. But before you sign the dotted line—have you asked about the Ontario Ranch property tax rate? Because here’s the thing: your mortgage payment isn’t the only number that matters. Property taxes in
You can track sales from your phone. Manage inventory from the cloud. Sign contracts digitally. So why are you still doing your accounting like it’s 2005? Modern businesses have outgrown outdated systems—and your finances should catch up. Whether you’re a startup scaling fast or a lean team looking to outsource,
Is an LLC incorporated or unincorporated? The wrong answer could cost you—literally. If you’re a small business owner, freelancer, or landlord, your legal structure affects how much you pay in taxes, how exposed your personal assets are, and how the government sees your business. That’s not just paperwork. That’s your
Thinking of incorporating? It’s not just a checkbox on a to-do list. It’s a strategic decision that affects your taxes, risk, and future growth. Whether you’re a contractor juggling invoices, a small business owner hiring your first employee, or a nonprofit founder applying for grants, your structure matters. Incorporation could
Need a Remote Accounting Manager? Read This First! Why Every Business Needs a Remote Accounting Manager If your business is growing, so are your financial responsibilities. Handling payroll, managing accounts, and ensuring tax compliance can quickly become overwhelming. A remote accounting manager can help streamline these processes, saving you time,
Online Bookkeeping Service for Game Stores Running a game store is more than just a business; it’s about passion, community, and the joy of bringing gamers together. But let’s be honest—managing finances can feel like battling a boss without the right strategy. Enter Simplicity Financial’s online bookkeeping service for game
