Client
A small business owner on Long Island’s East End, who hadn’t filed personal or business taxes for 3 years.
Challenges
The client approached Basso & Guida after three years of not filing their business or personal taxes. They were overwhelmed with the thought of catching up on past tax returns and were worried about potential penalties and legal consequences from the IRS. Additionally, their bookkeeping was incomplete for multiple years, making it difficult to even know where to begin.
How Basso & Guida Helped
1. Multi-Year Bookkeeping and Tax Preparation
Our first step was to bring the client’s books up to date. We completed detailed multi-year bookkeeping for both the business and personal accounts, organizing the financial records that had fallen behind over the past three years. Once the bookkeeping was in order, we were able to prepare and file the overdue tax returns for all three years.
2. Fighting Late Penalties
In addition to preparing and filing the back taxes, we advocated on the client’s behalf with the IRS. We explained the circumstances, provided documentation, and worked to negotiate the late penalties. In the end, we were able to significantly reduce the penalties, easing the client’s financial burden.
3. A Clear Financial Path Forward
With the past finally in order, we helped the client set up a plan to ensure that they remained compliant moving forward. This included a streamlined bookkeeping process, quarterly tax planning, and timely filings to avoid any future issues. We also offered ongoing support to keep their financials up to date.
Results
- Successfully filed 3 years of overdue personal and business tax returns.
- Reduced IRS penalties by 50% after negotiating with the IRS on behalf of the client.
- Established an efficient bookkeeping system for ongoing tax compliance.
- Provided the client with peace of mind and clarity, allowing them to focus on growing their business.
Client Testimonial
“Basso & Guida took what felt like an impossible situation and handled it with precision and care. Not only did they get my taxes back on track, but they also fought for me with the IRS and saved me thousands in penalties. I couldn’t have asked for better partners in getting my financials in order.”
