Par and Profit LLC

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Par and Profit LLC

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Par and Profit LLC is a Professional Services Firm based in Florida providing CFO services, tax planning, and IRS Tax Resolution to small businesses and individuals seeking these accounting services.

08/19/2026

IRS Notices Are Hitting Mailboxes

The IRS recently sent out a new round of notices. If you just received one, don’t ignore it and don’t delay. Deadlines matter, and the sooner you understand what the IRS is requesting, the more time you have to address it.

Got an IRS notice? Call or email to see what your next steps are.

08/04/2026

Can Your Company BBQ Become a Tax Planning Opportunity?

You're having the team over to your house for a company BBQ.

A little food. Some business discussion. Employee appreciation. Planning for the next quarter.

Could your business actually rent your personal home from you for the event?

Potentially - YES.

Under the Augusta Rule (IRC §280A(g)), a business owner may be able to rent their personal residence to their business for legitimate business use, while the rental income received by the homeowner may be excluded from taxable income when the home is rented for 14 days or fewer during the year.

And no - your employees don't have to spend the night.

But you can't simply throw some burgers on the grill, beers in the cooler and write yourself a $5,000 check.

If you're going to use this strategy, make it defensible:

- Have a legitimate business purpose for the event.

- Create an agenda - annual planning, employee training, strategy discussions, team meetings, etc.

-Document who attended and what was discussed.

- Establish documented reasonable rental rates

- Separate home rental, food, catering and other event costs.

⚠️ Watch out for common pitfalls, and use a Tax Professional to ensure your event is audit defensible, compliant to the IRS code and avoids common mistakes like turning a family BBQ or company social event into a "business meeting" AFTER THE FACT.

The Augusta Rule can be a useful tax-planning strategy. But the difference between tax planning and a large Disallowed Expense with interest and penalties can be costly.

Talk to your tax advisor before implementing the strategy.

Par & Profit | Tax Planning • Advisory • IRS Resolution

07/14/2026

Selling your Business? Make sure there isn't an IRS issue waiting at the closing table.

Many business owners focus on revenue, customers, and valuation - but unpaid payroll taxes can surface during due diligence and complicate negotiations, delay closing, or reduce your net proceeds.

The good news? If you address the issue early, you often have more options than you think.

Whether you're planning to sell this year or years from now, it's worth understanding how payroll tax debt can impact your exit strategy.

07/10/2026

Friday Reminder

Friday afternoons remind me a lot of the 18th hole.

You take a moment to look back at the round - the good shots, the mistakes, and what you'll do differently next time.

Business deserves the same reflection.

Take five minutes today to review your numbers before you enjoy the weekend.

Those few minutes may be worth more than another five hours of work next week.

Have a great weekend from Par & Profit.

⛳ See you on the fairway.

07/01/2026

The IRS Says You Owe Taxes You Didn't Create—Now What?

It's reasonable to assume that financial ties to your former spouse is over after a divorce. But several months later, a letter from the IRS arrives in your mailbox addressed to you and your ex-spouse, claiming a debt you didn't even know existed.

Tax trouble starts in various ways: maybe your ex-spouse underreported their income from a side business, claimed deductions they weren't entitled to, or simply pocketed the money that should have gone toward the tax bill. If you didn't know about these actions and had no reason to know, the law provides a way for you to step out of that shadow.

To qualify, the IRS generally looks for an 'erroneous item' on the return that is attributable to the other person. They then evaluate whether it is 'equitable' to hold you responsible. Factors like financial hardship, domestic abuse, or lack of involvement in the family finances can all play a role in your defense.

Navigating these rules while you are already emotionally and financially drained by a divorce is a heavy burden. You do not have to argue with the IRS alone. There are specific forms and strict deadlines that must be met to preserve your rights and ensure your new life isn't derailed before it truly begins.

Our firm specializes in helping taxpayers reclaim their financial independence. If you are being pursued for a tax debt that belongs to your ex-spouse, we invite you to contact us for a confidential consultation. Let’s look at the facts of your situation and determine if you are eligible for the relief you deserve.

06/29/2026

Played 18 holes at Blue Sky Golf in Jacksonville,FL.

Golf is a great reminder to slow down, recharge, and take time for the things that help you reset. ⛳️

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06/26/2026

Turning Personal Emergencies into IRS Penalty Abatement through Reasonable Cause

Your business thrives on your availability. But when life throws a wrench into your gears, your tax obligations can quickly spiral into a collection nightmare. If you have opened a letter to find massive penalties tacked onto your tax bill, it feels like the IRS is punishing you for having a human emergency.

However, there is a mechanism designed for exactly this situation: Penalty Abatement based on Reasonable Cause. The IRS understands that while the tax code is rigid, life is messy. If you can prove you acted with ordinary business care but were sidelined by an extraordinary event, you may be able to have those penalties wiped away.

It is important to remember that 'Reasonable Cause' is not a get-out-of-jail-free card for simple forgetfulness. The agency looks for seriousness. However, they are more compassionate than their reputation suggests when you present a clear, documented narrative of what went wrong. Once the penalties are addressed, we can look at a path forward through an Installment Agreement—a monthly payment plan that fits your freelance fluctuating income—or other IRS collection alternatives.

You do not have to carry the burden of these penalties while recovering from a life crisis. We specialize in telling your story to the IRS in a way they respect. If you are ready to stop the letters and start the resolution process, contact our firm for a confidential consultation today. Let us help you get back to work.

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06/25/2026

Make the Turn. Mid-Year Tax Planning Beats Year-End Surprises.

For many business owners, summer is the perfect time to catch up on the things that got pushed aside while focusing on filing tax returns. Taking care of them now can help you avoid expensive surprises later this year.

Mid-Year Business Compliance Checklist

✅ Make Sure Your Business Is in Good Standing

Verify your annual filings are current.
Resolve any compliance issues before they become penalties.

✅ Review Your Business Entity

Has ownership changed?
Is your current entity still the most tax-efficient choice?
Consider whether restructuring could save taxes or better protect your business.

✅ Planning to Expand?

Opening in another state?
Hiring employees in a new location?
Make sure you're properly registered before you begin operations.

✅ Review Payroll & Tax Accounts

Confirm payroll tax registrations are correct.
Catch any missed payroll filings before notices and penalties start arriving.

The middle of the year is one of the best times to identify risks, uncover tax planning opportunities, and get your business positioned for a strong second half of the year.

At Par & Profit, we help business owners stay compliant, reduce tax exposure, and make smarter financial decisions—before problems become expensive.

06/24/2026

Real Estate Investors - We've all seen the Ads on Cost Segregation.

There is a concern.........

"Sure, accelerated depreciation gives me more cash flow today, but I'll have to deal with depreciation recapture when I sell."

That's right.

But that's only part of the story.

What often gets overlooked is the value of having that cash available today.

Those tax savings can be used to:
✅ Make capital improvements
✅ Acquire additional properties
✅ Improve cash reserves
✅ Pay down debt
✅ Reinvest in higher-return opportunities

The key isn't avoiding depreciation recapture. The key is planning for it.

Good tax planning means understanding both the benefits now and the consequences later. When used strategically, cost segregation can be a powerful tool to improve cash flow and help grow a real estate portfolio. If you are thinking about doing a cost segregation study, contact us for a consultation.

06/17/2026

The Penalty You Never Saw Coming: Why Your Business Assets Just Became Government Collateral

You had enough in the operating account to cover your employees' net pay, but not enough to cover the federal tax deposit. You told yourself it was a short-term loan from the government and that you would catch up next quarter.

When those missed deposits stack up, the IRS eventually stops sending polite reminders and starts the process of securing their interest. This results in two of the most aggressive tools in the federal collection arsenal: the Notice of Federal Tax Lien (NFTL) and the Trust Fund Recovery Penalty. For a small business owner, these aren't just legal terms; they are a direct threat to your ability to keep your doors open and your personal bank account intact.

What a Payroll Tax Lien Actually Is

A tax lien is the government's legal claim against your property when you neglect or fail to pay a tax debt. While a 'silent lien' exists the moment the IRS assesses the tax and sends you the bill, the Notice of Federal Tax Lien is the public version. This is the document they file at the local land records or with the Secretary of State.

Think of it as the IRS screaming to the world—including your bank, your creditors, and your clients—that they have first dibs on everything you own. If you try to sell your equipment, refinance your building, or even secure a line of credit to survive a slow month, the lien stands in your way. It effectively freezes your credit and tells the financial world you are a high-risk gamble.

The Way Out

You do not have to face an IRS Revenue Officer alone. If you are ready to stop the notices and start solving the problem, contact our firm for a confidential consultation. We can help you navigate the complexities of payroll tax resolution and guide you back to a place of financial stability.

Contact us today for a confidential consultation:

Belayet Khan, CPA, MBA
Par and Profit LLC
[email protected]
904-575-6200

Address

Saint Augustine, FL
32084

Telephone

+19045756200

Website

https://www.parandprofit.com/

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