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Custom Financial Solutions, Inc.

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Custom Financial Solutions, Inc.

No high-pressure sales sharks. No annoying tax professional lingo. Just straight, authoritative and friendly advice. Our founder Leslie R. Free Consultations!

Visit: www.irstaxrep.com
Or call: (321) 327-2900 Custom Financial Solutions is committed to delivering the highest level of service to our clients. Murphy, has over 40 years of experience in all areas of accounting, finance, and tax resolution. Her advanced training in tax resolution provides the skills necessary to understand a client’s unique situation, attain their financial goals and reduce their taxes. We are always available to provide the support our clients need and deserve, and make customer care a top priority. We guarantee to provide complete transparency regarding our processes and pricing. You can trust us and feel comfortable knowing we have your best interests at heart. Custom Financial Solutions is ready to help you with your tax resolution needs.

10/06/2026

If a tax company makes this promise about clearing up your IRS debt, run the other way...

https://consumer.ftc.gov/consumer-alerts/2026/08/struggling-tax-debt-heres-what-know

10/05/2026

𝗪𝗶𝗹𝗹 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝗮 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝗱 𝗰𝗮𝗻𝗰𝗲𝗹 𝗺𝘆 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀?

Getting retroactive S corp status fixes your business tax classification, but it doesn't erase back penalties.

To the IRS, these are two completely separate files:
• 𝗟𝗮𝘁𝗲 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹 fixes 𝘸𝘩𝘰 you are for tax purposes (granting you retroactive S corp status from the date you intended).
• 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 are triggered by 𝘢𝘤𝘵𝘪𝘰𝘯𝘴 (filing tax returns late, missing payroll tax deposits, or paying late).

Approving one does not automatically cancel the other.

The good news is, you can still request separate penalty abatement to get those IRS fines taken care of.

Comment 𝗣𝗘𝗡𝗔𝗟𝗧𝗜𝗘𝗦 to see if you qualify for penalty relief.

10/02/2026

𝗜𝗳 𝘁𝗵𝗲 𝗜𝗥𝗦 𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝘀 𝗺𝘆 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻, 𝘄𝗶𝗹𝗹 𝗺𝘆 𝘀𝘁𝗮𝘁𝗲 𝗿𝗲𝗰𝗼𝗴𝗻𝗶𝘇𝗲 𝗶𝘁 𝘁𝗼𝗼?

No, federal approval doesn't necessarily mean your state will recognize the same S corp treatment.

That’s because your federal election and your state tax treatment are separate. Some states follow the federal election automatically, while others require their own election, filing, or payment.

So after your federal election is approved, let us help check your state’s rules to see whether anything else still needs to be filed or corrected.

10/01/2026

𝗪𝗵𝗮𝘁 𝗰𝗮𝗻 𝗜 𝗱𝗼 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗺𝘆 𝗯𝘂𝗱𝗴𝗲𝘁 𝗳𝗲𝗲𝗹 𝗹𝗲𝘀𝘀 𝘁𝗶𝗴𝗵𝘁?

Start with one small move:
• Cancel a subscription you forgot about.
• Sell something around the house you’re not using.
• Pick up a little extra work this month (and set aside part of what you earn for taxes).

If payments toward an IRS tax debt are stretching your budget, message us. We can review your payment options and see whether one fits your situation better.

09/30/2026

𝗪𝗶𝗹𝗹 𝗜 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗮𝗺𝗲𝗻𝗱 𝗺𝘆 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻 𝗶𝗳 𝗺𝘆 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗴𝗲𝘁𝘀 𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝗱?

It depends on how you reported the income on your personal return while the election was missing.

If you already filed your personal return consistently with S corp status, you generally don't need to amend it once the IRS grants retroactive approval.

But if you reported the income under a default entity status (like Schedule C) you will need to amend your personal return.

So, start by pulling your personal return and checking how the business income was reported. Then compare that with the S corp return and the effective date you're asking the IRS to recognize.

Comment 𝗙𝗜𝗫 below if you want us to step in and help you clear this up for your business.

09/29/2026

50+ and earned over $150K last year?

Your 401(k) catch-up contributions may now have to go into a Roth.

https://www.kiplinger.com/taxes/ask-the-tax-editor-changes-to-retirement-plans-iras-401-k-contributions

09/28/2026

𝗗𝗼𝗲𝘀 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰 𝗘𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻 𝗳𝗿𝗼𝗺 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗮𝗽𝗽𝗹𝘆 𝘁𝗼 𝗮𝗻 𝗮𝗺𝗲𝗻𝗱𝗲𝗱 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻?

No, Automatic Exemption from Penalty is intended for eligible original returns, not amended returns.

That means filing an amended return doesn’t trigger an automatic AEP review.

If an amended return creates a penalty issue, there are still other ways to address it.

One thing we can look at is whether the penalty was assessed correctly in the first place. That means looking at the penalty alongside your filing history, payment history, and what actually happened with the return.

If something doesn’t line up, challenging the assessment itself can be an option.

So if you get a penalty notice after amending a return, 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 “𝗣𝗘𝗡𝗔𝗟𝗧𝗬” so we can look it over before assuming the amount is final.

09/25/2026

https://www.wsj.com/business/autos/gm-to-produce-patriot-missile-parts-as-u-s-faces-critical-arms-shortage-c0f94101

GM proved you can completely pivot an operation in under a month when the pressure is on.

If back taxes, unfiled returns, or sudden 1099 income caught you off guard, you can fix it just as fast. The key is taking control before the IRS takes it for you.

If you want help with a quick pivot on your IRS problems, shoot us a DM.

09/24/2026

𝗪𝗵𝘆 𝗱𝗶𝗱 𝗜 𝗴𝗲𝘁 𝗮𝗻 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝗻𝗼𝘁𝗶𝗰𝗲 𝗶𝗳 𝘁𝗵𝗲 𝗜𝗥𝗦'𝘀 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗥𝗲𝗹𝗶𝗲𝗳 𝗶𝘀 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰?

The IRS’s Automatic Exemption from Penalty (AEP) program is designed to suppress first-time penalties before a bill is ever sent.

If you received a penalty notice, it means the system flagged an issue such as an unfiled return or unpaid balance in the prior 3 years that disqualified you for automatic relief.

If you already paid the penalty notice, you may still qualify for a refund by submitting a manual abatement request under Reasonable Cause or another available penalty-relief option.

Received a penalty notice in the mail but think it was applied incorrectly? Send it over, and we’ll take a look at whether the penalty may qualify for relief or a refund.

09/23/2026

𝗜𝗳 𝗜 𝗾𝘂𝗮𝗹𝗶𝗳𝘆 𝗳𝗼𝗿 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝗿𝗲𝗹𝗶𝗲𝗳, 𝗱𝗼𝗲𝘀 𝘁𝗵𝗮𝘁 𝗲𝗿𝗮𝘀𝗲 𝘁𝗵𝗲 𝗳𝗲𝗱𝗲𝗿𝗮𝗹 𝗶𝗻𝗰𝗼𝗺𝗲 𝘁𝗮𝘅 𝗮𝗻𝗱 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗜 𝗼𝘄𝗲 𝘁𝗼𝗼?

No, if the IRS approves penalty relief, it can remove a qualifying penalty, but it does not erase the underlying federal income tax you owe. And interest on unpaid tax may still be due.

𝙄𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩 𝙙𝙞𝙨𝙩𝙞𝙣𝙘𝙩𝙞𝙤𝙣: If a penalty is removed, the IRS often adjusts the interest that was charged specifically on that penalty as well.

So if you receive penalty relief, make sure you understand exactly what was removed and what you still owe.

Address

442 4th Avenue
Indialantic, FL
32903

Opening Hours

Monday	9am - 4pm
Tuesday	9am - 4pm
Wednesday	9am - 4pm
Thursday	9am - 4pm
Friday	9am - 4pm

Website

http://www.irstaxrep.com/

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