J.R. Helms & Associates, P.C.

𝙒𝙝𝙖𝙩 𝙨𝙝𝙤𝙪𝙡𝙙 𝙄 𝙙𝙤 𝙗𝙚𝙛𝙤𝙧𝙚 𝙛𝙞𝙡𝙞𝙣𝙜 𝙛𝙤𝙧 𝙗𝙖𝙣𝙠𝙧𝙪𝙥𝙩𝙘𝙮?

Before you file for bankruptcy, get your records together and look at the tax consequences. Start here:
1. Gather all tax records (recent tax returns, IRS transcripts, IRS or state notices, and any prior 1099-C forms, etc).
2. Review whether you may be insolvent (comparing what you owed with what you owned on the relevant date).
3. Review timing issues. This may include unfiled tax returns, recent tax debts, or creditor payments made before bankruptcy.

Last step...

Talk with us before you file. A bankruptcy filing can affect more than your debt. It can also affect what shows up on your tax return, and we can help you think through that part before the paperwork is submitted.

How To Hire An Intern For The Summer For Your Indianapolis Business

How To Hire An Intern For The Summer For Your Indianapolis Business Ready to hire an intern for the summer? Learn how to correctly classify and pay your interns to stay 100% compliant with IRS rules.

𝘾𝙤𝙪𝙡𝙙 𝙢𝙮 𝙩𝙖𝙧𝙞𝙛𝙛 𝙧𝙚𝙛𝙪𝙣𝙙 𝙘𝙧𝙚𝙖𝙩𝙚 𝙩𝙖𝙭𝙖𝙗𝙡𝙚 𝙞𝙣𝙘𝙤𝙢𝙚?

If your business deducted tariff payments as an expense in prior years, you may not be able to treat the refund as tax-free money when it comes back.

Most of the refund will likely need to be reported as taxable income in the year you receive it.

There’s another piece to watch too: CBP may include interest with the refund.

For tax reporting, you’ll need to separate:
• The refund principal
• The interest paid on the refund

Don’t just plan for the cash coming in. Plan for how it may show up on your tax return too. DM us if you want help getting that plan in place.

Google's updates to its search bar are really interesting: https://www.techbrew.com/stories/google-it-while-you-still-can

And you might be tempted to ask all kinds of tax questions with the new features. And the thing is, the answer might sound definitive in the results but actually still be wrong for your situation.

Tax questions need details that AI agents don't think to ask for.

Maybe your income changed. Maybe you got an IRS notice. Maybe you’re asking about a deduction, but the real issue is how your business is set up.

Don't rely on quick answers from Gemini when it comes to your IRS obligations.

Ask a professional you can trust (we're right here).

𝘾𝙖𝙣 𝙨𝙩𝙪𝙙𝙚𝙣𝙩 𝙡𝙤𝙖𝙣 𝙙𝙚𝙗𝙩 𝙘𝙧𝙚𝙖𝙩𝙚 𝙩𝙖𝙭 𝙥𝙧𝙤𝙗𝙡𝙚𝙢𝙨 𝙛𝙤𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙬𝙣𝙚𝙧𝙨?

It can, especially if you’re settling debt, dealing with bankruptcy, or trying to clean up multiple financial issues at once.

When a lender forgives or cancels debt, the IRS may treat the amount you no longer have to repay as taxable income. Student loans can fall into that category unless an exclusion applies.

Canceled student loan debt may be excluded when:
• The debt is discharged in bankruptcy
• You were insolvent immediately before the debt was canceled
• A specific student loan forgiveness rule applies
• Another tax-law exclusion applies to your facts

If you own a business, timing matters. Your debt resolution and tax reporting may depend on what happens first.

Before you sign a settlement or file anything that could trigger cancellation of debt income, take time to look at the tax side first. If you’re not sure what that could mean for your return, reach out and we can help you make the next move.

https://www.facebook.com/share/v/17mcyBq82M/

“Our debt to the heroic men and valiant women in the service of our country can never be repaid. They have earned our undying gratitude. America will never forget their sacrifices.”
–Harry S. Truman.

𝗧𝗵𝗲 𝘁𝗿𝘂𝗲 𝗺𝗲𝗮𝗻𝗶𝗻𝗴 𝗼𝗳 𝗠𝗲𝗺𝗼𝗿𝗶𝗮𝗹 𝗗𝗮𝘆 𝗶𝘀 𝘄𝗿𝗶𝘁𝘁𝗲𝗻 𝗶𝗻 𝘀𝗮𝗰𝗿𝗶𝗳𝗶𝗰𝗲.

For those who never came home and for the families who feel that absence every day, we honor you.

Why Tariff Refund Claims Get Delayed for Indianapolis Small Business Owners

Why Tariff Refund Claims Get Delayed for Indianapolis Small Business Owners Navigate 2026 tariff refund claims successfully. Avoid rejections with tips on portal setup, multi-broker tracking, audit risks, and tax implications.

"𝗦𝗵𝗼𝘂𝗹𝗱 𝗜 𝗼𝗳𝗳𝗲𝗿 𝗮 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝗻 𝗶𝗻 𝗺𝘆 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?"

About 42% of full-time working Americans don’t have access to a retirement plan. And as a business owner, you have the power to influence that statistic.

If you've avoided offering a plan because of the administrative burden, it may be worth taking another look.

Under the SECURE 2.0 Act, eligible small businesses may qualify for:
1. A startup cost credit covering up to 100% of eligible administrative and employee education costs.
2. A credit that may help offset employer contributions for qualifying employees.
3. A separate credit for adding automatic enrollment.

But don’t add a retirement plan just to chase tax credits.

What we need to consider is: does the plan fit your cash flow and your long-term business goals?

Let's run the numbers and figure out whether a retirement plan makes sense for your business.

Vehicle costs can sneak up on you. Fuel. Maintenance. Miles driven for work. It adds up fast, especially when your car is part of how you earn income.

Getting better gas mileage is one way to keep those costs down. Keeping better records is another.

If you use your vehicle for business, make sure you’re tracking mileage, expenses, and the purpose of each trip throughout the year.

It’s a lot easier to stay organized as you go than to recreate everything at tax time.

Are you tracking your business mileage as you go?

https://www.toyota.com/car-tips/driving-tips-getting-best-fuel-economy/

𝗛𝗼𝘄 𝗱𝗼 𝘆𝗼𝘂 𝗳𝗶𝗹𝗲 𝗳𝗼𝗿 𝗮𝗻 𝗜𝗘𝗘𝗣𝗔 𝘁𝗮𝗿𝗶𝗳𝗳 𝗿𝗲𝗳𝘂𝗻𝗱 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗖𝗔𝗣𝗘?
If you qualify for an IEEPA tariff refund, you’ll file through the CAPE tab in ACE.

Here’s what that process looks like:

1. Verify your ACE account -- Make sure your CBP Importer Record uses your company email, not your broker’s.
2. Set up ACH -- Refunds are paid by ACH, so your bank info needs to be set up in ACE.
3. Identify eligible shipments -- Review your Form 7501 records for IEEPA-related HTS Chapter 99 codes.
4. Prepare your CAPE declaration -- Your CSV needs one column titled “Entry Number,” with each entry number exactly 11 characters.
5. Submit and monitor your claim -- Upload the file in ACE under the CAPE tab and watch for your Claim Number.

A wrong digit, old email, or mismatched filer code can slow down the whole refund process.

We can help you review your records and figure out the right next step.