Don't Face the IRS Alone!
TAX DEBT RESOLUTIONS
Tax debt resolution refers to the various ways taxpayers can address their tax bill with the IRS or state. There are many different options taxpayers have when they are unable to pay their taxes in full. Each resolution has a different process and requirements that must be met, which can often leave taxpayers confused and frustrated.
Our Tax Resolutions Specialists have years of experience guiding clients through their options. We will work with you to develop a plan that meets your specific needs and helps you resolve your tax issues as quickly as possible. We are committed to providing excellent customer service, and we will work hard to get you the best possible outcome in your case.
Below are some of the most common resolutions our firm sets up for clients. Keep in mind this is just a general description of what can be accomplished. Depending on your case a more complex solution or combination of resolutions may be a better fit. Contact us today for more information or to schedule a consultation with one of our specialists.
An offer in compromise (OIC) is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. The OIC program is designed to allow taxpayers with limited resources to resolve their tax debts without having to file for bankruptcy or face enforcement action by the IRS.
The IRS states, “We generally approve an offer in compromise when the amount you offer represents the most we can expect to collect within a reasonable period of time.”
With less than 20% of offers accepted by the IRS each year, it’s important to understand how the IRS makes its determinations.
There are several factors that are considered when determining whether an OIC will be approved, including: The taxpayer’s ability to pay; The value of assets available to pay off the debt; The size of outstanding debt; and Whether collection actions have been taken against the taxpayer.
Preparing an offer can be a long and burdensome process. Gathering all of the required information and documentation needed for submission can be overwhelming. This is where we come in! We work with you to compile all of the necessary paperwork, prepare the offer and submit it to the IRS.
It’s important to remember that submitting an offer does not guarantee its acceptance – even if all requirements are met – so it’s crucial to work with someone who knows what they are doing and has a good track record of success.
At our firm we have experienced professionals who know what it takes to get an offer accepted by the IRS. We will work with you every step of the way to make sure your offer is complete and accurate. Our goal is to get you the best possible outcome for your situation. Contact us today for more information or to schedule a consultation!
There are many reasons why you might find yourself struggling to pay your taxes. Maybe you lost your job, or incurred unexpected medical expenses. Whatever the reason, the last thing you need is the IRS coming after you with threats and wage garnishments.
Fortunately, there is a way to stop all collection activity by the IRS and private debt collectors: having your account declared currently not collectable (CNC). This status is granted after evidence is provided to the IRS that repayment of tax debt will create a hardship for the taxpayer. Assembling and arguing your case with accuracy and precision is essential for the IRS to consider granting CNC status.
If you’re feeling overwhelmed by tax debt, don’t despair. There are options available to help you get back on track. Contact us for a free consultation and speak with one of our tax professional who can help guide you through this process and work on getting your account declared CNC status
The IRS is auditing more taxpayers than ever before, with audit rates increasing as much as 25% for individuals and almost double for high income taxpayers.
No one wants to deal with an IRS audit, but if you find yourself in this situation, it is important to have representation. A good tax representative will know how to respond to the audit appropriately and in a way that best suits you.
The IRS will change your returns and assess a new liability if you do not respond to their inquiries. This can result in additional penalties and interest that can lead to bigger problems down the road.
The IRS has the authority to expand the scope of an audit to other areas of your return or include additional tax years. So if you are being audited for a specific issue, be prepared for them to go after other areas as well. This can be costly and time consuming, so it is important to have an experienced professional represent you during the audit.
Our representatives will work with the auditor to limit the scope of their examination and ensure that they only review information relevant to the specific tax return in question. We will also keep track of any requests for additional documentation or information so that we can ensure that no extraneous material is requested or examined.
The goal of the IRS audit process is to increase tax compliance and collect more revenue for the government. With our help, you can feel confident that your audit will be conducted fairly and efficiently. We have the experience and expertise to handle all aspects of the audit process and appeals if necessary. Contact us today to get started.
If you do not qualify for CNC status or do not have a case for OIC then a payment plan may be the best option for you.
There are many types of payment plans that you have a right to as a US taxpayer ranging from Standard, Streamlined and Partial Pay Agreements. Qualifying for the plans is based on several factors including income, total amount owed, and the age of the balances. Each of these plans have different requirements for qualification and standards for maintaining them.
The IRS will not inform you of every possible scenario voluntarily. The goal of the IRS is to have you pay as much as possible as soon as possible and will let you enter into an agreement even if it is not the best one for you. We can navigate the complicated formulas of payment plans to find the most affordable plan for you. Call us today for a free consultation to evaluate what your options are.
If you are already struggling to pay your tax balance due, the last thing you want is a hefty penalty from the IRS. Unfortunately, penalties can add up to more than 25% of the total owed to the IRS, making it even more difficult to pay back what you owe.
But don’t worry – there may be hope! Penalty abatement is a possible solution when establishing an installment agreement or repayment terms with the IRS. We are experts in this field and can help lessen or completely eliminate your penalties.
We will work with you one-on-one to determine if you have reasonable cause for not paying taxes on time. This involves factors that were beyond your control and which prevented you from meeting your tax obligations. If we believe that you have reasonable cause, we will prepare and submit all legal forms necessary for a successful penalty abatement application. Contact us today to get started.