Tax Resolution Service
We can help with the following tax issues:
- IRS Debt Settlement – The IRS offers many options to settle back taxes
- Tax Lien Help – A tax lien is a public document filed by the government to put a legal claim against your property to settle your tax debt. Typically before it proceeds with the lien you will receive the "Notice of Federal Tax Lien". It is extremely important that you do not ignore this notice. The IRS will take this step after the following steps have been taken:
- Your tax liability has been assessed
- You have been sent a notice from IRS with detail on how much tax is owed
- IRS has not received any payment or communication from you within a certain time-frame (as noted on the notice)
- Negotiate Payroll Taxes – payroll tax is a trust tax where the employer is supposed to pay the IRS on behalf of their employee by withholding tax from the employees paycheck, this tax liability is aggressively collected by the IRS. The IRS can go after your business assets and come after you personally also. The Trust Fund Recover Penalty (TFRP) is assessed on persons who are not directly liable for the tax but had responsibility over the payroll tax process. In order for this penalty to apply:
- The person must have had the responsibility to collect the tax and to pay to the IRS
- The person must have willfully failed to pay the tax to IRS
- Both the above must exist for a person to be liable
- Innocent Spouse Relief – When a joint return is filed, both spouses are equally liable for the tax due. If one spouse who signs the return does not believe they are liable for the tax due they may seek relief under the innocent spouse rules. An example when this would apply is when a divorcee who previously filed jointly while still married files for relief from taxes which were due on the income of the other spouse.
- Offer in Compromise – this is a program that allows taxpayers who cannot pay their liabilities in full and will not be in a position to pay in the near future to negotiate the settlement in full for a lesser payment. This is available to those facing financial hardship or have gone through a situation that resulted in financial hardship such as an illness. An offer in compromise package has to be completed and submitted to IRS for consideration – there are two options for settlement:
- Lump sum payment – with this option 20% of the offer amount is paid with the submission of the offer in compromise package (application), once accepted by IRS the remaining offered amount is paid in 5 payments or less
- Periodic payment – initial payment is made with application and then you are required to make periodic payments until offer is accepted, and then continuously in monthly payments until the agreed upon amount is paid in full
- Installment Agreement there are many installment agreements available for the payment of tax owed:
- Guaranteed Installment Agreements – IRS will accept an installment agreement from an individual who owes less than $10,000 or less (excluding interest and penalties) – the tax liability must be paid within 3 years and the individual cannot have entered an installment agreement within the last 5 years – and must be in compliance with all tax filings
- Streamlined Installment Agreements – taxpayer who owes $25,000 or less can pay the liability within 72 payments. Must be compliant with all tax filings
- Streamlined Installment Agreements – taxpayer that owes $25,001 - $50,000 can pay over 72 months but must enroll in a direct debit installment agreement and must be compliant on all tax filings
- In-business Trust Fund Express Installment Agreements – this type of agreement is especially for small businesses with employees who owe $25,000 or less – they have 24 months to pay the liability. Must be compliant with all tax filings
- Partial Payment Installment Agreements – under this agreement, if the taxpayer cannot pay the full amount due by the time of expiration of the statute for collection, IRS may enter into an agreement for partial payment to settle the full liability. However the IRS can review the taxpayer's financial condition every two years.
- Tax Penalties & Interest
- IRS Audit Defense
- Income Tax Preparation
- Prevent Levy & Seizure – this is the actual seizure of property by the government to settle tax debt. Whereas the lien is a legal claim to your assets, the levy actually takes the property to satisfy the debt. The IRS can levy your property such as your house, boat, car etc. and also your wages, retirement accounts, investments etc. The IRS usually takes this step after the following steps have already been taken:
- Your tax liability has been assessed
- IRS did not receive any payment or communication from you within the timeframe as noted on the notice
- You were sent a "Final Notice of Intent to Levy" and "Notice of Your Right to a Hearing" at least 30 days before the levy
- Filing Delinquent(Unfiled) Tax Returns – if you have not filed your tax returns, the IRS will file one for you using a "Substitute for Return" – where they will assess tax based on income information that they have without tax deductions or credits that the taxpayer may be entitled to. The tax assessed may be a lot higher than it would be if you would file an accurate return with actual information. The IRS can come after you for the higher tax amount if you do not file an actual income tax return within a certain timeframe.
- Wage Garnishment – with a wage garnishment the IRS takes away money from your paycheck. It requires your employer to pay the money directly to them so you never get to see the money. This is continuous until your debt is paid off. The IRS can seize 50-75% of your wages leaving you the bare minimum on which to live. If you are self-employed, the IRS can (and will) send notices to your customers to pay what they owe you to the IRS directly. The types of income the IRS can levy include:
- Social Security
- Welfare Checks
- Disability Checks
- Pensions
- Stocks
- Mutual Funds
- Retirement Accounts
Services Offered
- Bookkeeping /Bookkeeping/Accounting Review - QuickBooks, Peachtree, MYOB
- Payroll/Full Service Payroll - Weekly, Monthly
- Sales Tax Returns
- Taxation/Tax Preparation (all entities) and Advice - Planning & Return Preparation - Individual, Corporate, Estate, Trust, Non-profit, Sales Tax, Payroll
- Business Management
- Outside Controller/Outsource CFO Services
- Incorporation Services for different Entities
- Business Valuation
- Financial Planning
- Forensic Accounting
- Technical set-up and support
- Financial Statement Preparation
- Business Consulting, including cash-flow analysis, financial reporting and controls, business process improvements)
- Representation at IRS, State and Local Audits
- Commercial Financing
- Mergers & Acquisition Consulting