Minimizing Your Tax Debt with Professional Tax Resolution Services
Tax Resolution Services at Tax Debt Relief Answers, we understand that grappling with tax debt can feel overwhelming. That’s why we offer expert tax resolution services to provide you with the guidance and support needed to break free from the cycle of financial stress. Our dedicated team of professionals specializes in crafting tailored solutions to help you navigate the complexities of tax debt and find lasting relief.
Negotiating with the IRS
Our Tax Resolution Services begin with direct negotiations with the IRS on your behalf. We have a deep understanding of IRS regulations and procedures, allowing us to develop effective strategies to resolve your tax debt. Whether it’s negotiating an Offer in Compromise, setting up an installment agreement, or exploring other options, we’re here to fight for your best interests.
Customized Tax Resolution Services
We recognize that every tax debt situation is unique. Our experts work closely with you to develop a customized plan that aligns with your financial capabilities and goals. Thus, our solutions are designed to alleviate your tax burden while ensuring full compliance with tax laws.
Protection of Your Rights
Throughout the resolution process, we ensure that your rights are protected. Our experienced team acts as your advocate, communicating with tax authorities to secure a fair and equitable outcome. We’re committed to preventing aggressive IRS actions and helping you regain peace of mind.
We believe in transparent communication. We will keep you informed about the progress of your case and the steps we’re taking to resolve your tax debt. Our team is readily available to address your questions and concerns.
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Common Tax Issues We See
With Tax Resolution Services
WAS THERE AN ERROR ON YOUR TAX RETURN?
Nobody’s perfect, and filling out tax returns is not always an easy thing. So, if you’ve made a mistake, whether it’s something simple like filing status or the number of dependents or even something bigger all you need to do is file an amended return using Form 1040X, The Amended Individual Income Tax Return. If the mistake means that you owe more money, quickly submitting the amount that you owe will help you avoid having to pay too much in penalties or interest. Generally, it’s not at all unusual for the IRS to discover mistakes – especially math mistakes – and they will generally notify you that they have made corrections on your behalf.
MISMATCHED/UNDER REPORTED INCOME
The IRS receives copies of all the documents you get reporting your income each year. Whether that’s a W-2 from your employer, a Form 1099 from your bank or brokerage firm, or even your Social Security, the IRS knows it all. If the income you report on your tax return does not match the information the IRS has, they will send you a CP2000 notice reporting the difference. However, these notices are often wrong. Don’t assume you owe what the IRS says you owe. If you think there’s an error, call us today.
FAILURE TO FILE A TAX RETURN
The rules that determine whether or not you are required to file a tax return are very specific. The penalties for not filing when required are substantial. Too many taxpayers who know they owe money don’t file because they know they can’t pay. That’s a huge mistake. The penalty for not filing on time is 5% per month of the balance due up to a max of 25%. In just five months, you’ve added 25% to the amount you owe, and that doesn’t include the late payment penalties or the interest that get added every month too. File on time, even if you can’t pay what you owe. Then call us and let us work out payment arrangements with the IRS that you can live with.
TAX DEBT RESULTING IN TAX LEVY
If you owe back taxes and don’t take steps to fix the problem, eventually the IRS will issue a levy and take your assets. Did you get a Notice of Intent to Levy? If so, you must take action immediately to stop the collection process. If you don’t respond, the IRS will proceed to take what you own. They go after the easy to get assets first. They will seize your bank accounts, brokerage accounts and garnish your wages. If that’s not enough to pay what you owe, they may seize cars, jewelry, collectibles and family heirlooms. They can even force the sale of your home. Don’t let this happen to you. If you get a Notice of Intent to Levy, call us immediately so we can stop the IRS collection process and get you the tax relief you need.
NOTIFICATION A TAX LIEN HAS BEEN FILED
If you owe back taxes, the IRS may take action to protect its interests by filing a tax lien. Letter 3172 is your notification the IRS has filed a lien against your property at the county courthouse. The lien ensures the IRS will get paid if your assets are sold. The lien is a matter of public record and attaches to all property you own at the time of the lien and all property acquired thereafter. Your IRS problem must be resolved for a tax lien to disappear.If you have received a Notice of Tax Lien you must take action immediately.
OFFER IN COMPROMISE
An Offer in Compromise is a legal contract you sign with the IRS to settle your outstanding debt, often for pennies on the dollar.
If your Offer is accepted, you must remain in compliance for the next five years. That means timely filing all required returns and making all payments timely, including estimateIf your Offer is accepted, you must remain in compliance for the next five years. That means timely filing all required returns and making all payments timely, including estimated tax payments. Failure to remain in compliance will result in the cancellation of your offer, putting you back to square one. Call us to find out if an Offer in Compromise will work for you, or if there is an even better solution to your tax problem.
An Installment Agreement allows you to make monthly payments on your IRS back taxes. The amount you have to pay each month is based on your personal circumstances and national and local guidelines the IRS has to follow. If your circumstances change, an Installment Agreement can be modified to fit your new situation without starting all over. An Installment Agreement does not last forever. By law, the IRS has a limited time frame to collect the taxes you owe. If, at the end of that period, you still owe taxes, the IRS writes off what’s left. Moreover, we specialize in helping you arrange your finances so you pay the lowest amount possible to the IRS each month. Call us today and let us get the process started.
BANK LEVY RELEASE
Collections / Bank Levies – An IRS levy is the action taken by the IRS to collect taxes. For example, the IRS can issue a bank levy to obtain your cash in savings and checking accounts. Once a levy is issued, you have a very limited amount of time to act before the IRS seizes your assets. There are actions that we can take to stop the levy – if you call us in time.
Taxpayers that are hit with IRS penalties can request the penalties to be abated.
Abatement means to completely or partially remove the penalty. Some penalties can be abated automatically under the First Time Penalty Abatement program. Other penalties can only be removed by showing “reasonable cause.” In order to show reasonable cause, you must have a compelling reason why you should not be charged the penalty. We will work with you to craft an argument based on your personal circumstances as to why the penalties assessed against you should be abated.
The IRS may use a potent tool to collect the back taxes you owe – the garnishment. While most taxpayers think of a wage garnishment, where money is taken out of each paycheck and sent directly to the IRS by your employer, the IRS can garnish any recurring income stream. Such income streams could include Social Security, pension payments or even alimony. The best time to prevent a garnishment is before it starts, but an existing garnishment can potentially be reduced or eliminated depending on your circumstances.
INNOCENT SPOUSE RELIEF
Taxpayers often find themselves in trouble with the IRS because of their spouse’s or ex-spouse’s actions. The IRS realizes that these situations do occur and, the IRS has developed guidelines to assist taxpayers in such cases. If you think this may apply to you, let us help you determine if you qualify for Innocent Spouse Relief.
“The IRS can conduct an audit in multiple ways. A correspondence audit is done by mail. An office audit is done at the IRS offices. A field office is done at your place of business or home. If you are notified that you are being audited, contact us immediately. How and when you respond to the audit request can have a major impact on the final outcome. To get the best result, it is imperative that proper documentation and all legal arguments are presented fully and completely. It’s also important to not say the wrong thing. As your Tax Resolution Services representative, we talk to the IRS on your behalf so you don’t have to.”
IRS REPRESENTATION WITH TAX RESOLUTION SERVICES
Item 9 of The Taxpayer Bill of Rights states: “Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealing with the IRS.” In our years of experience engaging with numerous taxing authorities, we have attained a level of competence that assures our clients that we are representing them in such a manner as to achieve the best possible outcome based on their unique circumstances. Tax Resolution Services for people in need!
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