There are many ways we can help you tackle your past due IRS taxes, depending on how the IRS has interacted with you in the past. Here are some common options, and it’s always best to contact our office so we can advise the best course of action for your specific case.
”I would like to say “thank you” for all your help with my IRS problems. I also would like to thank you for answering the many questions I have had regarding my tax questions that I have encountered. I appreciate the letters that you had written to the IRS regarding my past due taxes. I also want to say that I enjoy the informative information regarding the IRS that you send to our home in your newsletter. It has been a pleasure doing business with you. Dealing with the IRS is not an enjoyable experience yet you have managed to make it an easier responsibility.John
Offer In Compromise
If you have found yourself with a tax liability that you cannot afford to pay, you may want to consider an Offer in Compromise. We can prepare an Offer in Compromise from the information you provide us. We then work to negotiate with the IRS on your behalf, to reach an amount less than the full amount you owe. This negotiation can be anywhere from 10 – 50% of the full amount you owe. All of the liabilities are settled with the acceptance of the offer and any liens or levies are released. Your financial position is then reviewed in the consideration of the offer acceptance, opening for you a fresh start.
IRS Payment Plans
If you are struggling to pay past due taxes, the IRS is almost always willing to accept some type of payment plan. This can take away some of the stress, and help you to effectively overcome your problem. In order to arrange a payment plan, you must have all of your tax returns filed in addition to not having the money or the ability to obtain the money to pay these taxes in full.
The IRS continues to accrue penalties and interest while you are making payments. It is important to make a payment plan that is sufficient so that your balance decreases with each payment, in order to overcome the penalties and interest. In order to overcome a sensible payment plan on your behalf, we review your current income and expenses as well as any anticipated future changes. Preparing a payment plan can be an overwhelming and daunting procedure, but with our expert staff, you can be on your way to creating the plan that will help you triumph over your tax debt.
IRS Liens and Levies
The filing of a federal tax lien by the IRS can make your life miserable. There is a public record filed with the County Clerk in the county where you live or your business operates. An IRS lien is a filing on your property, usually real estate. It is essential to get this lien released in order to save the equity in your assets.
An IRS levy is a notice to collect taxes. This is usually an action taken against your bank accounts or your accounts receivable. The IRS will send a notice to your bank to withdraw the money from the account and send it to them. This will also include any money owed to you by your customers; their payments will not go to you, but instead to the IRS. This levy can create severe consequences affecting your money, and future income if it is not released.
The IRS possess the ability to seize and sell personal, as well as business assets to pay any outstanding tax liabilities. When dealing with your belongings, they are not considering the damage caused to you or your family. It is their job to collect as many assets as needed to equal the amount of taxes due. Losing these assets can result in the loss of all your equity. This is usually a last resort on their behalf to collect these taxes, meaning they will take aggressive action prior to property seizure. We can help you organize a plan to avoid a sale of the assets, allowing you to maintain your equity.
A wage garnishment is the notification from the IRS to your employer to withhold a certain amount each pay period to be sent to them in an effort to reduce the tax balance. This can be very embarrassing since your employer is now aware of your tax problem. In many cases, it does not leave you with sufficient income to pay the rest of your bills and to live. The IRS gets what they are owed but the rest of your bills might go unpaid. We can work with you to get this wage garnishment released and reach a payment that is an amount affordable for you.
Our trained CPAs and certified tax resolution specialists work diligently to find the best outcome we can on your tax issues. Call us at 609-970-4634 or email [email protected] to set up your no-cost, no-obligation, no-pressure complimentary consultation today.