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What You Should Know
If you owe back taxes to the IRS, swift and appropriate action is vital to prevent your income and assets from being levied or seized. In order to collect on the taxes you owe, the IRS has a myriad of collection tools available including wage garnishments, bank levies, asset seizures, tax liens, and special assessments, among others. Whether your collection case is assigned to an employee at the IRS Service Center or an IRS Revenue Officer at a local office, it is imperative to address your tax liability right away by taking the necessary steps to protect yourself and your assets.
How We Can Help
Upon becoming your “power-of-attorney”, we immediately go to work for you, our client. We exercise due diligence by reviewing all of your tax transcripts for the year(s) in question to determine the source and type of each tax assessment. You will be informed of any erroneous tax, penalties, or interest that have been assessed against you and, if applicable, an immediate request for abatement will be made. We will explain to you, in layman’s terms, everything you need to know about your tax liability and advise you as to all solutions available to you.
What You Should Know
Unfiled tax returns (or delinquent returns) are a common occurrence with out-of-compliance taxpayers. In addition to delinquent returns, taxpayers often also have an outstanding tax liability that needs to be addressed. Taxpayers in this situation should be aware that negotiating with the IRS cannot commence until all delinquent tax returns are filed (but not necessarily paid). Immediate filing of all required tax returns will help facilitate a resolution to your tax problem.
How We Can Help
We will review your tax return filing requirements with you and provide you with an explanation of appropriate actions needed to get you into filing compliance. If applicable, we will seek removal of any related penalties and interest assessed against your account, including a failure-to-file penalty, and address any resulting tax liability.
What You Should Know
An installment agreement is an agreement between the IRS and the taxpayer to pay down an existing debt in smaller, more manageable amounts, over time. Taxpayers must be in compliance with certain tax obligations (filing, federal tax deposits, withholding, etc.) before an installment agreement can be established. It is important to note that penalties and interest continue to accrue throughout the life of the agreement.
How We Can Help
We will assist you in meeting the criteria necessary to qualify for an installment agreement. We will advocate on your behalf and negotiate a monthly payment amount that is fair and affordable for you. Furthermore, we will explain how to prevent defaulting on an installment agreement and what actions to take to prevent IRS enforcement action in the event of a default.
What You Should Know
An offer-in-compromise is an agreement between the IRS and a taxpayer that settles a debt for less than the amount owed. Similar to installment agreements and other IRS programs, certain compliance and collectibility requirements must be met in order to qualify. In general, for an offer-in-compromise to be accepted, the IRS has to determine that it can collect more from a taxpayer through a settlement compared to what it can collect over the life of the remaining collection statute. In May 2012, the IRS expanded its offer-in-compromise program to include more flexible terms, allowing more taxpayers to qualify.
How We Can Help
A proper analysis and presentation of your financial situation is key in determining whether or not an offer-in-compromise is right for you and if it will be accepted. The IRS has strict guidelines on qualification and only accepts offer requests under limited conditions. Using our knowledge and experience with the offer-in-compromise program, we can assist you with qualification analysis, preparation, and submission of your offer-in-compromise to the IRS.
What You Should Know
Taxpayers facing large tax liabilities often see their debts increase significantly due to added penalties and interest. The IRS often applies various penalties and interest to outstanding tax liabilities making it more difficult for taxpayers to pay their back taxes. These penalties are mandated by the US Tax Code (IRC) and are most commonly assessed against taxpayers for nonpayment or underpayment of taxes, failure to make payroll tax deposits, and failure to timely file a tax return. In addition to interest accrued on any unpaid tax, interest is also charged on the penalties themselves.
How We Can Help
As your power-of-attorney, we will review your tax transcripts to identify which penalties and interest have been assessed against you and, if applicable, seek a full or partial abatement of penalties and interest resulting in an overall lower balance due. In additional to removing penalties and interest from your account, we will use our Preventative Approach^(SM) to ensure you have the knowledge and information you need to prevent penalties and interest in the future.
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What You Should Know
A tax lien is the government’s way to secure its interest in your assets and facilitate collection of your tax liability. After a lien is properly filed, the government has a right to all of your property, as well as any property or rights to property you acquire thereafter. Once its interest in your property is secured, the government can levy or seize your property as a means of collection. In addition to the prospect of a levy or seizure, taxpayers will often witness a significant decline in their credit score and an increase in difficulty obtaining a loan or line of credit.
How We Can Help
Although tax liabilities and tax liens often go hand-in-hand, we will help you determine if a lien has been filed, and if not, we will explain what you need to do to prevent a lien filing. In certain circumstances, the government will allow a payment arrangement or a settlement without the need for a lien filing. In situations where a lien has already been filed, relief may be granted via a request for a lien discharge or a subordination of the lien under certain conditions. In all cases regarding liens, we will ensure your taxpayer rights are protected and, if necessary, file an appeal on your behalf.
What You Should Know
As one of several means of collection, the IRS often issues a variety of levies against taxpayers. The levy can be mailed to your bank, your accounts receivable, and even issued to your retirement account. When a levy is sent to your employer it is called a wage garnishment. A levy or wage garnishment is often used by the IRS as a method of enforced collection aimed at garnering the cooperation of a taxpayer and is usually issued prior to more intrusive actions such as seizure and sale of taxpayers’ assets.
How We Can Help
Most levy and wage garnishment situations can quickly be resolved after ascertaining what documents or information the IRS needs in order to make an “ability to pay” determination on your case. As with all enforcement actions against our clients, we will immediately request a reprieve and act accordingly to protect your rights and assets.
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What You Should Know
Despite public perception to the contrary, seizures of taxpayers’ assets are neither a common nor practical action of the IRS. However, when seizure of a taxpayer’s asset does occur, the effects can be devastating. In general, if the IRS is considering taking seizure action against you, it may pursue any and all of your real and personal property that contain sufficient equity. Intangible property, such as goodwill or rights to property, can also be seized.
How We Can Help
Seizure actions by the IRS are often a “last resort” and therefore allows plenty of time for taxpayers with adequate representation to resolve the tax dispute without the threat of an actual seizure. In most cases, effective communication with the IRS and a properly packaged financial analysis will help facilitate an amicable resolution without the need for a seizure.
What You Should Know
A recent trend of the IRS has shown that correspondence and in-person audits are on the rise, especially among higher income earners. Some common causes for a tax return to be selected for an audit are random selection, computer screening where a mathematical reconciliation error has occurred, document matching reasons, unusual or excessive use of deductions, recent tax returns filed in bulk, or a related audit or collection case being worked by the IRS, among others.
How We Can Help
In you have received a letter or phone call from the IRS requesting an audit, it is imperative that you seek professional representation in a timely manner. As our client, we will review the audit process with you and ensure your rights are being protected throughout the audit. We can arrange to accompany you to the audit and will guide you through the audit process and present your options to you throughout every stage. In the event you disagree with the audit results, we will explain your appeal rights and how to petition the Tax Court.
What You Should Know
Publication 1 Your Rights as a Taxpayer is one of the most important documents the IRS is required to provide you. The publication outlines your rights as a taxpayer when faced with an IRS collection or audit situation, and explains such rights related to privacy, representation, and appeals and judicial review, among many others. An IRS appeal can take the form of a discussion with an IRS employee’s manager, a formal review by the IRS Appeals Office, a judicial review by the U.S. Tax Court, or all three.
How We Can Help
Even more important than knowing your various appeal rights is knowing when to use them. In most cases, IRS actions can be appealed before and after such actions have taken place, but within certain timeframes. While working your case, we will ensure your appeal rights are preserved and exercized at the right times. The timeliness and type of appeal request are crucial elements for an effective appeal. If an administrative appeal proves ineffective, we will guide you through the judicial appeal process.
What You Should Know
If during an investigation, the IRS determines that you cannot pay any of your tax debt at the present time, the IRS will temporarily suspend collection against you and place your account in “currently not collectible” status. Penalties and interest continue to accrue during this time and your case can be reopened at any time, should your financial situation change. In most cases, it is common for the IRS to follow up on your case two years after it is first placed in uncollectible status.
How We Can Help
As your representative, we will determine if you qualify to be placed in uncollectible status. We will gather your financial statements along with the documentary evidence needed to prove a hardship case to the IRS. We will work with the IRS on your behalf to prove that collection on your case should be suspended indefinitely or at least until your ability to pay improves.
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What You Should Know
Spouses left with a joint tax liability as a result of financial neglect or other adverse actions by their spouse (or ex-spouse) may qualify for tax relief by utilizing the IRS’s Innocent Spouse program. The IRS provides three different kinds of relief under this program; Innocent Spouse Relief, Relief by Separation of Liability, Equitable Relief. Taxpayers that qualify for relief will have the joint liability fully or partially removed from their name, and in cases of full removal, the innocent spouse will no longer be associated with or responsible for the outstanding liability.
How We Can Help
Spouses left with a joint tax liability as a result of financial neglect or other adverse actions by their spouse (or ex-spouse) may qualify for tax relief by utilizing the IRS’s Innocent Spouse program. The IRS provides three different kinds of relief under this program; Innocent Spouse Relief, Relief by Separation of Liability, Equitable Relief. Taxpayers that qualify for relief will have the joint liability fully or partially removed from their name, and in cases of full removal, the innocent spouse will no longer be associated with or responsible for the outstanding liability.