Owing money to the IRS is a serious issue, but it isn’t a cause for panic. An experienced tax specialist can work with the IRS on your behalf to resolve complicated problems that you wouldn’t otherwise be able to handle on your own.
How We Can Help
Here are just a few common situations that a tax resolution service can help with:
- Unfiled Tax Returns or Unpaid Taxes
- Inability to Make Installment Payments
- Tax Levies
- Tax Fraud
- Tax Evasion
- Tax Liens
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Un-filed or Unpaid Taxes
If you haven’t filed a return for a few years, you could owe the IRS a large amount of unpaid taxes, along with interest and late fees. A tax resolution specialist will help you determine the best tax settlement method, whether it’s setting up an installment payment agreement, requesting a penalty abatement, or submitting an offer in compromise.
Inability to Make Installment Payments
Typically, taxpayers who are unable to pay their back taxes in full enter into an installment agreement and make payments over a period of time until the outstanding amount is settled. But what if you’re unable to pay the monthly installments while still meeting your other financial obligations? Tax resolution specialists are knowledgeable about the many tax relief programs that are available and can help you negotiate an alternative repayment solution with the IRS. Depending on your financial situation, you may be able to make partial payments, submit an offer in compromise, or claim financial hardship.
If your assets have been seized via a tax levy, you’ll need to act fast in order to minimize damage to your portfolio. While you can attempt to resolve these problems on your own, hiring a tax specialist is the best way to prevent your bank accounts, real estate and vehicles from being affected by levies.
If you’ve intentionally hidden income or claimed false deductions with the intention of committing tax fraud, you’ll need the assistance of a tax professional to minimize penalties — or, at the very least, determine the best approach for handling the case in tax court. Trying to resolve a serious issue such as tax fraud on your own can lead to further penalties and financial distress.
Tax evasion is a serious offense carrying penalties that range from fines to imprisonment. If you have a good reason for not complying with tax regulations, a tax resolution service can help you avoid these penalties.
If you’re struggling to pay back taxes or are facing levies, liens, or wage garnishment, we can help. Contact us today for more information about how you can put your tax problems behind you, once and for all.
The IRS sends me threatening letters, can they levy my bank accounts?
Yes. The IRS will send the taxpayer a final warning 30 days before placing a levy on your bank account. The bank must hold the funds for 21 days before surrendering the levied funds to the IRS.
Can I get an IRS Tax Lien withdrawn?
Yes. A lien will be released if: paid, the IRS accepts a bond, by submitting a Certificate of Discharge or if you can show that the IRS was in error in submitting the lein.
Is there a way to find out if the IRS will accept my Offer in Compromise before I send the application fee and all of the paperwork?
No. You must submit your offer and wait for the IRS to accept or reject the offer. This usually takes from six to nine months.
What is the difference between an Offer In Compromise and Currently Not Collectible?
An Offer In Compromise is an offer to pay a tax assessment for an amount less than owed to the Government. To be accepted the Government must have doubt that your debt can be collected in full within the 10 year statute. You may request and be placed in Currently Not Collectible status if you are unable to make payments on a prior tax liability. You must apply and fall within certain IRS guidelines to be placed on Currently Not Collectible status. You will not be required to make payments until your ability to pay changes.
If I obtain a settlement with the IRS, do I have to pay the entire amount upfront or in advance?.
No. You can apply for and enter into an installment agreement with the IRS
How much time do you think we will have to resolve my IRS accounts?
It depends on if there is a dispute as to the amount owed and the amount of your tax liability. Amounts less than $50,000 can be resolved very quickly.
How can I stop unnecessary penalties and interest?
The only way to stop the IRS from assessing penalties and interest is to timely pay your tax liability. Tax planning with a CPA is critical to avoiding late or under payment penalties and interest.
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If you need a financial advisor near Atlanta, GA, Fricke & Associates, P.C. has the expertise and experience to understand your needs, analyze your financial data, promote your growth, and ensure your financial future is set on a successful path. Additionally, we are a leader in developing and implementing the latest technology for optimizing accounting, tax, and financial planning solutions.
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