Audit Representation
If you have received an IRS Audit Notice, then seriously considering professional audit representation is important. Many audits are complex and require the skills of a tax advisor to prove the taxpayer's position. The hiring of an audit defense specialist is wise. A tax professional will thoroughly review the tax return, look over any receipts, and also identify other areas of the return to determine if additional write-offs are available which could help in offsetting the tax owed as a result of the audit.
When professional representation is secured for an audit, the tax advisor handles all communications with the Internal Revenue Service, on the taxpayer's behalf. The taxpayer would not have to speak with the IRS directly. Not surprisingly a skilled audit defense firm can also negotiate many audit cases down to a fraction of what is owed and in some instances, they can dispose of the audit completely. Seeking professional IRS debt help for an audit is recommended to insure the best possible audit outcome.
IRS Tax Debt Settlement / Tax Debt Settlement / Tax Settlement
IRS Tax Debt Settlement is quickly becoming a more “well known” form of IRS debt relief. Consumers and distressed taxpayers alike frequently hear the phrase “settle your IRS tax debt for pennies on the dollar” or “settle your tax debt for a fraction of what you owe!” The fact of the matter is that you can settle your IRS tax debt for less than you actually owe, if you qualify under IRS guidelines. The current IRS average settlement for tax debt is 12 cents on the dollar. While some distressed taxpayers may receive offers as low as 3 or 4 cents on the dollar, others obviously receive higher offers than the current average.
The IRS understands there are situations in which they will not be able to collect the entire amount of tax an individual owes no matter what they do or how aggressive their collection efforts may be. By agreeing to tax settlement on the tax debt owed, the IRS brings the taxpayer back into their system. The taxpayer is required to stay in compliance and pay their taxes on time after tax relief is given. This form of IRS tax relief is a program called Offer in Compromise. IRS tax debt settlement is available for both personal and business tax debt. For more information about the Offer in Compromise program, see the section below titled IRS Offer in Compromise.
Back Tax Filings
The most common reason that taxpayers do not file their returns on a timely basis is that they simply do not have the money to pay the taxes. However, choosing this path is a serious mistake. The IRS handles non filing taxpayers very aggressively, and the penalties imposed for non-compliance are some of the highest assessed by the IRS. Very often taxpayers may have lost records to properly complete tax returns, but IRS tax specialists can provide invaluable assistance in reconstructing income and preparing reasonably accurate back tax returns. There is also the risk of being exposed to the most aggressive collection tactics in the IRS arsenal, including the possibility of criminal prosecution. If you need IRS debt help with back tax filings and don't know where to begin, allow our site to refer you to a tax problem resolution specialist immediately.
IRS Offer in Compromise / Compromise Offer
The IRS Offer in Compromise program is a form of IRS tax relief that a taxpayer may apply for with the IRS. This program allows the unpaid tax debt to be settled for a fraction of what is owed. However, there are complex guidelines for this form of tax debt relief and we strongly suggest that a professional tax reduction advisor handle the application request.
The application for Offer in Compromise allows the inclusion of all delinquent taxes including interest, penalties or additional amounts that have been applied under IRS regulations. To be considered for an IRS Offer in Compromise, all back tax filings must be handled and the taxpayer must be current with all federal tax deposits for the prior two quarters.
More common terms for this form of tax relief are IRS tax debt settlement or IRS tax settlement. The reason for these terms is that the IRS may legally compromise or “settle” a delinquent tax debt. There are three primary reasons that the IRS may be willing to compromise the tax liability. The first is Doubt as to Liability meaning there is some doubt as to whether the assessed tax is accurate. The second is Doubt as to Collectibility meaning there is doubt that the taxpayer will ever be able to pay the full tax amount owed. There are calculations that must be completed and submitted with the application that involve the sum of your future income and your assets. The final reason the IRS may consider settling a taxpayer's debt for less than what is owed is to promote effective tax administration. In this scenario, there is not a question about the tax liability being due or a dispute over the amount, but there may be severe economic hardship or special circumstances which would allow the IRS to grant the application for the Offer in Compromise.
Again, in order to maximize the chances for success in settling your tax debt for less through an accepted IRS Offer in Compromise, having professional tax experts handle the process can be a crucial element.
IRS Installment Plans
IRS installment plans are often referred to as monthly IRS payment plans or IRS installment agreements. An installment plan is a payment arrangement made with the IRS which allows the taxpayer to remit their delinquent tax liabilities over time. Once a payment plan is established, the IRS will no longer proceed with the legal collection tools available to it, many of which are considered to be quite severe, such as the levy of bank accounts are garnishment of wages. As long as the taxpayer remains current with the payment obligations and all future filing requirements, these collection tactics will not be employed by the IRS.
The bad news relative to an installment payment plan arrangement is that the outstanding balance does continue to accrue both interest and penalties. Additionally, many taxpayers find the monthly payment requirement to be more than they can comfortably afford. We strongly suggest that any delinquent taxpayer use a tax problem resolutions advisor who specializes in the various IRS tax relief programs. A tax specialist will handle the IRS Installment Plan application if that form of IRS debt help is the appropriate choice available under the IRS rules and regulations.
Stop IRS Wage Garnishments
The IRS wage garnishment is a very powerful tool used to collect taxes owed through your employer. Once a wage garnishment is filed with an employer, the employer is required to collect a large percentage of each paycheck. The financial impact of a wage garnishment can be financially devastating. Because the IRS Wage Garnishment is the result of a legal order from the IRS to your employer, they have no choice but to process this wage garnishment exactly as instructed. Additionally, it is embarrassing to have your employer involved in your past due IRS tax problems.
A payroll wage garnishment will stay in effect until the IRS is fully paid. That is why it is advisable to seek wage garnishment problem resolutions with IRS tax experts. Tax advisors may be able to secure a release of the garnishment very quickly (sometimes within days). Of course, there are requirements that the taxpayer must meet for a wage levy release to be granted. If granted, then a written release from the IRS that would be provided to the employer so that the payroll wage garnishment processing may be stopped. For additional information on how to stop a wage levy, and other types of tax levy problems, see the section below titled “Stop IRS Levy/Tax Levy Help”.
Penalty Abatement
Penalty abatement refers to the removal of some or all tax penalties from your IRS tax debt. The IRS will always assess penalties if you fall behind on your taxes. There is a chance that you may not have to pay all of them back if you can represent a good reason for not filing or paying the proper amount of tax with the return you filed. However, we do suggest that an IRS professional tax advisor review your situation and handle your IRS tax penalty and interest problem for you. IRS tax experts will always have a higher success rate in securing reductions in penalties and interest assessed by the IRS. There is also the possibility that penalties and interest previously paid may even be refunded. However, there is a formal process in place for interest and penalty forgiveness with the IRS and there are strict guidelines for filing a Penalty Abatement Request. That is why professional IRS tax help is the smartest way to proceed with this form of tax debt relief.
Stop IRS Levy / Tax Levy Help
Many visitors to our website are hoping to stop an impending IRS Levy and are seeking urgent tax levy help. The failure to pay IRS taxes can result in the IRS taking your money, either through a bank levy notice or a wage levy notice. The Notice of Intent to Levy is a legal order and is often called a “Third Party Levy”. When your bank receives this notice, they will be required to freeze your accounts, and after 21 days the IRS Levy will require them to forward your money as payment on your delinquent back taxes. Obviously, time is of the essence, when trying to stop an IRS levy of this nature. It is important you take action quickly and get expert tax levy help from professional tax advisors.
When your employer receives the levy notice, they also must comply with this legal order and begin the garnishment of your wages from your paycheck. If you have received a wage garnishment levy and you need to stop the IRS from taking your paycheck, again it is imperative that you take action quickly. The IRS has many aggressive debt collection tools in its arsenal and a levy is one of the most powerful and most frightening for delinquent taxpayers. For more information about stopping wage garnishments, see the section above titled “Stop IRS Wage Garnishments”.
If you have received a Notice of Intent to Levy, there is a tax problem resolution that is available to taxpayers. A written release of the IRS levy will stop either the bank from freezing your account, or your employer from processing your wage garnishment. These official levy releases can be obtained fairly quickly by our tax experts, so don't allow a tax levy to ruin your financial future. Seek tax levy help today to stop your IRS levy from proceeding.
Payroll Tax Problem Assistance
The IRS is very aggressive in their collection attempts for past due payroll taxes. The penalties assessed on delinquent payroll tax deposits or filings can dramatically increase the total amount owed in a matter of months. We believe it is imperative that consumers with a payroll tax problem have expert tax advisors in place to handle the situation. This includes any initial meetings with the IRS as important questions are asked that could affect your ability to keep your business rather than being required to liquidate it. |
