Wednesday, October 28, 2020

Offer in Compromise

Offer in Compromise: This is a program is for struggling taxpayers who have a small likelihood of ever paying off the taxes they owe. 


tax resolution


The IRS looks at a taxpayer’s reasonable collection potential when determining whether to accept an Offer in Compromise. Under this resolution method, a taxpayer can settle their taxes for less than the total amount owed. Call 855-913-0249 for tax settlement consultation. 

Tax relief

Installment Agreement: If you can afford a monthly payment with the IRS or State, then we can set you up with a payment plan. Once you are entered into this type of agreement, you are considered to be in tax compliance and the IRS and some states will lower the failure to pay penalty by 50%. Furthermore, once you have successful made consecutive monthly payments, we may also consider for penalty abatement (discussed below). Call 855-913-0249 for tax settlement consultation. 

Tax relief

Partial Payment Installment Agreement: Allows taxpayers to pay a smaller monthly payment towards their taxes owed. Many times the statute of limitations on the debt expires before the total amount of debt is paid off. Currently Not Collectible: This puts a hold on tax collection activities. If a taxpayer does not have enough funds to make payments towards the debt the taxing authorities will wait until their financial situation improves before collecting. In many cases, the statute of limitations or the collection statute of expiration (CSED) on the tax debt expires before the taxes are fully paid off. Call 855-913-0249 for tax settlement consultation. 


Tax relief
  


Penalty Abatement: This option is considered in conjunction with all other resolution methods. Penalties can be removed if the taxpayer has a “reasonable cause” for not staying in compliance with the tax laws. 

Thursday, October 22, 2020

Need tax help because you owe $10,000 or more.

Tax Help refers to professional help offered by tax experts to a common man regarding the preparation, filing and subsequent payment of taxes. For any business person, taxation is a big issue he/she will come across annually, which requires filing of all his/her tax returns for the financial year. 





Mind you, any discrepancies accidental or voluntary can result in serious implications with penalties ranging from hefty fines to imprisonment. One simply cannot take a risk when it comes to filing one’s return, and given the fact not many are experts in the intricacies of taxation related issues, it is only prudent to seek the help of a tax professional or in layman terms, seek tax help. True, if the income you have is within certain limits, calculating and filing the returns may not be a difficult task. But the complexity of tax calculations increases as the income you earn also increases. 







For instance, businessmen earning millions of dollars from trading have a real task at hand when it comes to computing out the taxes due. The various taxation rates that take effect for bigger sums, coupled with the different rules of taxation for higher incomes, make the task even more complex. In such cases, it is better to seek tax help and outsource the work of filing the returns to experienced tax professionals or chartered accountants. 






Tax help can be obtained from various finance professionals in your town who exclusively deal with tax related issues. You can meet them in their office or after setting an appointment over the phone. Tax help is also available through the Internet. Through such nonlinear tax help sites mostly managed by professional financial firms associated with taxation and other finance issues one could get their taxes completed by sitting at home or with fewer meetings with the tax help guy. With some well established tax help websites, it is even possible to make the payment on-line. 

TAX RESOLUTION PROCESS

1. Tax Issues Analysis: After your free consultation, we offer you the choice of hiring us as your tax resolution consultant. New clients sign our engagement letter as well as a Power of Attorney (IRS form 2848). Your tax resolution consultant interviews you further in the effort to complete your financial profile. 


2. Discovery - Investigate: Your tax resolution consultant will immediately get the details of your tax history from the IRS. We will discover your precise tax debt condition by adding this tax history to the information which you already presented to us. We then begin to lay the groundwork for your client-centered solution. 


3. Tax resolution Implementation: We examine various resolution alternatives for their possible inclusion in the overall plan and select several that roughly fit your tax debt condition. We blend parts of various solutions into the working tax resolution plan for your case. At this point we also make sure that you are current with your filing of tax returns. 


4. Negotiation with IRS: We present your proposed tax resolution plan to the IRS. We check the progress of this plan throughout. Usually, the IRS will seek added information. 


5. Tax Settlement: The final resolution will usually settle most tax debts for a fraction. If the final resolution is unsatisfactory, we will advise you of alternatives.


How adjusted gross income (AGI) is one of the key element in determining your taxes.

Adjusted Gross Income (AGI) is a key element in determining your taxes. Lots of other things depend on your AGI (or modifications to your Adjusted Gross Income) such as your tax rate and various tax credits.




Adjusted Gross Income even impacts your financial life outside of taxes: banks, mortgage lenders, and college financial aid programs all routinely ask for your adjusted gross income. This is a key measure of your finances.






As you can guess, the more money you make, the more taxes you will pay. Conversely, the less money you make, the less taxes you will pay. The number one way to reduce taxes is to reduce your income. And the best way to reduce your income is to contribute money to a 401(k) or similar retirement plan at work. Your contribution reduces your wages and lowers your tax bill. You can also reduce your Adjusted Gross Income through various adjustments to income. Adjustments are deductions, but you don't have to itemize them on the Schedule A. As you can see, two of the best ways to reduce your taxes is to save for retirement, either through a 401(k) at work or through a traditional IRA plan.




Contributions to these retirement plans will lower your taxable income, and lower your taxes. Taxable income is another key element in your overall tax situation. Taxable income is what's left over after you have reduced your AGI by your deductions and exemptions. Almost everyone can take a standard deduction, and some people are able to itemize their deductions. Because your adjusted gross income is so important, you may want to begin your tax planning here. What goes into your adjusted gross income? AGI is your income from all sources minus any adjustments to your income. The higher your total income, the higher your adjusted gross income.

Resolve Tax Problems - File Back Taxes Call 866-218-5924 for free tax relief consultation.

How Tax Relief Services Work? 


Tax Relief

Many Americans have issues with their back taxes. Owing taxes to the IRS and/or State taxation authorities can be stressful and failure to take action to resolve the problem will quickly worsen the situation. A trusted tax company can help you obtain the optimal agreement with the taxation authorities by using one of or a variety of proven strategies. An experienced tax company understands how the tax system works and can find the best solution for the client and not what the best solution is for the taxation authorities. 



Tax Relief

Xpert tax services can help individuals file un-filed tax returns, obtain maximum deductions and credits, stop bank levies, stop wage garnishments, help with audits, possibly remove or lower tax penalties, possibly lower tax debt amount owed, get the taxpayer back into full tax compliance and most importantly prevent future actions from the taxation authorities while keeping your best interest and financial situation in mind. 


Tax Relief



IRS will accept an offer in compromise

Tax relief

An offer in compromise (OIC) is an agreement between a taxpayer and the government that settles a tax liability for payment of less than the full amount owed. 

Tax relief

The IRS will accept an offer in compromise when it is unlikely that the tax liability can be collected in full and the amount offered reasonably reflects collection potential. 



Tax relief


Doubt as to liability (DATL) comes into play when a taxpayer doesn’t actually owe the tax the IRS claims they do. This isn’t a question of amount or inability to pay the requisite tax, but rather a claim that a certain portion of the tax isn’t owed at all, because doubt as to liability isn’t a question of finances, you won’t need to provide any of your client’s financial information to qualify for the offer. 

Tax relief

Doubt as to collectible (DATC) is what most people associate with offer in compromise. This offer comes into play when the taxpayer doesn't dispute that the tax is owed, but has no way of paying the full amount owed. A doubt as to collectible offer will be based on what the IRS calls reasonable collection potential, or RCP. There are three components when calculating reasonable collection potential: equity, income, and allowed expenses. 

Tax relief


  • At its core, the settlement comes down to an equation:
  • Lump Sum Equation (to be paid in 5 months or less)
  • Disposable Monthly Income x 12 months + Net Realizable Equity = Settlement Amount 
  • Periodic Payment Equation (to be paid in between 6 and 24 months)
  • Disposable Monthly Income x 24 + Net Realizable Equity = Settlement Amount 


Taxation Law for Small Businesses.

Taxation Law for Small Businesses. 



Taxation law is a complex and in-depth area of concern for the small business owner.  With potential pecuniary and criminal consequences, it is of paramount importance to ensure as a business owner, you are familiar with the tax consequences in your jurisdictions, and the ways in which you can minimize your liability. Call 855-913-0249 for tax consultation.

Whilst one of the most legally important things to understand as a small business owner, taxation law also provides an excellent opportunity for saving money and increasing profitability within a small business environment.  In this article, we will look at some of the main and most common tax implications of running a small business, and some of the most effective ways of ensuring you pay less tax through your small business operation. Call 855-913-0249 for tax consultation.



Tax regimes vary from jurisdiction to jurisdiction, and the implications of running a small business also vary, both in terms of the legal and financial requirements. Having said that, there are a number of common elements that transcend jurisdiction and appear in numerous guises across various systems that can be of use to the small business owner. One of the first things to consider as a small business owner is to establish a limited liability company. The primary reason for this is that limited liability companies usually provide a more relaxed tax regime as compared to income tax liability. A sole proprietor operating out-with the parameters of a corporate entity is liable to account for profits as income, which can lead to a greater tax liability and potential individual state contributions. As a corporate entity, the owner can pay himself via share dividends, which carry a lower tax liability and thus minimizing his overall liability to tax. This is significantly better than paying oneself a wage, which bears the tax liability from both ends, i.e. the company is liable to taxation as is the employee. 




Another essential for the small business owner is what is known as capital allowance. By means of capital allowance, business owners can offset the acquisition cost of assets on a graduated scale in accordance with the specific principles of the regime in question. This is in effect a deductible expense, which ultimately minimizes yearly tax liability. There is a particular benefit in that many regimes allow an accelerated relief for business assets. This can be exploited to an extent by acquiring assets through the business, for example a car, which can also be used for personal purposes. Rather than buying a car from personal income, buying it through the company allows you to offset the amount of the expense quickly against your business profits, which ultimately reduce your liability to tax.


Before embarking on any tax reducing strategies, it is important to ensure you are acquainted with the specific laws of your jurisdiction to avoid running into trouble with the authorities. In some of Europe, for example, there is a requirement to declare any specific tax minimizing strategies to the government to allow for rectification of loopholes. It is important to ensure you are acquainted with the specific laws to avoid potential criminal liability as a consequence of ignorance. 



SUFFERING FROM TAX PROBLEMS



In some cases, you can reach a tax resolution and settle for far less than the amount you owe. This is known as an Offer in Compromise


An offer in compromise is a tax resolution settlement of a delinquent tax account for less than the original amount owed. However, you will not get such an Offer approved without specialized assistance. As per the data available, in the year 2004 only sixteen percent of Offers were accepted. 


If you are the having tax disputes with the IRS, tax professionals like experienced Enrolled Agents (EAs), Certified Public Accountant (CPAs), and tax attorneys can help you reach a tax resolution. Tax resolution encompasses a wide variety of settlements which includes IRS audits, Federal Tax Liens (IRS Liens), bank levies or wage garnishments, IRS penalty abatement, innocent spouse defense, bankruptcy discharge analysis, Offer in Compromise, un-filed or delinquent tax returns, and IRS collection statute of limitation analysis. 




Thus, it is advisable to seek services of professionals (like EAs, CPAs or tax attorneys) specializing in solving tax problems or negotiating a tax resolution. You should get in touch with these professionals if you are involved in tax disputes like un-filed tax returns, missing records, threat of tax levy, or, if you need a tax resolution like Installment Agreement or an Offer in Compromise or want to be declared Currently Not Collectible. 




For taxpayers, who are not able to reach a tax resolution immediately, an installment agreement can be a reasonable payment alternative. Installment agreements permit the full payment of the tax debt in smaller, more manageable amounts for the taxpayer. Currently Not Collectible is another tax resolution strategy, which implies that an individual has no ability to repay his or her tax debts. The IRS can affirm a person as "currently not collectible" after the IRS receives concrete substantiation that the individual has no capacity to pay. Once the IRS proclaims an individual as "currently not collectible", the IRS discontinues its recovery or collection activities, including levies and garnishments. However, the IRS sends an annual statement to that taxpayer stating the amount of tax still owed. 



While currently in not collectible status, the ten-year statute of limitations on tax debt collection remains in force. If the IRS cannot collect its tax dues within the ten-year statutory period, the tax debt expires. The IRS is perennially, under tremendous pressure to recover the billions of dollars, currently outstanding. Therefore, it will seriously consider all the reasonable offers to recover its debts and try to reach a tax resolution or close cases in all these areas.


IRS Tax Lien Help


Hiring a Tax Resolution Lawyer shows the IRS or State government you’re serious about resolving your tax debt.



Hiring a professional sends an indirect message to the IRS or state. It tells taxation authorities you are serious about resolving your tax debt.



Has the IRS or State place a tax lien on you credit report? Did you receive a Notice of Federal Tax Lien (NTFL)? Then, it is time to get help as procrastination will not fix your tax problems. A tax lien can have a devastating effect on your credit score and financial well being. Tax Professionals Help You Stay Compliant If you want help with a federal or state tax lien, start with a free consultation using the form above. We can begin the process to help you resolve your tax debt as quickly and painlessly as possible. Dealing with a federal or state tax lien can be extremely complicated if you have never handled one before. All of our partnered tax professionals are experienced with tax liens and have resolved them successfully for numerous clients. If you set up a payment plan or an offer in compromise with the IRS, you have to stay compliant with tax filing obligations for the next few years. Failing to pay or file can negate your arrangement. When you work with a tax professional, they can help you deal with your tax debt, but they can also help you prepare future returns and stay up to date with payment requirements in the future.




  • Tax Lien Relief Services Offered
  • Withdrawing IRS tax liens
  • Releasing IRS and state tax liens
  • Discharging an IRS or state Tax lien from a specific piece of property
  • Subordinating a state or IRS tax lien
  • Appealing a withdrawal, release, discharge or subordination denial
  • How the Complimentary Tax Lien Consultation Works


Tax Resolution Lawyers in Chicago, IL

“People who complain about taxes can be divided into two classes: men and women”. If you are the complainant having tax disputes with the IRS, tax professionals like experienced Enrolled Agents (EAs), Certified Public Accountant (CPAs), and tax attorneys can help you reach a tax resolution. Tax resolution encompasses a wide variety of settlements  which includes IRS audits, Federal Tax Liens (IRS Liens), bank levies or wage garnishments, IRS penalty abatement, innocent spouse defense, bankruptcy discharge analysis, Offer In Compromise, un-filed or delinquent tax returns, and IRS collection statute of limitation analysis.




For taxpayers, who are not able to reach a tax resolution immediately, an installment agreement can be a reasonable payment alternative. Installment agreements permit the full payment of the tax debt in smaller, more manageable amounts for the taxpayer. Currently Not Collectible is another tax resolution strategy, which implies that an individual has no ability to repay his or her tax debts. The Internal Revenue Service can affirm a person as "currently not collectible" after the IRS receives concrete substantiation that the individual has no capacity to pay. Once the IRS proclaims an individual as "currently not collectible", the IRS discontinues its recovery or collection activities, including levies and garnishments. However, the IRS sends an annual statement to that taxpayer stating the amount of tax still owed. While currently in not collectible status, the ten-year statute of limitations on tax debt collection remains in force. If the IRS cannot collect its tax dues within the ten-year statutory period, the tax debt expires.



Internal Revenue Service tax issues can be resolved even if you owe hefty sums, and even if you haven't filed your taxes in years. If the problem is blown out of proportion, the IRS may file a federal tax lien, levy your bank account and wages, confiscate and sell your car, home or business. Reaching a tax resolution with the IRS can avert such catastrophic consequences. In some cases, you can reach a tax resolution and settle for far less than the amount you owe.  This is known as an Offer in Compromise. An offer in compromise is a tax resolution settlement of a delinquent tax account for less than the original amount owed. However, you will not get such an Offer approved without specialized assistance. As per the data available, in the year 2004 only sixteen percent of Offers were actually accepted. Thus, it is advisable to seek services of professionals (like EAs, CPAs or tax attorneys) specializing in solving tax problems or negotiating a tax resolution. You should get in touch with these professionals if you are involved in tax disputes like un-filed returns, missing records, threat of levy, or, if you need a tax resolution like Installment Agreement or an Offer in Compromise, or want to be declared Currently Not Collectible.



The IRS is perennially, under tremendous pressure to recover the billions of dollars, currently outstanding. Therefore, it will seriously consider all the reasonable offers to recover its debts, and try to reach a tax resolution or close cases in all these areas.