Showing posts with label owe 10000 or more in IRS back taxes. Show all posts
Showing posts with label owe 10000 or more in IRS back taxes. Show all posts

Tuesday, September 22, 2020

​Tax Resolution

“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.

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.

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.

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. 

Need A Tax Lawyer

​Why Do I Need A Tax Lawyer

It is unfortunate but true, that many people do not even consider consulting a tax attorney until they open their mailboxes one day and there is that dreaded letter from the IRS. 

A tax attorney is a lawyer that specializes in all areas of taxes. The tax attorney is required to attend law school for one to three more years, after regular law school, to receive their Masters in taxation. Call (855) 203-5032 to find out how a tax attorney can help you settle your tax debt for pennies on the dollar.

The IRS has its own group of experienced tax attorneys, so if there is ever a time when you need to face the IRS for any reason, it is imperative that you have your own tax attorney with you. A tax attorney has all the tools and means necessary to handle any tax matters that come up during any tax disputes or issues. If you have been contacted by the IRS and are looking to retain the services of a tax attorney, there are certain things to keep in mind when looking for the right one.

First, you need to choose a tax attorney that has extensive knowledge and experience in all areas of taxation. This means your chosen tax attorney should be up to date on all tax regulations, laws, recent and past tax court cases, recent and past tax rulings, appeal procedures, audit procedures, tax litigation and collection. Call (855) 203-5032 to find out how a tax attorney can help you settle your tax debt for pennies on the dollar. Your tax attorney should have a good deal of knowledge when it comes to business accounting. He or she should have the experience and training in financial areas to understand your case fully. Your tax attorney should also have a working knowledge of many other legal areas, such as bankruptcy, agency law and contract law. Your tax attorney should have a good deal of legal knowledge to recognize any issues that could be deemed criminal in nature.

Tuesday, September 15, 2020

The offer in compromise process is really the heart of tax accounting.

There are almost always extenuating circumstances surrounding the need to submit an OIC, but at its core, preparing an excellent OIC is key to settle your tax debt for pennies on the dollar. Call 877-541-6901 right now for tax settlement consultation

This article covers three types of (OIC) offer in compromise:
  1. Doubt as to Liability
  2. Doubt as to Collect-ability

Doubt as to liability (DATL) comes into play when a taxpayer doesn’t 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.  Doubt as to liability can be applied in numerous circumstances, some of which may include: Call 877-541-6901 right now for tax settlement consultation

  • The tax was discharged fully in bankruptcy.
  • The statute of limitations ran out on collections.
  • The tax has been incorrectly or erroneously assessed. 
  • The tax has been assessed to the wrong taxpayer.
  • The IRS misplaced an amended return.

Doubt as to collect-ability (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 collect-ability 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. Call 877-541-6901 right now for tax settlement consultation

Friday, September 11, 2020

Tax Lawyers in Chicago

Looking for a tax attorney near you? 

The tax relief maze is complicated and difficult to maneuver, which is often difficult for taxpayers. Tax Resolution Xperts represents individuals and businesses before the IRS and the Illinois Department of Revenue. Our experienced team of tax lawyers assist clients with unfilled tax returns and all types of unpaid tax liabilities and penalties. 


Release of Wage or Bank Levies

A wage or bank levy can leave you financially devastated if you do not take immediate action. Whether you have received a Notice of Intent to Levy or you are currently under a wage levy or bank levy, IRS Tax Resolution Experts can help. Tax Resolution Experts has obtained the release of thousands of wage and bank levies for their clients, helping solve their tax problems and financial woes. 

IRS Installment Agreements & IRS Fresh Start Program

If you live in Chicago IL and owe money to the IRS, but cannot pay it all right away, tax resolution experts can determine if an installment agreement is right for you. An installment agreement allows a taxpayer to pay his or her liability over time in convenient monthly payments. There are new exciting programs under the IRS Fresh Start Program that offer different types of installment agreements that might work for your personal situation. Let Tax resolution experts help you negotiate the most affordable payment plan.

IRS Offer in Compromise

With an IRS Offer in Compromise, sometimes you only pay “pennies on the dollar” on your tax debt. Not all taxpayers are eligible, but an Offer in Compromise will allow you to pay less than what you actually owe. Tax resolution experts perform a thorough financial analysis to determine your eligibility for an Offer in Compromise and will then negotiate with the IRS on your behalf. 

Wednesday, August 26, 2020

Do You Really Need A Tax Advisor?

Tax Relief, Levy Relief & Affordable Tax Solutions. 

Taxes can be quite a complicated matter. Ask any law students, and they’ll tell you that the subject “Tax” is one of their most dreaded courses. It involves numbers, and not everyone likes numbers. It involves ideologies, and every person possesses a divergent belief. 

It demands utmost diligence, and not everyone can spare such patience. But are these enough to make you decide on procuring the services of a tax advisor?