Unfiled Back Tax Returns: Not filing timely tax returns is a bad thing but it does not make you a bad person. The IRS uses fear as their primary tactic to intimidate good people into making hasty settlements.
Payroll Tax Problems: Failure to file and pay your payroll taxes is a sure way to get in trouble with the IRS. This can lead to large IRS penalties and debt, but it may also be considered a federal crime.
State Tax Problems: Did you know that most states can be more aggressive in their collection tactics than the IRS? Problems with state taxes happen very similar to IRS problems. For example, you could have a family illness, time constraints, or insufficient money to pay when the taxes are due.
IRS/State Tax Audits: Just the mention of the word “audit” can send chills down the spine. However, there is no need to panic. The IRS uses letters to communicate with taxpayers about IRS audits. As with most IRS communication, there are deadlines associated with IRS audit letters. But you will have time to review the items that are being contested and prepare your response.
IRS Seizures: A federal tax lien arises when a tax return is filed and the tax owed is not paid after a demand for payment has been made. By law the lien is in favor of the United States taking all property and rights to property of the person with the unpaid tax.
Non-Filing: One of the most important items to protect your financial security is to file your tax returns timely each year. Bringing your past due tax returns up-to-date allows Tax Help Advisors, LLC to work with the IRS or state towards a resolution.
Wage Garnishment: If you have received a wage garnishment notice that the IRS is going to apply a deduction to your paycheck, it means that the IRS can notify your employer that you have a back tax debt. Your employer is then required by law to send a significant portion of each of your paychecks directly to the IRS to offset the debt.
Foreign Bank Account Reporting: The IRS is searching for individuals and businesses who have failed to report foreign income. The Foreign Bank Secrecy Act of 1970, also known as the Currency and Foreign Transactions Reporting Act, may require you to report the account yearly to the Department of Treasury through the Financial Crimes Enforcement Network.
IRS Notices: The IRS has a notice cycle to start the collections activity against you. In the cycle, some notices require no action while others require immediate action in order to preserve your appeal rights.
IRS Installment Plans: First Step You should file all back tax returns before applying for any payment agreement with the IRS. Filing all back tax returns is the first step in the process toward tax relief.
Release Levy & Liens: The IRS may take money from your paycheck or bank account by garnishment or levy. They may place liens on your home and other personal and business assets.
Penalty Abatement: The IRS charges penalties as a way of keeping you in compliance with your tax filings and tax payments. When you fail to pay your taxes on time, you are charged huge penalties and interest. Sometimes the penalties can be as large as the tax debt. If this is the case for you, it could make it more difficult to resolve your tax debt.
Offer In Compromise: The Offer in Compromise program is the IRS version of “Let’s Make A Deal.” An offer in compromise allows you to settle your tax debt for less than the full amount you owe. Qualifying for an offer in compromise settlement can save you thousands of dollars in taxes, penalties, and interest. An offer in compromise is an agreement between you, the taxpayer, and the IRS to settle your tax liabilities for less than the full amount owed.
Innocent Spouse Relief: Innocent Spouse Relief is a solution for a spouse who has been unfairly treated by their spouse or ex-spouse regarding their prior tax filings. Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows. Both taxpayers are jointly and individually responsible for the tax and any interest or penalty due on the joint return even if they later divorce.
Currently Not Collectible Status: This means your income does not cover more than your necessary living expenses leaving nothing for the IRS to garnish from your wages. You may be able to put your IRS tax debt collection on hold.
Tax Preparation: Anyone with a Preparer Tax Identification Number (PTIN) can prepare a tax return for a client. However, tax return preparers have differing levels of skills, education, and expertise.
Prepare & File Delinquent Taxes: If you have a tax problem, all prior years tax returns must be filed before a solution can be reached. Whether you need current year returns prepared or 10+ years of unfiled tax returns prepared, our professional team can assist you with all of your tax preparation needs.
Audit Notifications: If you have received an audit notification, this does not always suggest you have made an error on a return or have been dishonest. In fact, some examinations result in a refund to the taxpayer or acceptance of the return without change.
IRS Letters & Notifications: A letter or notice from the IRS is not always bad news. As a matter of fact, the notice often delivers good news.