Our services often save more in taxes than they cost, thanks to careful planning and legitimate strategies.
Receiving an IRS audit letter can be daunting, requiring significant time and effort to gather records and understand tax law. Auditors can be thorough and may seek more information than you are obligated to provide, leading to potential tax deficiencies.
Handling an audit yourself may save on fees but can result in costly mistakes. Our service manages the entire audit process, minimizing your involvement and preserving your time and income. Simply forward the audit notice to us, and we handle everything from start to finish.
The IRS’s advanced systems make it increasingly likely they’ll detect unfiled returns. Not filing is a criminal offense, risking jail time—one year for each unfiled year. Don’t jeopardize your freedom; let us help you get compliant and avoid further issues. Voluntarily filing delinquent returns may minimize penalties and interest. Waiting for the IRS to file on your behalf will result in returns favoring the government’s interests. We’ll file your returns, assess any taxes owed, and develop a plan to resolve your situation.
If you’ve filed your returns but couldn’t pay what was owed, ignoring it can lead to substantial penalties and interest. Soon, you might face a bill that’s several times the original amount. You can either pay the full amount with interest and penalties or continue ignoring it while costs grow. Our firm can evaluate your liability through our second look process and assist you in making payment plans with IRS and in some instances, may even help reducred the amount owed by amending the tax return to reflect missed or overlooked credits and deductions.
Failing to pay payroll taxes is viewed very seriously by the IRS, as it involves employees’ withheld money. Penalties for payroll tax issues are severe and can quickly escalate. The IRS aggressively pursues collections, often seizing assets or closing businesses. If you’re behind on payroll taxes, avoid meeting the IRS alone. Hire a professional to navigate the situation and protect your business.
Federal tax liens can severely impact your life. They give the IRS the right to claim your assets, including real estate and accounts receivable, and can lead to severe financial consequences. Liens appear on your credit report, making it hard to open bank accounts, secure loans, or buy and sell property. This can result in high interest rates and limited financial options.
Levies are the IRS’s way of forcing action by seizing your assets, including wages, bank accounts, vehicles, and even Social Security checks. They will continue to take money until your tax debt is fully paid. Wage levies can leave you with almost nothing from your paycheck. The IRS can also auction off your assets, including your home and personal belongings. We can often help release these levies and work out a manageable solution to get you back on track.
If you ignored a notice of “intent to levy,” the IRS may seize most of your paycheck, leaving you short on essential expenses. This will continue until your tax debt is paid. Once a wage garnishment is in place, your employer must comply, making it impossible to get your money back. We can help negotiate a payment plan with the IRS, which is usually more favorable than a garnishment, allowing you to keep your full paycheck and avoid future garnishments.
You can settle your IRS debt for a fraction of what you owe through the Offer in Compromise program. This program lets you settle tax debts that are incorrect or unaffordable. If your offer is well-prepared, you might pay only 5-15% of the total amount owed. The IRS accepts offers when they believe they can’t collect the full debt and the offer reflects what they can reasonably expect.
Other options available to resolve tax liabilities:
IRS Payment Plan: If you don’t qualify for an Offer in Compromise, a payment plan allows you more time to pay off your tax debt, though penalties and interest will continue to accrue.
Bankruptcy: Bankruptcy can eliminate back taxes, interest, and penalties if you qualify, but not everyone meets the criteria. Proper planning is essential to determine if this is a viable option.
Innocent Spouse Relief: You may be eligible for relief if you are unfairly burdened by tax debt due to your spouse’s or ex-spouse’s actions.
Get Your IRS File: You can obtain a copy of your IRS file to understand what the IRS knows about you. A professional can help request and interpret this information without raising concerns.
We are here to help with any and all of your tax preparation needs! Please schedule a meeting where we can further discuss your situation here.