Wage Garnishment
IRS wage garnishments are ongoing levies that are issued to your last known employer requiring your employer, by law, to withhold funds from your paycheck to send to the IRS or state to be applied towards tax balances owed. The amount to be withheld is determined by the number of people in your household dependent upon your income to pay for necessary living expenses. Wage garnishments issue after the IRS or state has made several attempts to notify you of a tax liability owed without receiving payment of the tax debt or receiving a response from you.
Read MoreBank Levy
When a delinquent taxpayer fails to respond to notices of unpaid tax owed, both the states and federal government employ enforcement action in the form of issuing a levy on any known bank accounts of a delinquent taxpayer. If a banking institution receives a Notice of Levy having a name and social security number or employer identification number that matches their records, all funds in said account will be immediately frozen, rendering the funds inaccessible to the account holder.
Read MoreProperty Seizure
The IRS and states can choose to pursue seizure of real property and personal property, including perishable goods, to satisfy an outstanding tax liability. With regard to the IRS, this typically occurs only after several attempts have been made by the Service to satisfy the liability by other means without a response or cooperation from the taxpayer.
Read MoreTax Lien
ccording to the internal revenue manual of the IRS, the purpose of a tax lien is “to protect the Government’s right of priority against certain third parties, typically a purchaser, holder of a security interest, mechanic’s lien, or judgment lien creditor.” A tax lien is a public record that is placed against a taxpayer with unpaid tax liabilities. It is placed on record by the IRS or State tax collection agencies to protect the interest of the government in the event that a taxpayer takes an action that would involve granting a loan, selling or refinancing a home, or any other type of action where your credit is reviewed.
Read MoreOffer in Compromise
An Offer in Compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an Offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement. In most cases, the IRS will not accept an OIC unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential (RCP)
Read MorePayment Plans
When a taxpayer cannot afford to pay the balance owed in full, or when a taxpayer is not eligible for an Offer in Compromise, an Installment Agreement is the best course of action to take to protect secured assets and establish a payment plan based on your ability to pay. An Installment Agreement involves a financial analysis of gross monthly income on the one hand, against necessary living expenses on the other. With regard to necessary living expenses, the IRS will only allow those expenses necessary to support yourself and your family independently.
Read MoreCurrently Non Collectible
When a taxpayer is experiencing a financial hardship they may be eligible for Currently Non Collectible status. Currently Non Collectible status is available to put a taxpayer’s account on hold from collections activity due to a financial hardship. The IRS evaluates your gross monthly income against your necessary living expenses. The IRS will allow you to keep monthly income you earn to pay necessary living expenses only. The amount earned over the amount needed to pay necessary living expenses is your disposable income.
Read MoreInnocent Spouse
In some circumstances the spouse of a taxpayer may qualify under IRS guidelines for relief from being held liable for tax delinquencies assessed. There are three types of Innocent Spouse claims that taxpayers may consider when evaluating whether they may qualify for this form of relief.
Read MoreNon-Rep Professional Financial Review
What is the Professional Financial Review Package?
This is a non-representation service where our professionals will pull all necessary financial records directly from the IRS (using a non-representation authorization form), review, analyze and prepare the IRS special Form 433-F, 433-A, and/or 433-B on your behalf, provide you with an in depth analysis of your financial situation as it relates to your tax liability, advice you on the best direction to take based on your specific tax situation, provide you with a complete, organized, and accurate financial analysis package that can be used as your presentation proposal to the IRS or State and provide you with a full one-hour post analysis consultation time.
Read MorePenalty Abatement
Often times we have taxpayer’s requesting that the IRS stop penalties and interest from accruing on their accounts because that is the reason why they can never get their balances lowered even if they’re on a payment plan. It is important to understand how penalty abatement works and if you qualify for it.
Read MoreTax Preparation
If you are receiving demands for payment of unpaid taxes and require assistance establishing an alternative arrangement with a revenue agency to asset seizure or levy activity, it may be necessary to prepare and file missing returns. There are three issues that arise in tax resolution where tax preparation may be mandatory or desirable for the best possible outcome.
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IRS wage garnishments are ongoing levies that are issued to your last known employer requiring your employer, by law, to withhold funds from your paycheck to send to the IRS or state to be applied towards tax balances owed. The amount to be withheld is determined by the number of people in your household dependent upon your income to pay for necessary living expenses. Wage garnishments issue after the IRS or state has made several attempts to notify you of a tax liability owed without receiving payment of the tax debt or receiving a response from you.
Read MoreBank Levy
When a delinquent taxpayer fails to respond to notices of unpaid tax owed, both the states and federal government employ enforcement action in the form of issuing a levy on any known bank accounts of a delinquent taxpayer. If a banking institution receives a Notice of Levy having a name and social security number or employer identification number that matches their records, all funds in said account will be immediately frozen, rendering the funds inaccessible to the account holder.
Read MoreProperty Seizure
The IRS and states can choose to pursue seizure of real property and personal property, including perishable goods, to satisfy an outstanding tax liability. With regard to the IRS, this typically occurs only after several attempts have been made by the Service to satisfy the liability by other means without a response or cooperation from the taxpayer.
Read MoreTax Lien
ccording to the internal revenue manual of the IRS, the purpose of a tax lien is “to protect the Government’s right of priority against certain third parties, typically a purchaser, holder of a security interest, mechanic’s lien, or judgment lien creditor.” A tax lien is a public record that is placed against a taxpayer with unpaid tax liabilities. It is placed on record by the IRS or State tax collection agencies to protect the interest of the government in the event that a taxpayer takes an action that would involve granting a loan, selling or refinancing a home, or any other type of action where your credit is reviewed.
Read MoreOffer in Compromise
An Offer in Compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an Offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement. In most cases, the IRS will not accept an OIC unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential (RCP)
Read MorePayment Plans
When a taxpayer cannot afford to pay the balance owed in full, or when a taxpayer is not eligible for an Offer in Compromise, an Installment Agreement is the best course of action to take to protect secured assets and establish a payment plan based on your ability to pay. An Installment Agreement involves a financial analysis of gross monthly income on the one hand, against necessary living expenses on the other. With regard to necessary living expenses, the IRS will only allow those expenses necessary to support yourself and your family independently.
Read MoreCurrently Non Collectible
When a taxpayer is experiencing a financial hardship they may be eligible for Currently Non Collectible status. Currently Non Collectible status is available to put a taxpayer’s account on hold from collections activity due to a financial hardship. The IRS evaluates your gross monthly income against your necessary living expenses. The IRS will allow you to keep monthly income you earn to pay necessary living expenses only. The amount earned over the amount needed to pay necessary living expenses is your disposable income.
Read MoreInnocent Spouse
In some circumstances the spouse of a taxpayer may qualify under IRS guidelines for relief from being held liable for tax delinquencies assessed. There are three types of Innocent Spouse claims that taxpayers may consider when evaluating whether they may qualify for this form of relief.
Read MoreNon-Rep Professional Financial Review
What is the Professional Financial Review Package?
This is a non-representation service where our professionals will pull all necessary financial records directly from the IRS (using a non-representation authorization form), review, analyze and prepare the IRS special Form 433-F, 433-A, and/or 433-B on your behalf, provide you with an in depth analysis of your financial situation as it relates to your tax liability, advice you on the best direction to take based on your specific tax situation, provide you with a complete, organized, and accurate financial analysis package that can be used as your presentation proposal to the IRS or State and provide you with a full one-hour post analysis consultation time.
Read MorePenalty Abatement
Often times we have taxpayer’s requesting that the IRS stop penalties and interest from accruing on their accounts because that is the reason why they can never get their balances lowered even if they’re on a payment plan. It is important to understand how penalty abatement works and if you qualify for it.
Read MoreTax Preparation
If you are receiving demands for payment of unpaid taxes and require assistance establishing an alternative arrangement with a revenue agency to asset seizure or levy activity, it may be necessary to prepare and file missing returns. There are three issues that arise in tax resolution where tax preparation may be mandatory or desirable for the best possible outcome.
Read More
Payroll Tax Delinquencies
Employers have tax duties owed to their employees, the state, and to the IRS associated with their payroll. Employers are responsible for reporting, collecting and depositing employment taxes with state and federal authorities. Employers have a responsibility to manage their wage earner employees’ withholdings by withholding taxes as instructed by the employee and submitting these taxes to the IRS and the state, if applicable.
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Trust Fund Recovery Penalty
Employers have tax duties owed to their employees, the state, and to the IRS associated with their payroll. Employers are responsible for reporting, collecting and depositing employment taxes with state and federal authorities. Employers have a responsibility to manage their wage earner employees’ withholdings by withholding taxes as instructed by the employee and submitting these taxes to the IRS and the state, if applicable.
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