- Why You Should Offer Tax Resolution
- How To File Back Taxes
- There Is No One Size Fits All Resolution Strategy For Resolving Liabilities
- Irs Help For Taxpayers
- Tax Resolution
This program allows the taxpayer to pay-off their tax debt obligations over time without being at risk for a levy or wage garnishment. Individuals and businesses with outstanding tax balances due can face severe penalties from the Internal Revenue Services , including the eventual seizure of personal or business assets in some cases. To handle this dilemma—which can trigger a significant financial crisis—a new type of business has sprung up to help delinquent taxpayers cope with their tax debts. If you owe taxes, but can’t pay the IRS in full, consider submitting an Installment Agreement Request with your return. In certain situations, the IRS can’t deny a request for an installment agreement if you owe less than $10,000. You will be charged interest and possibly a late payment penalty on any tax not paid by its due date, even if your request for an installment agreement is approved.
However, the taxpayer must pay the full balance by the extended deadline. When the IRS levies a taxpayer’s asset, that asset becomes the property of the United States Government. It’s an expensive and relatively inefficient way of collecting taxes, but sometimes taxpayers leave the IRS with no other choice. If a taxpayer ignores months’ worth of requests and notices urging them to address their outstanding tax balance, the IRS will levy the taxpayer’s assets in an attempt to pay down the tax bill. The IRS will release a lien 30 days after the tax debt has either been satisfied, or becomes legally unenforceable. If your client can afford to pay their debt, or has the ability to borrow sufficiently to pay their debt, it’s often best to simply pay what’s owed.
Why You Should Offer Tax Resolution
This arrangement is ideal for taxpayer’s with substantial assets or disposable income. Tax relief companies use the radio, television and the internet to advertise help for taxpayers in distress. Adding insult to injury, some of these companies don’t provide refunds, and leave people even further in debt. In order to file years of missing business tax returns, your business needs to have well-documented financial records showing its income and expenses.The PPIA is a bit more complicated to manage from a records perspective, but can save taxpayers a substantial amount on their tax balances. Taxpayers following this plan have to disclose all financial information and documents to the IRS to be accepted.We offer free consultations and all of our services come at an affordable fixed cost, so there are no surprises down the road or hidden fees. Our goal is to offer an industry leading quality product and an affordable cost, but more importantly, we will customize tailored products to fit your specific situation and needs. To be “current and compliant” means a taxpayer has filed all past tax returns. Moving forward, the taxpayer must remain compliant on all filings in order to maintain an installment agreement.Your businesses’ financial health requires a solid accounting framework to protect it, protect you, and achieve growth. As one of the leading tax & accounting firms, Polston Tax offers a broad range of services tailored to your specific needs and goals. This includes accounting & bookkeeping services, tax planning, and financial advisory & planning services. A Polston Tax resolution professional can provide taxpayers with specific information about their IRS account status, including the amount owed, penalties and interest, and more. Should you oweback taxes, you might not be able to pay the full amount due in one lump sum. Part of tax resolution involves evaluating your returns to make sure you are responsible for the back taxes you’re being charged.Our knowledgeable accountants can help keep your business running smoothly by taking over your business’s accounting.It can also help you file present-day returns and work with you to put together atax planfor the future. If you’re confused about the tax settlement industry and what it does, think of the debt settlement business. Most firms that specialize in tax settlements claim to have a litany of tax experts at their disposal who are former IRS employees who can go to bat for their clients. In reality, this may be a substantial misrepresentation—at least in some cases. You have been audited by the IRS Compliance division and have requested a traditional appeal. You will still have the right to continue the traditional appeal if the issues are not resolved during the working conference. Prior to filing a tax return, you want the Office of Chief Counsel to determine the tax treatment of your specific situation.
How To File Back Taxes
Upon completion, we will contact you to discuss the best way to address the problem. However, if you don’t keep a detailed account of each case, then you could easily miss smaller, less obvious patterns that lead consistently to success or failure.
Will the 2021 tax deadline be extended again?
The new federal tax filing deadline is automatic, so you don’t need to file for an extension unless you need more time to file after May 17, 2021. If you file for an extension, you’ll have until October 15, 2021 to file your taxes.Our tax strategists make sure your business is appropriately structured to increase business profits and maximize tax deductions. The IRS has the power to seize the money straight out of your bank account. Polston Tax resolution professionals can help prevent and release these levies to help protect your money. Mark Cussen, CMFC, has 13+ years of experience as a writer and provides financial education to military service members and the public.
There Is No One Size Fits All Resolution Strategy For Resolving Liabilities
This is where tax resolution companies can help those struggling to resolve their tax liability. Once all returns have been filed and the scope of the liability is known, the elephant in the room is ready to be dealt with. The next step in reaching a resolution is determining whether your business, can repay what is owed. In order to make this determination, the IRS or state will ask the taxpayer to complete a financial disclosure that accurately represents assets, liabilities, income, and expenses. The installment agreement amount can be the difference between keeping the doors of a business open or closed. This form of Installment Agreement exists to allow taxpayers to finish payment on a large expense, such as a car loan or child support payments. This plan begins with a divided payment schedule in which the larger expense gets the main focus and small installments are collected on the unpaid tax balance.
- What happens when the amount you owe to the IRS is so much that you can’t repay it and continue to afford reasonable cost-of-living expenses?
- There are several red flags that should warn any prospective customers considering hiring a tax settlement firm.
- Make sure you don’t leave anything blank (if the information doesn’t apply, write “NA”).
- Tax resolution can help protect your property from liens as well as confirm that any liens have been appropriately discharged or withdrawn.
- When it comes to tax resolution, we are here to put your mind at ease.
- Using tax resolution services can help you see if you qualify for the status and can help you understand the benefits and drawbacks of using it.
Our team includes IRS enrolled agents who can represent you in front of the IRS, as well as case managers, tax accountants, legal assistants, tax planning coordinators and more. The IRS tends to charge interest and tax penalties when individuals or businesses pay their taxes late or don’t pay at all. Fortunately, there are some instances when the IRS will waive the penalty. Tax resolution firms can help you determine if you’re eligible fortax penalty abatementand help you through the process of deciding whether or not you qualify for the penalty waiver.
Irs Help For Taxpayers
Custom designed accounting and tax services with programs to meet your business needs. The highly regulated cannabis industry is subject to complex accounting and tax laws. Our cannabis CPAs can design accounting services and programs to meet your business’s unique needs. When the IRS assigns your tax problem to a Revenue Officer, they will aggressively try to collect on the taxes you owe. Polston Tax will negotiate with the Revenue Officer on your behalf and reach a realistic tax resolution. An enrolled agent is a person who is authorized by the IRS to represent taxpayers.
The issue cannot be under audit or in litigation and must not be clearly or adequately addressed by statute, regulations, court decisions or authority published in the Internal Revenue Bulletin. This program removes or reduces some of the penalties incurred, especially if the penalty is your first. The Fresh Start Initiative is a collection of tax debt relief programs designed to help taxpayers. By comparison, having no access to W-2 forms or other income documentation is rarely considered a justification for not filing a return. This is because the IRS can provide a record of your income to use for tax return preparation.Hiring a professional tax consultant to help put together anaudit defensefor you can help you rest assured that the results of the audit will be as accurate and fair as possible. Tax settlement firms claim to have a litany of experts—former IRS employees—who can go to bat for their clients. Publication 594, The IRS Collection Process, has information on options available to taxpayers, and the IRS YouTube channel has a video with helpful information, as well. The IRS has additional information on the collection process and payment options at irs.gov. Think twice if the entire fee for services is requested upfront with no explanation of how services will be billed or whether a refund of unearned fees will be made. NO BLAME. NO SHAME. You have tax issues, and it’s our job to solve them. We’ll develop a strategy you can manage and negotiate with the taxing authorities on your behalf.If you are facing a tax audit, Polston Tax resolution can act as your representative in the audit, fight for your rights, make sure all appropriate expenses are included, and ensure you are treated fairly. To help you avoid foreclosure and other complications, any liens on a property must be adequately removed and discharged. Tax resolution can help protect your property from liens as well as confirm that any liens have been appropriately discharged or withdrawn. If you receive a notice from the IRS that you are going to be audited, don’t panic. Although the audit process can seem intimidating, it’s not something you need to go through on your own. We outline the exact terms of your resolution, monitor your account for any post-resolution errors and give you a plan that will keep you out of tax trouble moving forward.
We’ll happily guide you in the gathering of other necessary documents. What’s more, penalties are often steep and compounding interest adds up quickly. To demonstrate, we’ll discuss each of these penalties, and how the IRS applies them to your balance. Although they often make exceptions in extraordinary circumstances, they are diligent in following the law of the tax code.
Settlement Firm’s Success Rate
If you can’t pay taxes due to financial hardship, you may be able to qualify for an Offer in Compromise. Polston Tax can help you learn which IRS tax resolution you qualify for. Unable to sell your property or receive a loan due to an IRS or state tax lien? Polston’s tax resolution professionals can help you secure a lien release. If your current or former spouse neglected to pay your IRS taxes, Polston Tax resolution services could help you seek partial or full relief from those taxes. You can appeal an IRS decision if you feel your rights have been violated. Our team at Polston Tax resolution service has tax attorneys that can help you with the appeal process.