Tax Problem Resolution
Offer in Compromise (OIC) allows you to settle your tax debt for less than the amount you owe. Offer in Compromise was created for those in tax debt that could not pay off their debt in full without experiencing financial hardship in doing so.
If you agree that you owe money to the IRS but your financial situation makes it impossible to pay what you owe without causing financial hardship, you may qualify for a Currently Non-Collectible status.
If you cannot pay your tax bill in full, there are many different types of IRS installment agreements available. All of them have their own benefits. The IRS allows you to break down your debt into monthly installments.
A tax lien affects your financial assets, personal property and your real estate property. Tax liens can vary based upon your individual situation. They are the government’s way of protecting their interest in case you fail to pay your tax debt in a timely manner.
Tax lien subordination gives a creditor the opportunity to move ahead of the IRS in their claims against a property. Doing so may be necessary for real estate transactions such as a mortgage refinance.
The IRS can obtain a wage garnishment against your wages and earnings through your employer to satisfy a tax debt. When you obtain a wage garnishment release, the IRS agrees not to take any part of your wages to satisfy your tax obligation.
A bank levy gives the IRS the ability to freeze your bank account and collect whatever money you have in that bank account to pay towards your tax debt. A Bank levy release will release your bank account so the IRS does not seize any more funds.
The statute of limitation is the time period established by law for the IRS to assess, review and resolve any tax related issue. Once the time period passes, the IRS forfeits any claim. How can the statute of limitations impact your tax debt situation?
A Collection Appeal allows the taxpayer to challenge the IRS’s actions for the collection of past taxes, including the placement of liens on the taxpayer’s properties. In many cases, this challenge will stop or reverse any collection processes and relieves you of any collection actions. Learn more.
An administrative appeal allows you a second chance to reverse or stop an IRS’s decision or action that is unfair or incorrect. This may lead to a more favorable outcome for your tax situation. Learn more.
Employers are expected to pay federal and state taxes for and on behalf of their employees. This are referred to as “payroll taxes”. When these taxes are not paid, there are severe penalties and interest due in addition to the original amount owed. Tax resolution can help avoid or deal with these collection processes known as payroll tax relief.
The term “Trust Fund” has a different meaning when applied to employment tax rather than to wealth management. This is the payroll tax amount assessed to the officers of the business. Tax resolution can help reduce and/or arrange the payment of these taxes. Learn more about trust fund penalty.
A Trust Fund Recovery Penalty is implemented by the IRS to encourage business owners to pay their employment taxes. When someone owns a small business and they fall on hard times, they may feel tempted to tap into the tax funds that they collected from their employees to stay afloat. This action has dire consequences. Learn about trust fund recovery penalty assessment.
A Trust Fund Recovery Penalty Interview and investigation permits the IRS (Internal Revenue Service) to collect unpaid taxes from businesses and assets of the individuals involved in the finances of the business. Read more to get help with trust fund interview.