IRS Tax Issues | Unfortunately, many companies owe a lot of money in taxes due to poor financial planning and other issues. Many entrepreneurs are on tight budgets and cannot afford to pay the IRS tens of thousands of dollars in taxes. Some people fail to take action, allowing this balance to grow even more. The good news is that there are ways to reduce your tax obligations. There are many tax resolution options that can cut your balance in half. There are ways to settle your tax debt for much less than you owe. Ash CPA, offers many options that can help.
IRS Tax Issues Resolution Options
If you are dealing with tax debt, we offer the following options:
- Audit Representation. Also called audit defense, this service allows a tax professional to serve on behalf of the taxpayer during a tax audit. The representative defends the taxpayer by developing a strategy. They also complete paperwork and attend required meetings.
- Criminal Tax Defense. When the IRS starts investigating you for tax fraud or tax evasion, you need criminal tax defense. A tax professional can defend you from the serious penalties you may face. We will advocate for you and guide you through the process.
- Currently Not Collectible. If you absolutely do not have the funds to repay your tax debts, we can use the “currently not collectible” option. If there is no amount of money for the IRS to garnish, and you have no assets that can be seized, this may be an option for you. Currently not collectible can stop the collections process.
- Dealing with the IRS. Dealing with the IRS can be an awkward process. You may feel upset about the debt, but how you act will influence your outcome. You are at a disadvantage when dealing with the IRS, so let us help. We have many options to fit your needs.
- Innocent Spouse Relief. When you’re married, your spouse’s debts often become yours as well. This can be unfair when the tax debt is not actually yours. We can advise you on how to remove the debt and penalties and get a clean slate.
- Installment Plans. If you owe thousands of dollars in tax debt, paying it off all at once may not be feasible. Installment plans can help you pay down the debt over time, like a credit card or auto loan. You can pay a monthly amount that works for you based on your income.
- IRS Tax Discharge. For the most part, bankruptcy cannot eliminate tax debt. However, it can if multiple criteria are met. For example, the tax return must be filed at least two years before the bankruptcy filing and the taxes must not be due to fraud or evasion.
- IRS Tax Expiration. It is possible that your tax debt could expire. Under the law, the IRS generally has 10 years to collect a tax debt, so if your debt is older than a decade, then you may be able to get it eliminated.
- Levy Release. If the IRS informs you that assets will be seized and taxes will be levied, you have 30 days to resolve the situation. Your options include paying the debt in full, requesting an installment plan, file an offer in compromise, negotiate a levy release or prove that you have an undue hardship.
- Offer in Compromise. An offer in compromise allows you to settle your tax debt for much less. If it will not be feasible for you to pay off the debt, even by making payments, then an offer in compromise can help. Most taxpayers end up owing just 20% of their original amount, which means that a $10,000 debt can drop down to just $2,000.
- Payroll Tax Debt Relief. Many companies owe payroll taxes. The IRS cracks down aggressively on these back taxes. If you neglect these taxes, the IRS will work quickly to seize assets, possibly forcing your business to shut down. We can help you choose an option to take care of your debt and keep your business.
- Penalty Abatement. If you are late paying your taxes, you will be assessed penalties by the IRS. These penalties can be significant, adding thousands of dollars to your bill. Penalty abatement can remove these penalties, lowering the amount due.
- State Tax Issues. Those with IRS tax issues often owe money to the state as well. The states can be more aggressive than the IRS. We have options to protect your assets.
- Stop Wage Garnishment. Wage garnishment is a humiliating punishment that can eat up most of your paycheck. Setting up an installment plan can remove this burden.
- Tax Lien Removal. Sometimes the IRS makes errors when it comes to tax liens. There are ways to remove one, such as bankruptcy filing, the statute of limitations, proving that proper procedures were not followed and collection options.
- Tax Preparation and Planning. Having a professional do your taxes can ensure that everything is done right. We can also reduce your liability by looking for deductions.
- Unfiled Tax Returns. If you fail to file your tax returns timely, you’ll fall behind. If you owe money, you can be forced to pay penalties and interest. We can help you get back on track.
At Ash CPA, we provide personalized service to all our clients. We can help you make the right decisions and provide effective solutions for all your tax problems. To see how we can help with your company’s finances, call 617-462-6651 or book an appointment online.