If It Has To Do With Taxes, We Can Help.
Offer In Compromise (OIC)
An Offer in Compromise is an agreement between a taxpayer and the government to settle a tax liability by paying less than the full amount owed. The IRS may accept an offer when it is not likely that the tax liability can be collected in full and the offer amount reflects what could be collected over a reasonable period of time. The goal of the offer in compromise is to collect what is reasonably collectible at the earliest possible time and at the least cost to the government.
IRS Audit Representation
A tax audit may be an intimidating experience as you must be prepared to explain the nature of your income and substantiate the expenses and deductions claimed on your tax return. It is likely that the examination of one tax return may lead to other tax years being opened for audit. Additionally, in order to properly defend yourself, you may be required to have an extensive knowledge of the tax codes and regulations. If you receive notice from the IRS stating that your return has been selected for an audit, it is time to seek help from a tax professional.
Partial Payment Installment Agreements (PPIA)
A more difficult Installment Agreement (IA) to obtain with the IRS that allows you to pay less than what you owe through a series of monthly payments is called a Partial Payment Installment Agreement (PPIA), or Part Pay Agreement because it allows you to partially pay your IRS back taxes over time (not in full). This type of agreement leads to the taxpayer paying less because as the Statute of Collection expires on each period, that part of your tax debt becomes "uncollectible."
Wage / Bank Levy Releases
A common way for the IRS to collect back taxes is through a wage or bank levy. A wage levy will take a large portion of the employees paycheck directly from the employee before they receive their paychecks. The IRS will get paid directly from the employer when a wage levy occurs. A bank levy on the other hand, requires the bank to hold 100% of available funds for 21 days. After 21 days, the bank is required to send the funds to the IRS and the taxpayer will never see the money again. If you receive a notice of a wage or bank levy, you need to contact a tax professional immediately.
Currently Not Collectable Status (CNC)
The IRS places certain delinquent tax cases in a “currently-not-collectable” (“CNC”) status, after its agents have determined that there is no ability to collect the taxes from the delinquent taxpayer. This means that you will not be required to make any payments towards the taxes owed and the IRS will not attempt to collect or seize any assets. You will get annual notices of what is owed but you will not be required to pay the balances due as long as you are in this status.
A taxpayer may seek relief from penalties if they have not been administered uniformly, accurately, and impartially. The taxpayer has the opportunity to have their interests heard and may qualify for relief from those penalties under one of the following categories: reasonable cause…statutory exceptions…administrative waivers…correction of service error Under the most common method of abatement, reasonable cause, the IRS will look at all of the facts and circumstances surrounding the situation that led to the assessment of the penalties.