The Ultimate Guide To Tax Resolution

tax resolution services

The company offers the most well-rounded catalog of business services we could find among all tax relief organizations. The expert accountants at Miller & Company are in the top few tax relief companies that can assess your financial situation and get you pointed in the right direction. Business restructuring is a difficult process that you should undertake with care to ensure new problems aren’t created.

  • Our role is to negotiate the lowest possible IRS payment amount, under the most favorable schedule, allowed by law.
  • We will not allow you to retain our firm’s services unless you are a legitimate candidate for tax relief.
  • Tax Defense Partners is a full service tax debt negotiation and tax resolution company serving individual taxpayers, corporations, associations, and small business.
  • This is based on a review of your IRS filings, other documentary information you provide to us and a comprehensive financial interview.
  • Our goal is to offer you a clear understanding of the process for resolving your tax problem and to leave you with realistic expectations as to probable outcomes.

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. An Offer in Compromise lets taxpayers permanently settle their tax debt for less than the amount they owe. However, the IRS will not accept an offer if it believes the liability can be paid in full as a lump sum or through an installment agreement.

Frequently Asked Questions About New York State Tax Problems

The IRS offers guidance on choosing a tax professional for an OIC on its website. In addition to free resources, CommunityTax offers a free program called the Community Tax Assurance Program . TAP is designed as a preventive solution to keep taxpayers from falling behind on payments in the first place with better education and preparation. If you’re struggling with a small amount of tax debt, this program could help you continue to stay out of debt after you’ve resolved your current financial situation. If you’ve received a notice that the IRS is going to conduct a property seizure, including bank accounts, buildings, businesses, vehicles or other business or personal property, you need help now. Best rated accountant in New York,Miller & Company offers a tax relief help, insight and action to stop the seizure and correct the underlying debt.

How do I file a hardship with the IRS?

To prove tax hardship to the IRS, you will need to submit your financial information to the federal government. This is done using Form 433A/433F (for individuals or self-employed) or Form 433B (for qualifying corporations or partnerships).

An OIC is usually submitted on the grounds that the taxpayer cannot afford to pay the taxes owed and it is in the best interest of both the government and taxpayer to forgive the debt. The IRS forgives these debts, not out of their own goodness, but to promote future compliance. When the IRS agrees to forgive taxes, they do so with the condition that the taxpayer must remain current and compliant for the next five years. Any failure to remain in good standing will result in the full liability being reinstated. At Community Tax, LLC, we pride ourselves on being a full service- tax company, offering a wide range of tax related services geared towards both individuals and businesses. From tax resolution, prior year income tax return preparation, and back tax debt relief to ongoing monthly bookkeeping and annual personal and corporate tax return preparation, Community Tax can help! 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.

This straight-forward payment method is a simple installment plan in which the taxpayer settles their entire tax debt over many payments. The amount is divided into monthly installments over the 10-Year Statute of Limitations and is based off of the taxpayer’s current financial situation. This program removes the stress of trying to make a full one-time payment and grants the taxpayer peace of mind. This program allows the taxpayer to pay-off their tax debt obligations over time without being at risk for a levy or wage garnishment. 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.

Nys Tax Warrants: What Every Taxpayer Needs To Know

These agreements come in many forms to accommodate other financial obligations and the needs of the taxpayer while still satisfying IRS or state tax debt. Tax settlement firms use an accepted IRS procedure known as an offer in compromise in an effort to reduce their clients’ tax bills. This is a special agreement that some taxpayers are able to make with the IRS to settle their tax debts for a lesser amount than what is owed. The taxpayer must supply substantial information to the IRS about their current assets and liabilities as well as projected future income. Many tax relief companies don’t offer a money-back guarantee at all. Anthem Tax Services, however, offers a unique, no-time-limit guarantee.

An offer in compromise can wipe the slate clean with the IRS for substantially less than what the taxpayer owes. Offers in Compromise are difficult to achieve, but offer a substantial benefit to struggling taxpayers if they qualify. CTR has tremendous experience in determining a taxpayer’s eligibility for an offer in compromise and also has tremendous success in negotiating our offers in compromise we submit for our clients. Even though most tax relief companies offer services for both individuals and businesses, they’re generally more cut out for individual tax debt. This could not be further from the truth for Enterprise Consultants Group.

tax resolution services

Often during seizures, your rights are overlooked by the IRS, so you need one of the best tax resolution services companies to prevent violations. 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. Scheduled payroll deposits, self-employment estimated payments, or any tax due must be paid on time or the installment agreement is likely to be terminated. Filing all missing returns and not accruing additional taxes are the most important components to resolving back taxes and can also be the most difficult step for any business to accomplish.

The 7 Best Tax Relief Companies Of 2021

The IRS has very strict guidelines governing eligibility; we let you know up front, BEFORE you hire us, what tax relief options are available. This is based on a review of your IRS filings, other documentary information you provide to us and a comprehensive financial interview.

tax resolution services

Tax Defense Partners is a full service tax debt negotiation and tax resolution company serving individual taxpayers, corporations, associations, and small business. Our goal is to offer you a clear understanding of the process for resolving your tax problem and to leave you with realistic expectations as to probable outcomes. Our role is to negotiate the lowest possible IRS payment amount, under the most favorable schedule, allowed by law. We will not allow you to retain our firm’s services unless you are a legitimate candidate for tax relief.

CTR negotiates a hardship payment based off the taxpayer’s current financial information. This hardship payment is less than the monthly payment needed to satisfy the tax debt in full. The IRS has a 10-Year Statute of Limitations in which they can collect on past due tax debt. The PPIA payment will be made for the duration of that 10-year period, but will not pay the tax balance in full by the time the IRS can no longer collect on the tax debt.

tax resolution services

Currently Not Collectible Status removes the taxpayer’s tax balances from active collections with the IRS. As the Statute of Limitations on a tax debt is 10 years, the individual must continually file their tax returns and provide any requested information to the IRS in a timely manner. Anytime a taxpayer receives a raise or has their income to expense ratio change such that they are no longer in financial hardship, they may lose their Currently Not Collectible Status. At this point, a new payment plan may be drawn up to settle the balance with the IRS based on the new financial situation in which the taxpayer finds themselves. The Currently Non Collectible Status allows taxpayers some relief while they try to improve their financial condition.

If even the lowest installment agreement won’t be affordable due to extreme hardship, the representative may be able to qualify you or your business for an offer in compromise. An offer in compromise (‘OIC’) is an agreement between the IRS and taxpayer to settle unpaid taxes for less than the full amount owed.

If the IRS refuses to reduce either your total debt or your monthly payment amount, the company will refund any fees paid for its services. In addition to providing a resolution to your taxes, it is very common for tax resolution services to eliminate some or all of the penalties you’ve been assessed. The IRS and most states will agree to forgive penalties where the taxpayer has reasonable cause for failing to file or pay their taxes. Your representative will listen to your story and home in on specific details that the IRS/state would consider reasonable cause. In addition to the reasonable cause criteria, one penalty can be forgiven by law as a first-time penalty abatement. The first-time abatement is granted in every case where the taxpayer has had a prior history of good compliance and incurred a penalty for the first time in three years.

The installment agreement is a method of tax debt resolution that allows an individual to pay off their balance over a period typically ranging from 6 months to ten years. Depending on the amount owed to the IRS or state tax agency, the period can vary. CTR determines the amount of each monthly payment based on the taxpayer’s personal assets, property and other financial information and negotiates with the IRS to achieve that payment.

Can I get the IRS to waive penalties and interest?

The IRS doesn’t abate interest for reasonable cause or as first-time relief. Interest is charged by law and will continue until your account is fully paid. If any of your penalties are reduced, we will automatically reduce the related interest.

This ethical and honest approach to tax problem resolution has helped Team TDP achieve high client satisfaction. Taxpayers that are not currently in financial hardship, but may be very close to that threshold, may be able to qualify for an Offer In Compromise. This mostly applies to those who would be put into financial hardship if they added tax debt payments to their current list of expenses. In this situation, the IRS determines the maximum amount they would be able to get from a taxpayer without causing financial hardship. Then the remainder of the debt is forgiven and the individual is released from their liability as soon as the taxpayer meets the conditions of their agreement with the IRS. The IRS will factor in disposable income and any assets held by the taxpayer when making a determination for an offer in compromise.

The installment agreement amount can be the difference between keeping the doors of a business open or closed. Our tax representation firm offers the best tax resolution services. We are A rated by the BBB better business bureau and also a Former Dave Ramsey ELP endorsed local provider ( ). Our firm is headed by Mike Habib, a tax relief expert who will personally handle your case to get the best results possible. Taxpayers that are struggling with financial hardship may be able to find a way to be completely relieved of their IRS debt.