Dealing with the IRS, even when it comes to completing a standard tax return, is never easy. If you're experiencing serious tax problems things could get extremely complicated. It is an IRS fact that 75% of all self-negotiated plans fail. The individual in trouble has a tendency to agree to almost anything suggested by the IRS agent. With fear as the dominating factor in the negotiation the practicality of the plan is often a secondary consideration. If you don't know current tax law you could unwittingly pay more than you owe. It's in your own best interest to hire a professional.
It only takes a quick phone call to find out what program you qualify for. You can call a certified tax professional anytime day or night. No other firm offers this service.
Offer in Compromise
Tax Freedom ToolBox™
The IRS Offer in Compromise program was instituted to help tax payers in trouble settle their tax debts. In some cases you may be able to settle for a fraction of what you owe.
The TNC can help you though the IRS Offer in Compromise process with the Tax Freedom Toolbox™. This program was developed with the help of Ex IRS Collection agents, CPAs and Tax Attorneys. We walk you through the process. We’ll help you collect your records, make your calculations, and help you fill out the forms in the privacy of your own home. If you need help we’re just a phone call away.
Ten Minutes is all it will take. You’ll see how the Tax Freedom ToolBox™ works and you will calculate an estimate for your offer today. Don’t pay hundreds or even thousands just to see if you qualify. Take our free ToolBox Test Drive right now and get yourself on the road to Tax Freedom.
The Basic Tax Freedom Toolbox™ is only $129. This will get anyone with a tax problem started and is an adequate solution for many individuals owing less than $100,000 to the IRS. If your self employed, or have employees, or other complications you may add support from our experienced tax negotiators or more advanced toolboxes.
Don’t wait another day. If you think you may benefit from an IRS Offer in Compromise you owe it to yourself and your family to Test Drive the Tax Freedom Toolbox™ today.
Offer in Compromise Timeline
The IRS Offer in Compromise may be the best solution for taxpayers behind in their taxes. It is not an instant solution but it will give you room to breathe as you work through the process. After completing the required forms it will go something like this:
- You submit your Offer in Compromise paperwork to the IRS including your checks for the initial 20% of your Lump Sum Offer and your Application Fee of $150.
- Three to four months later you receive the first reply from the IRS. You may be given a list of additional documents that you need to supply. You may get up to 30 days to respond.
- Two to three months later you receive a notice from the IRS telling you that your offer has been assigned. There may be additional requests for more documentation or explanations. You may get 15 to 30 days to reply.
- About six months later you receive an update from the IRS, they request additional documents and current statments. This is where the negotiations actually begin. This is the time that a Professional Negotiator will be of the greatest value in the process. You usually only have 2 weeks to respond. Negotiations continue for two to four months.
- After negotiations are complete you receive your notification of acceptance of your offer. You can get up to 30 days to mail in your first payment. The entire OIC process must be complete in 24 months.
IRS Installment Agreement
In many instances, when a taxpayer tries to negotiate their own payment plan, they're caught in a cash flow vortex that drains any excess cash or disposable income. Our accounting background, and our reputation with the IRS allow us to negotiate payment plans that will fit into your budget and allow you to survive and even grow while you're paying your tax debt.
We know what an allowable expense is and how to demonstrate it before the IRS. We also know how to negotiate an exception so that you will have the time to prepare to make your payments. Not all tax negotiation firms are equal. Make sure you are getting the right representation.
Installment agreements come in five basic forms. Give us a call and set up a free consultation We will design the best installment agreement for your needs.
- Guaranteed Installment Agreements
- Streamlined Installment Agreements
- In-Business Trust Fund Agreements
- Long-Term Installment Agreements
- Installment Agreements on Specified Balance Due Accounts
Levy and Garnishment Release
When the IRS or state has failed repeatedly to collect back taxes, they begin to seize assets. This process is called a “levy.” After providing either ten, thirty or sixty day notice through certified mail, they are legally allowed to seize bank accounts, demand payment from accounts receivable, take control of property for auction, and assume title on vehicles. Virtually anything of value can be seized to satisfy the outstanding debt.
Levies and wage garnishments are the most crippling and humiliating of all collection tactics. They’re designed to force taxpayers into willful compliance. Thankfully, our staff has years of experience lifting levies and wage garnishments quickly and painlessly. Depending on the type and severity, it usually takes only 2-10 business days for us to successfully lift either. If a bank account has been levied, we are usually able to revert up to 95% of what was taken back into the account.
Having your wages garnished is a stressful and financially debilitating experience. Our Tax Specialists will immediately contact the IRS to release your wages from garnishment, and then structure a solution to resolve the underlying tax liability – whether that is an Offer in Compromise, Statute Expiration, or an Installment Agreement.
If there is a tax lien on your home or property, we can temporarily lift the lien and allow you to refinance or sell. This solution is especially useful when using equity in a property to pay off a negotiated settlement, and can also be a smart option to take advantage of favorable interest rates and market conditions. We can tailor this program specifically around your needs and time concerns, creating the most favorable outcome possible.
The longer you wait, the harder this becomes. Call or chat with us today and we'll get you on the road to relief.
941 Payroll Issues
If you own or have owned a business with employees, the IRS demands that you pay employee withholding tax. This tax is due every operating quarter. If it is not paid, penalties and interest will begin to accrue and the IRS will come knocking at your door. If these taxes are neglected long enough, the business can be closed and all assets seized to satisfy the debt. We have helped numerous current and former business owners resolve payroll tax issues.
Depending on the variables of the case the taxes themselves can usually be negotiated down to a settlement that will allow you to stay in business. The associated penalties and interest may be abated. This is an intricate procedure and we're experts. Call or chat online with us and, after gathering the necessary facts we will provide a detailed assessment of your options.
Unfiled Tax Returns
If you have failed to file a return, the IRS submits what is termed an SFR (Substitute for Return). This is submitted by the IRS for the taxpayer using bank deposits as the taxpayer's gross income. This is the worst form of taxation as it allows for zero deductions and grossly exaggerates a taxpayer's liability.
For example, if you are a business owner with an annual deposit of $300,000 you will be taxed on the $300,000 with no allowance for expenses. Even if your business made no money that year you would owe over $100,000 in taxes plus interest and penalties.
The Statute of Limitations does not begin to run when the SFR is computed by the IRS. If returns are left unfiled you will have to pay the debt. We can file all unfiled returns for you legally maximizing your deductions. If you actually lost money in the business, a primary reason for not filing, then your tax liability would be eliminated. The IRS will process the return, cancel the SFR and reduces the owner's tax liability to zero.
Note: The statute of limitations does not begin to run until the return is actually filed. Returns that are filed on time are generally subject to a three year statute, wherein the IRS has 3 years to audit, assess additional taxes and bring a court proceeding against the taxpayer.
Our staff is current with all changing tax code and procedure. Let us evaluate the specifics of your case, creating a program to bring you current, compliant, and debt free. The initial consultation is always free!
Innocent Spouse
If your spouse or ex-spouse understated the tax on a jointly filed return, you are eligible to be released from the obligation for the tax liability and the related interest and penalties. Your only obligations to be released are to show that the understatement of tax is attributed to your spouse and that you had no way to know of the understatement.
There are many basis for abating taxes and assessed tax penalties, including “Innocent Spouse” determination. Typically, adjustment/abatement is a means for reducing or deferring a liability which is used in conjunction with another tax relief method to resolve the taxes owed. There are three types of Innocent Spouse relief: traditional Innocent Spouse relief, separation of liability, and equitable relief. Traditional Innocent Spouse relief is granted to joint-filers (typically married couples) when one spouse was unaware of the erroneous item which created a tax liability; Separation of liability is primarily for joint-filers who are currently separated, and equitable relief is for a spouse who should not be held liable and who fails to meet the two preceding determinations. In each Innocent Spouse determination, the non-electing spouse/partner will be notified and may participate in the proceedings.
In all of the Innocent Spouse adjustments, the IRS’ goal is to provide relief to the spouse who was unaware or not at fault for the creation of a tax liability. We have years of experience dealing with Innocent Spouse issues. Please give us a call or chat with us on line. The first consultation is always free.
Currently not Collectible
Currently not Collectible (CNC) status may be an option if you do not qualify for an offer in compromise and cannot afford to pay an Installment Agreement. If a taxpayer is placed in CNC status, the statute of limitations continues to run and the IRS will not pursue collection actions. If a taxpayer’s financial status improves the IRS can remove the file from CNC status.
Reasons for attempting CNC status:
- Your income is below allowable expenses and there is no indication that the financial situation will improve in the future
- Due to high equity, the taxpayer does not qualify for an OIC and has more allowable expenses than income eliminating Installment Agreement as an option
- You have more allowable expenses than income and the statute of limitations is getting close to expiring
IRS Tax Abatement
Besides the Offer in Compromise, there is another, very effective program for reduction of an outstanding tax debt. Circumstances beyond your control may have prevented you from paying your tax debt and led to delinquency. We can challenge the penalties and interest and negotiate them down. Relief from penalties falls into four separate categories.
- Reasonable Cause – Mistakes made by the taxpayer, ignorance of law, death, serious illness, unavoidable absence
- Statutory Exceptions – Simple or complex legislative tax code changes
- Administrative Waivers – Undue hardship, fire, flood, natural disaster, bad legal/tax advice
- Correction of Service Error – Mistake made by the IRS
Because relief from accrued penalties and interest is based more on stated representations than financial hardship, terms for a successful penalty abatement are very specific. This program involves a great deal of skill to successfully follow IRS protocol and bring resolution. Applied correctly results are substantial. Savings are usually thousands of dollars for the average taxpayer. We know the secrets. We've done this all before. When you call we will cover the intricate details of a penalty abatement. A consultation will determine why you would or wouldn't be a candidate for this relief.
