There are many tax debt problems that individuals and businesses may encounter. These vary from late and unfiled taxes that were forgotten or lost, taxes that were filed incorrectly, business taxes that were never paid, or a joint return that was filed incorrectly. Once these problems occur, you may find yourself facing wage garnishment, liens or levies, and seemingly endless collection calls and notices. Regardless of the tax debt problems you are facing, you are not the only one. Taxes are confusing and can be expensive, especially if your business has taken a downturn or you have had other struggles in your personal life.
Tax Debt Problems We Handle
We can help resolve many different tax debt problems, from the most common accounting issues to complex legal battles. You always have options and we can help you find them.
Every independent adult making a certain income is required to file a tax return. However when these tax returns become complex, when debts are owed that cannot be paid, or when personal problems occur, they often do not get filed. Unfiled tax returns do not go away and the IRS will ask about them eventually. Don’t let unfiled tax returns hang over your head.
If you owe outstanding state or federal debts, the IRS or state can force you to pay. One method used is wage garnishment, which automatically deducts from your paycheck. If you are experiencing wage garnishment or this action is on the horizon, get professional tax debt help right away.
Managing bank accounts or financial interests in other countries can be tricky. If these are not managed properly, you can find yourself facing tens or hundreds of thousands of dollars in fees. Reporting on Foreign Bank and Financial Accounts is often overlooked, but carries serious penalties.
If you borrowed against payroll taxes in order to pay other business debts, you may find yourself in significant tax debt. This problem can snowball quickly, and resolving the issues as soon as possible will prevent bigger problems in the future.
Underpayment of Estimated Tax
Businesses of all sizes are required to pay quarterly estimated taxes to cover their tax liability. Failure to do this or filing incorrectly will create penalties and fees. Estimated taxes that are not paid on time and in full will become tax debts.
The Barlow Difference
More Problems We Can Help You With
IRS CP2000 letter
If you’ve received an IRS CP2000 letter, it means that the IRS detected something on your tax return was incorrect. Often, these letters are automated, and there may be a mistake. If you receive a CP2000 letter, it’s best to get professional assistance for tax debt problems right away.
Sometimes even when you think you’ve solved your tax debt problems and paid what you owe, you receive an audit notice. If errors have previously been found on your return, this can trigger additional audits, but it doesn’t necessarily mean you still owe.
Audits can mean big problems for businesses. If your business has never been audited before, it’s natural to feel unsure. If you’ve received a business audit notice, work with tax professionals to move forward confidently.
Sales tax can be difficult to document properly, especially if you operate multiple locations or ship products to multiple locations. If you’ve received a sales tax audit, it’s best to get your documents in order right away. A tax professional can help.
To pay unpaid tax debts, the IRS can make a legal claim or even seize your property. This can include bank accounts, wages, accounts receivable, homes, cars, and more. If this occurs or if you receive a lien or levy notice, get professional tax help right away.
Self-employment Tax Issues
Many self-employed people struggle with complicated tax code. You may find you cannot pay the taxes you owe, you filed incorrectly, or you owed more than you thought. When this occurs, we can help you sort out the problems and find solutions.
Federal Tax Problems
There are many different types of federal tax problems you may encounter. Many taxpayers don’t know they’ve filed federal taxes incorrectly until they get a notice from the IRS. We address all types of federal tax problems and we will help you find a long-term solution.
State taxes are just as important as federal taxes, and state tax errors also carry fines and penalties. If you conduct business in multiple locations or you’ve lived in different states, it’s important to resolve state tax problems and questions as soon as possible. We work with taxpayers in Connecticut, the East Coast, and across the nation to resolve state tax issues.
There are hundreds of tax debt problems that can occur, and many of them occur simultaneously. No matter how severe or complex the problem is, we can help.