No matter how big your tax debt is or how long you have carried it, there are tax relief solutions available to you. We have helped many others find these solutions and we can help you too. Facing hundreds, thousands, or hundreds of thousands of dollars of debt can seem hopeless, but there are options available. Finding these solutions without detailed knowledge of tax law and IRS tax code is nearly impossible, and pursuing these options without help is even more difficult. However, an experienced CPA specializing in IRS tax code and a specialized tax attorney can help you find them. We will give you the financial and legal expertise you need to move forward with confidence.
Common Tax Relief Solutions
We’ll help you understand the options available to you, and what each of these solutions means in your situation. More than one tax relief solution may be a viable option, and we can also help you resolve other problems you’ve encountered, such as liens or levies. We will help you understand the effects, timeline and results of each action filed. Below are some of the most common tax relief solutions, though this is not an exhaustive list. Other options are available that may work better in your situation.
An offer in compromise allows you to settle for less than the tax debt that you owe. If you do not have the income or assets to pay a tax debt, an offer in compromise may be a hardship solution for you. If you cannot pay your tax debt, this agreement can be reached with the IRS to give you a fresh start.
Looking at one lump sum of tax debt makes it seem impossible to pay off. However, smaller payments over time will make the debt more manageable. An IRS installment agreement is a payment plan that the IRS and taxpayer both agree to. There are different kinds of installment agreements, some which allow you to pay less than you owe, and all of which can prevent or stop liens, levies, and other penalties.
Most taxpayers do not know that laws exist which can completely or partially remove penalties levied by the IRS. Penalty abatements are available as a means of incentivizing compliant taxpayers. If you have paid your taxes in the past but you encountered a problem during a certain period, a penalty abatement may be a negotiable option.
There are many reasons that taxpayers don’t file taxes. Many avoid filing because they know they will have to pay and they can’t, others don’t file because they are overwhelmed by paperwork and they are confused, others didn’t know they had to file, and others may have been dealing with a family crises or another situation. Whatever the reason, we will help you get caught up and resolve any debts, interest, or other issues that have come up.
If you owe a tax debt that you know you cannot pay, you may qualify for currently not collectible status. This is one of the best means for stopping harassing collection calls and getting a grace period to reorganize your finances.
As spouses almost always file their taxes jointly, miscommunications and errors between spouses are bound to happen. If your spouse has filed taxes incorrectly without your knowledge, or your spouse has or had outstanding debts you are not responsible for, you may be eligible for innocent spouse relief. This is an especially helpful option for those that are separated or divorced.
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Partial Payment Installment Agreement
A partial payment installment agreement is a type of installment agreement which will allow you to pay less than what you owe. This is available for some taxpayers who will not be able to pay their tax debt in full.
IRS Statute of Limitations
The IRS has a limited time period to collect on past tax debts. If these limitations have been reached but the IRS is still attempting collections, you can use the statute of limitations as a legal recourse.
When times get tough, business owners sometimes borrow from the money they are supposed to pay in payroll taxes. This can quickly become a serious problem and add up to big debts. For example, the Trust Fund Recovery Penalty (TFRP) is a 100% penalty of the unpaid trust fund taxes. If you are buried under unpaid payroll taxes, get relief as soon as possible.
Self-employed Tax Relief
Whether you are a small business owner, a freelancer, consultant or something else, you are responsible for managing your own taxes. This can get complicated and create tax debts quickly. Self-employed tax relief can help you start fresh and get on the right track again.
If you’ve been audited by the IRS, you may have been randomly selected, or factors on your return may have caught the attention of the IRS. Whether you have all of your documents in order and you are confident in your return or you are wondering about potential problems, an expert will help you find the tax relief solutions that you need.
If you’ve received a notice about an audit on your personal return, there may be issues which alerted the IRS. Some special circumstances such as foreign income, certain savings accounts or investments, or some itemized deductions can trigger an IRS audit.
Just as business tax returns are generally more complicated than personal returns, business audits are also more complicated. A number of factors may trigger a business audit, and the penalties and fines for business tax mismanagement can be substantial.