Help! How Can I Overcome My Tax Lien?
Dealing with tax liens is a complex process that affects your financial stability.
Here’s a look at some practical strategies to remove existing tax liens and prevent future ones from coming along. By understanding your options and taking proactive steps, you can overcome tax lien troubles and regain control of your finances.
Resolve Your Tax Debt: Addressing your tax debt is the first step in tackling tax liens. Hire a professional who can set up a payment plan, like an Installment Agreement.
Request a Lien Withdrawal: After paying off your tax debt, you can ask the IRS to withdraw your tax lien. A lien withdrawal removes the public record of the lien. This will improve your financial standing.
Explore Offer in Compromise (OIC): An Offer in Compromise lets you settle your tax debt for less than the full amount owed. This will lessen the chances of possible future tax liens.
File a Request for a Certificate of Release of Federal Tax Lien: If you've paid your tax debt but the IRS hasn't released your lien, file a request for a Certificate of Release of Federal Tax Lien. This will prove the lien’s removal.
Prioritize Timely Tax Filings and Payments: Moving forward, filing tax returns and making payments on time can prevent future tax liens and protect your financial standing.
Seek Professional Assistance: Dealing with tax liens can be complex, so consulting with a qualified tax professional can offer personalized guidance and maximize your chances of success.
Establish a Tax Planning Strategy: Proactive tax planning helps minimize future tax liabilities and safeguards your assets from tax lien complications.
Handling tax liens requires diligence and strategic planning. By resolving your tax debt, exploring relief options, and seeking professional assistance, you can overcome existing tax liens and avoid future ones. Taking these proactive steps empowers you to regain control of your finances and create a brighter, lien-free financial future. Don't let tax liens hold you back - embrace these effective strategies and pave the way for financial freedom!
When it comes to navigating the intricate landscape of tax liens, having the right support can make all the difference.
That's why choosing Ben Butterfield for your tax lien issue is your first step towards financial freedom.
With extensive experience and a deep understanding of tax resolution, Ben Butterfield at BPB Tax Resolutions is your dedicated ally in overcoming tax lien challenges. He will work tirelessly to develop a personalized strategy tailored to your unique situation, ensuring the best possible outcome for your financial well-being.
Don't face tax liens alone; trust Ben Butterfield to guide you towards a brighter, lien-free future.
Take the first step towards financial freedom - contact Ben Butterfield today!
Essential Tax Tips for Small Business Owners
As a small business owner, keeping up with your taxes is vital to protecting everything you have worked hard to build.
The last thing you want is to find yourself in a tax-related situation that threatens your business's financial health. However, understanding tax resolution strategies and proactive measures can make all the difference in protecting your business from potential tax challenges.
Let’s explore some essential tax resolution tips for small business owners!
Stay Organized with Accurate Record Keeping: Maintaining meticulous and up-to-date records is vital for small business owners. Accurate bookkeeping not only streamlines your tax preparation process but also serves as a strong defense during audits or inquiries. Use accounting software or hire a professional bookkeeper to ensure your financial records are in order.
Timely Tax Filings and Payments: Adhering to tax deadlines is crucial to avoid penalties and interest. Filing your tax returns on time and making timely tax payments demonstrate your commitment to compliance and can prevent unnecessary tax problems down the road.
Know Your Deductions and Credits: As a small business owner, understanding available deductions and credits can significantly reduce your tax burden. Familiarize yourself with applicable deductions related to expenses, depreciation, and qualified business credits to maximize your tax savings.
Consider Professional Tax Assistance: Navigating the complexities of small business taxes can be overwhelming. Seeking guidance from a qualified tax professional who specializes in tax resolution for small businesses can provide expert insights and ensure you take advantage of all available tax benefits.
Address Tax Issues Promptly: If you encounter any tax issues or challenges, don't procrastinate in addressing them. Ignoring tax problems can lead to escalating penalties and collection actions by the IRS. Promptly addressing and resolving tax concerns can save your business from more significant financial repercussions.
Implement Tax Planning Strategies: Strategic tax planning is a proactive approach to optimize your tax situation throughout the year. By considering business decisions from a tax perspective, you can minimize liabilities and plan for tax-efficient growth.
Be Prepared for an IRS Audit: Although the likelihood of an IRS audit is relatively low for small businesses, it's crucial to be prepared in case it does happen. Keep all relevant documents and records accessible and organized in case the IRS requests them.
As a small business owner, understanding essential tax resolution tips is crucial to ensure your business's financial well-being. From accurate recordkeeping to strategic tax planning, these practices can safeguard your business from potential tax challenges.
What if I Need Tax Resolution Help Now?
If you have IRS debt with your small business, professional tax assistance is a vital asset in navigating the complexities of small business taxes.
Ben Butterfield, with BPB Tax Resolutions, has the skill and experience necessary to fight the IRS for you.
Don’t risk everything you’ve worked hard to build.
Don’t fight the IRS alone.
Call Ben today and book a free consultation!
The IRS is Auditing Me. What Should I Do?
Getting audited? Fear not, we've compiled expert insights and key steps to help you confidently navigate tax audits and safeguard your financial interests. Understanding the process and being well-prepared are essential elements in facing tax audits with ease.
Step 1: Be Prepared
Preparation is the first step to conquer a tax audit. Gather and organize all relevant financial documents, receipts, and records to support your tax return. Having everything readily available demonstrates your commitment to compliance and saves valuable time.
Step 2: Know Your Rights
Understanding your rights during a tax audit is crucial. You have the right to know why you're being audited, to professional representation, and the option to appeal the audit's outcome. Familiarize yourself with these rights for a fair and transparent process.
Step 3: Consult a Tax Professional
Seeking guidance from a tax resolution expert like Ben Butterfield is a wise decision. With extensive experience, Ben can expertly guide you through the audit process, represent you before the IRS, and provide personalized strategies to address any issues that may arise.
Step 4: Cooperate with the Auditor
During the audit, cooperation is key. Answer questions honestly, providing clear and concise responses, and avoid offering additional information that could complicate matters.
Step 5: Understand the Findings
Once the audit is complete, carefully review the auditor's findings. If discrepancies are found, seek advice from a tax professional like Ben Butterfield to explore the best resolution options.
Tax audits may seem overwhelming, but with the right approach, you can confidently navigate the process. By being prepared, knowing your rights, seeking professional assistance, cooperating with the auditor, and understanding the findings, you can tackle tax audits with ease.
Trust Ben Butterfield at BPB Tax Resolutions for personalized guidance and expert representation.
With a track record of success and a commitment to client satisfaction, Ben is your reliable ally during tax audits.
Safeguard your financial interests and find peace of mind by choosing Ben Butterfield for your tax resolution needs.
Take the first step towards a successful audit outcome. Contact Ben Butterfield today!
Are My Assets at Risk? Here’s How to Prevent IRS Seizure
If you have unpaid taxes, the IRS can take your property to settle the debt.
It can be an overwhelming situation, but there are ways to protect your assets from the IRS. When you understand your rights, you can take proactive steps to protect your assets from IRS collection.
What is IRS Seizure?
IRS seizure is a legal process where the Internal Revenue Service confiscates your property or assets to cover unpaid tax liabilities.
This is usually a last ditch effort for the IRS in cases where their other collection efforts haven’t worked. The IRS can take a wide range of assets, including your home, your vehicles, bank accounts, investments, and even your business assets.
How Can I Protect My Assets From The IRS?
Protecting your assets from IRS seizure requires proactive planning and taking appropriate steps. Consider the following strategies:
Timely Tax Compliance: Stay current with your tax obligations by filing accurate tax returns and making prompt payments. Being up to date reduces the likelihood of triggering IRS collection actions.
Open Communication with the IRS: If you have financial difficulties, it's important to maintain open and honest communication with the IRS. Be proactive. Reach out to discuss your situation and explore available options to address your tax debt.
Negotiate an Installment Agreement: Requesting an installment agreement allows you to pay your tax debt in manageable monthly installments. This can prevent the need for asset seizure by demonstrating your commitment to resolving the debt.
Offer in Compromise: An Offer in Compromise is an option where you can settle your tax debt for less than the full amount owed. Engaging in negotiations with the IRS to reach a reasonable compromise can help protect your assets from seizure.
Seek Professional Assistance: Consulting with a qualified tax professional, such as Ben Butterfield, can provide valuable guidance and expertise in protecting your assets from IRS seizure. Their knowledge of tax laws and experience in dealing with the IRS can significantly increase your chances of a favorable outcome.
Safeguarding your assets from IRS seizure requires careful planning and proactive measures.
When it comes to protecting your hard-earned assets, choosing the right tax professional is crucial.
That’s where Ben Butterfield, founder and CEO of BPB Tax Resolutions, comes in.
Ben has extensive experience and expertise in tax resolution, and is your trusted partner in defending your assets from IRS collection actions.
By working with Ben Butterfield, you can be confident that your assets are in capable hands.
Take the first step towards securing your financial future—contact Ben Butterfield today and benefit from his exceptional services in protecting your assets from IRS seizure.
Am I Eligible for Innocent Spouse Relief?
Tax liabilities can create undue burdens, especially when you are not at fault.
In cases where a spouse or former spouse is responsible for inaccurate reporting or fraudulent activities, innocent taxpayers may find themselves held accountable for unpaid taxes. However, the IRS offers a potential solution known as Innocent Spouse Relief.
What is Innocent Spouse Relief?
Innocent Spouse Relief is a special rule the IRS uses to help taxpayers who filed joint tax returns, but shouldn't be held responsible for any mistakes or problems on those returns. It's a way for innocent spouses to be exempt from the taxes, interest, and penalties that were caused by their spouse or ex-spouse’s mistakes.
Eligibility Criteria
If you want to qualify for Innocent Spouse Relief, you’ll have to meet certain criteria:
Filing Status: If you want to qualify for Innocent Spouse Relief, you’ll need to have filed a joint tax return with your spouse or ex-spouse. The reported amount on that joint return should have been lower than what it should have actually been.
Lack of Knowledge: When you signed your joint return, you should not have known about the tax understatement. You didn't have any awareness that the tax amount reported was inaccurate.
Unfair Burden: It would be unfair to expect you to be held responsible for the tax understatement, especially when you consider the specific circumstances and how assets and liabilities were divided between you and your spouse or ex-spouse.
The Three Types of Innocent Spouse Relief
The IRS offers three types of Innocent Spouse Relief:
Traditional Innocent Spouse Relief: This relief applies when you can demonstrate that you had no knowledge or reason to know about the understatement of tax on the joint return.
Separation of Liability Relief: With this relief option, your tax understatement would be allocated between you and your spouse (or former spouse). It is based on your individual contributions to the income, deductions, and credits on the joint return.
Equitable Relief: If you don't meet the requirements for the relief options above, you might still qualify for Equitable Relief. Equitable Relief is a special consideration that’s used in situations where it would be unfair to hold you responsible for the tax understatement. The IRS considers different factors and circumstances to decide if you are eligible for Equitable Relief.
How Do I Get Innocent Spouse Relief?
If you want to apply for Innocent Spouse Relief, you need to submit an IRS Form 8857. This form is called the Request for Innocent Spouse Relief. You’d also need to give supporting documentation that substantiates your claim. You should provide a detailed explanation of why you believe you qualify for relief.
Navigating Innocent Spouse Relief is difficult. That’s why if you consult with a qualified tax professional who specializes in Innocent Spouse Relief, you can significantly improve your chances of getting a successful claim. A professional can guide you through the process, assist with gathering necessary documentation, and make sure your rights are protected…
A professional like Ben Butterfield.
Ben Butterfield, CEO and founder of BPB Tax Resolutions, is an accomplished tax professional who specializes in tax services like Innocent Spouse Relief.
With over 25 years of experience in accounting and finance, Ben is a trusted expert in helping you with your IRS problems.
He’ll guide you through the eligibility evaluation for Innocent Spouse Relief and find the best solution to your situation.
Don't let your tax issues hold you back. Book your risk-free consultation now!
Facing IRS Wage Garnishment? Here's How to Stop It and Regain Control
When the IRS takes part of your hard-earned wages, it can leave you feeling overwhelmed and financially strained. But, it's crucial to remember that you have options and solutions to stop IRS wage garnishment and regain control of your finances.
If you’re facing IRS wage garnishment, our goal is to provide you with the knowledge and guidance you’ll need to face this challenging situation. Let’s dive into the specifics of IRS wage garnishment, understand why it occurs, and, most importantly, explore effective strategies to put an end to it.
Understanding IRS Wage Garnishment
IRS wage garnishment is a legal action the IRS takes to collect people’s unpaid taxes. The IRS doesn’t need a court order to garnish wages.
The IRS will send you notices if they intend to garnish your wages. These notices will include a Final Notice of Intent to Levy, which informs you that they intend to garnish. If you don’t respond or take action within a certain timeframe, they will garnish your wages.
The Impact of IRS Wage Garnishment
Wage garnishment directly affects your take-home pay. This can make it harder to maintain a comfortable standard of living or even cover basic expenses.
IRS wage garnishment can also hurt your credit score. It will be harder for you to secure loans or get good interest rates in the future.
Wage garnishment can also strain your relationships and cause stress. Plus, it can damage your professional reputation if your colleagues become aware of the garnishment.
How to Stop IRS Wage Garnishment
Stopping IRS wage garnishment requires proactive steps and effective strategies. Here are essential actions you can take:
Respond to IRS Notices: It is crucial to respond promptly to all IRS notices related to wage garnishment. Ignoring the notices will only escalate the situation. You can contact the IRS and ask for a collection due process hearing where you may be able to discuss your case.
Explore Payment Options: The IRS offers payment options to resolve your tax debt. This could be an installment agreement, where you would pay off the debt over time. Another payment option is an offer in compromise, which lets you settle your debt for less than the full amount you owe.
Request a Hardship Exemption: If your wage garnishment causes a serious financial hardship, you could qualify for a hardship exemption. A hardship exemption can temporarily suspend your garnishment or reduce the amount taken out of your pay.
Resolve Tax Disputes: If you think there is an error in the amount you owe, it's crucial to address the issue promptly. Disputing the tax assessment through the appropriate channels can stop the wage garnishment until the dispute is resolved.
Seek Professional Assistance: Navigating tax debt on your own is often overwhelming and complicated. That’s why you should consider hiring a reputable tax professional. They will guide you through the process, represent your interests, and negotiate with the IRS on your behalf. A tax professional won’t just take the weight of IRS negotiations off your shoulder; they’ll get the best outcome possible, saving you time and money.
The BPB Tax Resolutions Difference…
Hiring a tax professional is key to stopping IRS wage garnishment and taking control of your financial future.
Ben Butterfield's expertise, coupled with his track record of successful negotiations with the IRS, sets him apart as a trusted advisor with resolving wage garnishment issues.
His in-depth knowledge helps him to navigate complex tax situations and explore every available option to find the best resolution for your unique circumstances.
When you partner with BPB Tax Resolutions, you gain a trusted ally who will fight for your rights. BPB Tax Resolutions will negotiate with the IRS on your behalf, and explore all available options to find the best resolution for your unique circumstances.
Don't let the stress of wage garnishment control your life. Contact BPB Tax Resolutions today for a risk-free consultation, and regain control of your financial future!
Am I Eligible for an Offer in Compromise?
Tax debts can be overwhelming, leaving you desperate for solutions. An Offer in Compromise (OIC) offers hope for resolving your tax issues.
In this article, we will explore the details of an OIC, its eligibility criteria, and the benefits it provides. You’ll gain a clear understanding of this tax resolution option and learn whether you qualify.
What is an Offer in Compromise?
An Offer in Compromise offers hope for people who find themselves drowning in tax liabilities.
It’s an agreement between a taxpayer and the IRS that lets you settle tax debt for less than the full amount owed. An OIC is a potential lifeline for people facing financial hardships, giving them an opportunity to regain control of their financial future.
By demonstrating an inability to pay the full amount or raising legitimate doubts about the accuracy of the tax liability, you may qualify for this resolution option.
Am I Eligible?
To determine eligibility for an Offer in Compromise, several factors are considered:
Ability to Pay:
The IRS assesses your financial situation (income, expenses, assets, and future earning potential) to determine your ability to pay the full tax debt.
If it’s clear that paying the entire amount would create substantial financial hardship for you, you may be eligible for an Offer in Compromise.
Doubt as to Liability:
If you genuinely dispute the amount of tax owed, you can qualify for an Offer in Compromise based on doubt as to liability. This means that you believe the IRS has incorrectly assessed your tax liability, and you have evidence to support your claim.
Doubt as to Collectibility:
When the IRS believes that collecting the full amount owed from you is unlikely or would cause financial hardship, they may consider an Offer in Compromise to expedite the resolution. If it can be demonstrated that collecting the full debt is not feasible, you may qualify for this option.
Effective Tax Administration:
In exceptional cases, even if you can afford to pay the full amount, circumstances such as severe health issues or extraordinary financial hardship can warrant an Offer in Compromise. The IRS considers factors beyond your financial situation to assess whether an OIC is necessary to ensure effective tax administration.
Taking the Next Step…
Navigating an Offer in Compromise successfully requires professional assistance. BPB Tax Resolutions specializes in tax resolution services, providing expertise tailored to your needs. Book a risk-free consultation to:
- Review your situation and assess eligibility
- Receive personalized guidance and advice
- Develop a strategy to resolve your tax debt
Take the first step towards financial freedom and contact Ben Butterfield with BPB Tax Resolutions!
With over 25 years of business experience in accounting and finance, Ben is a leading expert in solving individual and small business IRS problems. He will guide you through the eligibility evaluation and help you find the best solution to your tax debt.
Don't let the weight of tax burdens hold you back. Discover the relief an Offer in Compromise will bring to your life.
Book your risk-free consultation with BPB Tax Resolutions today!
Tax Debt Settlement: Why Should I Hire a Professional for Assistance?
Dealing with tax debt can be an overwhelming experience.
Navigating the tax system and dealing with the pressures of outstanding tax liabilities, can leave you feeling lost and uncertain. While you might be tempted to handle tax debt settlement on your own, it’s not as good of an idea as you think.
Entrusting your tax debt settlement to experts will make a massive difference in achieving a successful resolution.
Understanding Tax Debt Settlement
Tax debt settlement is the process of negotiating with the IRS to resolve outstanding tax liabilities. It involves working towards an agreement that lets you pay off your debts under modified terms. While tax debt settlement can take various forms, the most common approaches include an Offer in Compromise (OIC), installment agreements, and penalty abatements.
So, why should you trust a professional with your tax debt settlement?
Why Should I Hire a Professional for Tax Debt Settlement?
Expert Knowledge and Experience:
Navigating tax debt settlement requires in-depth knowledge of tax laws, IRS guidelines, and negotiation strategies.
Tax resolution experts have the expertise and experience to handle your unique case. They analyze your unique financial situation, evaluate available settlement options, and create a personalized strategy that fits your needs. Tax resolution professionals also understand the complexities of your unique situation, and they can help you make the best, most informed decisions throughout the process.
Maximizing Settlement Opportunities:
Tax professionals have the skills to assess your eligibility for different settlement programs and determine the best approach for your specific circumstances.
They know how to gather and present the necessary documentation, formulate compelling arguments, and negotiate with the IRS on your behalf. With their guidance, you will maximize your chances of securing the most favorable settlement outcome.
Mitigating Errors and Penalties:
The IRS is meticulous when reviewing tax debt settlement proposals. Even a small mistake or oversight can lead to rejection or delays in the resolution process…
By working with tax professionals, you will minimize the risk of errors, ensuring that all required information and documentation are accurate, complete, and submitted on time. This attention to detail reduces the likelihood of penalties and streamlines the settlement process.
Handling Communication with the IRS:
Engaging in negotiations with the IRS can be intimidating and overwhelming. Tax professionals act as your advocate, handling all communication with the IRS on your behalf. They understand the language and protocols used by the IRS, effectively presenting your case and addressing any concerns or inquiries. Having an experienced representative by your side relieves the burden of interacting directly with the IRS, allowing you to focus on your financial well-being.
The BPB Tax Resolutions Difference
Ben Butterfield, founder of BPB Tax Resolutions, specializes in providing comprehensive tax resolution services to individuals and small businesses burdened by tax debt. He understands the complexities of the tax system and possesses the expertise necessary to guide you through the settlement process.
With his personalized approach, Ben will be your advocate for dealing with the IRS.
Don’t face the IRS on your own.
Book a risk-free consultation with Ben Butterfield at BPB Tax Resolutions today!
Everything You Need to Know About Filing your 2022 Taxes
Filing taxes can be a daunting task for many individuals, but it is a necessary part of managing your personal finances. In this article, we will cover everything you need to know about filing taxes for 2022.
Know Your Filing Status
Your filing status is an important consideration when filing taxes. There are five filing statuses: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child. Each status has different tax brackets and deduction limits. Choose the status that best reflects your situation.
Gather Your Documents
Before you start filing taxes, you will need to gather all the necessary documents. These include your W-2, 1099s, and any other income or tax statements. If you have any deductions, make sure you have the relevant receipts and documentation for every deduction.
Understand Tax Deductions and Credits
Tax deductions and credits can help reduce the amount of taxes you owe. Deductions are expenses that reduce your taxable income, while credits directly reduce the amount of taxes you owe. For the everyday American, some common deductions include mortgage interest, charitable donations, and student loan interest.Although, most taxpayers will be take the “standard” deduction. Common tax credits include the earned income tax credit and child tax credit.
Choose the Right Tax Preparation Method
There are several ways to prepare and file your taxes. You can use a tax preparation software, hire a tax professional, or file by paper. The method you should go with depends on your situation. For the most accurate and best result, we always recommend hiring a tax professional that can ensure everything is filed correctly. If you owe back taxes from other years, then we highly recommend hiring a tax resolution specialist to look into your case to ensure you the IRS does not garnish your wages or put a tax levy on your assets.
File on Time
The tax filing deadline for 2022 is April 18, 2023. Make sure you file your taxes on time to avoid penalties and interest. If you are unable to file by the deadline, you can request an extension. But, remember an extension only relates to filing of the return. If you owe for 2022, and you file an extension, what you owe must be paid in with the extension to avoid failure to pay penalties.
Pay Any Taxes Owed
If you owe taxes, make sure you pay them on time. The IRS offers several payment options, including online payment plans, direct debit, check or money order. Failure to pay taxes owed can result in penalties, interest charges, and worse case scenario, tax liens and gransihments.
Keep a Copy of Your Tax Return
Make sure to keep a copy of your tax return for your records. You may need it for future reference or to apply for loans or financial aid.
What to Do If You Owe Back Taxes
If you owe back taxes, the most important thing you can do is take action. Ignoring your tax debt will only make the situation worse, as the IRS will continue to assess penalties and interest on the amount owed. Contact a tax resolution specialist to look over your case, and let them guide you through the process to ensure you don’t jeopardize your financial future.
Our firm specializes in tax resolution. We have CPAs, EAs and attorneys who can represent you before the IRS. We serve clients virtually so don’t hesitate to reach out. If you want an expert tax resolution specialist who knows the “ins and outs’ and knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem.
In conclusion, filing taxes can be overwhelming, but it doesn't have to be. By understanding your filing status, gathering necessary documents, taking advantage of deductions and credits, filing on time, paying any taxes owed, and keeping a copy of your tax return, you can ensure a successful tax filing experience in 2023.
What is Tax Resolution & How Can It Help You During the 2023 Tax Season?
Tax season can be an unpleasant time of year for a lot of taxpayers, especially if you owe money to the IRS or State. The one thing you can do is, be proactive, prepared, and engage a tax resolution specialist to help guide you.
If you owe back taxes to the IRS, then read every word in this article very carefully because what you do next can impact your financial stability and peace of mind. Today I am going to share with you what tax resolution is and how it can help you.
Before we jump into it, if you have a back tax debt or years of unfiled tax returns, contact our firm for a consultation. We always recommend that you do not talk to the IRS without representation as, many times, it makes your situation worse.
The IRS can be an intimidating agency to speak with and will do everything in their power to collect what is owed to them. Connect with one of our tax resolution specialists for a no-obligation consultation so we can review your case and guide you to the best option for your specific situation. You won’t have to talk to the IRS and our firm can provide the peace of mind you need to resolve your tax issue.
What is Tax Resolution?
Tax resolution, also known as IRS Representation, or Tax Controversy, is
the process of resolving back tax issues with the IRS or state tax authorities. It generally involves negotiating a payment plan or a settlement agreement for less than you owe. Many times, for a lot less if you’re eligible.
There are several options available for resolving taxes owed including:
Payment Plan - A payment plan is an installment agreement that allows you to pay off your tax debt over time until the debt is paid in full.
Partial Pay Payment Plan - A “PPIA” is an installment agreement that allows you to pay off your tax debt for less than the full amount.
Offer in Compromise - An Offer in Compromise (OIC) is an agreement between you and the IRS to settle your tax debt for less than the full amount owed. To qualify for an OIC, you must demonstrate that you are unable to pay your tax debt in full and meet certain eligibility requirements.
Currently Not Collectible - If you are facing financial hardship and are unable to pay your tax debt, you may qualify for Currently Not Collectible (CNC) status. This means that the IRS will temporarily suspend collection efforts until your financial situation improves. However, this does not mean you do not owe what you owe, it just means it is a temporary suspension on making monthly payments to the IRS.
How Can Tax Resolution Help You?
If you find yourself in the unfortunate situation of owing back taxes to the
IRS, then here is how tax resolution can help you in several ways:
Avoid Penalties and Interest - When you owe back taxes, the IRS will assess penalties and interest on the amount owed. These fees can add up to another 50% to the principal tax owed. We can help you avoid or reduce these fees, which can add up quickly over time.
Reduce Your Tax Debt - Tax resolution can help you negotiate a settlement agreement or payment plan that reduces your tax debt. This can make it easier to pay off your outstanding taxes and get back on track financially.
Protect Your Assets - If you owe back taxes, the IRS will eventually attempt to garnish your wages or seize your assets, including bank accounts. We can help you protect your assets and income and negotiate the lowest monthly payment allowed by law.
Improve Your Credit Score - When you owe back taxes, it may negatively impact your credit score. Tax resolution can help you pay off your tax debt and improve your credit score over time.
In conclusion, tax resolution is a way to settle tax debt and get back on track financially. It involves negotiating a payment plan or settlement agreement with the IRS or state tax authorities. By avoiding penalties and interest, reducing your tax debt, protecting your assets, and improving your credit score, tax resolution can help you achieve financial stability and peace of mind. If you owe back taxes, it is important to take action sooner, rather than later, and explore your options for resolution.
Our firm specializes in tax resolution, even if you have years of unfiled tax returns, or owe the IRS over $10,000 we can help! If you want an expert tax resolution specialist who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem.
