An Internal Revenue Service (IRS) Offer in Compromise simply gives taxpayers that cannot afford to pay their back tax liability in full, a way to settle for less than what the IRS claims they owe. The IRS sets guidelines for accepting an Offer in Compromise. The IRS looks at a taxpayer’s past, current and future financial situation when evaluating whether an Offer in Compromise should be accepted. Every taxpayers ability to pay is different and not everyone who inquires qualifies for an Offer in Compromise. Therefore, having a tax expert pre-qualify your case is your first step before requesting an Offer in Compromise with the IRS.
An Internal Revenue Service (IRS) Installment Agreement also gives taxpayers that cannot afford to pay their back tax liability in full, the ability to pay their tax debt through installments which are paid monthly. However, a taxpayer needs to ensure that all prior tax years filings be in compliance with the IRS prior to establishing an Installment Agreement. The Installment Agreement can fully or partially pay the tax debt. Consideration is taken on the financial circumstances of the taxpayer as well as the amount of time that is left in the statute of limitations to collect the tax liability. Signature Tax experts have negotiated thousands of these agreements.
Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS can declare a taxpayer “currently not collectible” after the IRS receives evidence that a taxpayer has no ability to pay. Once the IRS declares a taxpayer currently not collectible, they must stop all collection activities. This includes levies and garnishments. Signature Tax always moves quickly to place qualifying taxpayers in this category.
A wage garnishment is the second most common enforced collection method used by the IRS. They receive their back taxes by attaching their tax bill to your paycheck. Each pay period, your check is reduced by a certain amount and those funds are sent to the IRS to retire your tax debt. Signature Tax has been very successful in having Wage Garnishments removed from taxpayer’s payroll accounts.
An IRS Bank Levy is much more difficult to release than a Wage Garnishment. There are special rules and requirements for IRS Bank Levy releases. Not only do they follow the general rules for their wage levies, but they have additional and very specific requirements that must be met before they will release a bank levy. This is a difficult and specialized area that Signature Tax is an expert in.
A Revenue Officer (RO) is considered a “Collections Officer” for the Internal Revenue Service. An RO’s primary goal involves collecting delinquent tax accounts and securing delinquent tax returns. It is their objective to collect the amount owed as quickly as possible and to have the account in compliance. Taxpayers, however, have their rights and must understand them when working with a RO. RO’s have the ability to garnish a taxpayers wages, levy their bank accounts, file Federal tax liens against the taxpayer and can even seize their assets. The Tax Attorneys and tax professionals at Signature Tax have the know-how and experience to work closely with Revenue Officers in resolving our clients’ tax debts.
If you own a business and you have failed to pay payroll taxes or file payroll tax returns, the IRS may levy assets of the business and may even shut the business down. Regardless of whether or not the business is closed, still in operation, or files for bankruptcy protection, the IRS will still have the legal capacity to collect the back taxes. In accordance to IRS Code Section 6672, former officers and directors of the business are personally liable for the tax debt. Let Signature Tax assist you in reaching a resolution for your past due payroll tax liability.
Our Tax Account Review was created to assist taxpayers who may not fully know what their status is with the IRS. For some taxpayers, dealing with the IRS alone is not a choice they take lightly as it may be a daunting task. Our Tax Account Review allows Signature Tax to provide our clients with clear and concise information about their current status with the IRS. Signature Tax experts have represented hundreds of clients through these reviews.
Many taxpayers have difficulty getting accurate and updated information regarding their tax bill. With the Signature Tax Full Pay Service, you will receive complete information as to the correct payoff amount, an exact bill from the IRS broken down by tax years and detailed payoff instructions on how best to make your payments. After you have paid the tax bill, the Signature Tax attorney working on your case will make sure that your payment was properly credited to your account…with no mistakes
Every year, many taxpayers fail to file legally required tax returns. The act of not filing usually contributes to more significant problems with the passing of time. At some point, the IRS will file the back returns for you. They use the highest estimations on all income and the lowest possible estimations on all deductions which results in the taxpayer being billed outrageous amounts of taxes they do not owe. Regardless of what you have heard, you have the right to file your original tax return, no matter how late it’s filed. Filing these ‘amended’ original tax returns can save untold amounts of money. Filing your correct tax returns is a specialty of Signature Tax.
Few occurrences strike as much terror in the human heart as an audit notice from the Internal Revenue Service. Although only about 1 percent of all tax returns are audited in any one year, the chance still remains that one day you may be faced with an audit of your income taxes. Let us work with you to take the fear out of the audit process.
It’s a common fallacy that you may not eliminate a tax debt in a Chapter 7 bankruptcy. This is a complete misconception. You may discharge or eliminate income tax debt if they meet certain qualifications, limitations, and restrictions clarified below.
Tax Company Case Overload
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