Income Tax Relief
Owing back income taxes is one of the most stressful situations a person can experience. The IRS and state are notorious for garnishing wages, levying bank accounts, and seizing assets. None of those bad things need happen to you. Instead, you deserve a fresh start.
If you are missing tax returns or know that you owe back taxes, do not wait for the government to catch up to you. Seeking professional guidance from a licensed tax professional is a wise first step to get back on track. Tax negotiations are a very bad “do it yourself” project. Penalties and interest can rack up faster than the worst credit card.
Our licensed tax professionals specialize in negotiating favorable terms with the IRS, while allowing our clients to focus on their own priorities.
Common Tax Types and Issues
We deal with a wide range of IRS tax types and issues:
- Bank levies, wage garnishments, asset seizure (IRS forms 1058, CP 90, CP 91, and CP 504)
- Unfiled tax returns
- Conflicts with, or misinformation from Revenue Officer
- Tax Liens (State and Federal)
- Seizure of IRS or state tax refunds
- 1040 personal income taxes
- 1040 Personal Taxes for sole proprietorships and single-member LLCs
- 1099 income and/or “worker classification” issues
- Civil Penalties for business Trust Fund taxes (State and Federal)
- SFR – Substitution for Return (essentially the IRS files for you)
Priority One: Protecting You and Your Family from Aggressive Enforced Collections
Because there are so many factors involved in determining the right tax solution, it’s impossible to determine what strategy is best for you without a brief conversation with our Consultants. Your income, liabilities, assets and expenses all factor into finding the right resolution strategy. Our knowledgeable staff can outline which you qualify for, and what would be the best solution to your specific situation. The following is a list of potential options for resolving your State or Federal tax issue.
- Installment Agreements:
- Most of our clients can’t pay all of their back taxes in the time frame that the IRS demands. We can negotiate installment agreement terms that fit your budget.
- Offer in Compromise:
- Depending on your income and assets, a “Pennies on the Dollar” settlement may an option. The IRS is not known for giving gifts and doesn’t approve many Offers in Compromise. That said, we have achieved this result for many for our clients, saving them many thousands of dollars.
- Wage Garnishment and Bank Levy Relief:
- If you’ve had your wages garnished or bank accounts levied, we will work to get your money released, as well as prevent further aggressive enforced collections. Fast.
- Partial Pay Installment Agreement:
- This can be viewed as a hybrid between an Installment Agreement and an Offer in Compromise.
- Currently Not Collectible Status:
- Many of our clients don’t have the funds for an installment arrangement, though their assets or income make and Offer in Compromise impossible. For these clients, we may pursue a “CNC” status.
- Unfiled Tax Returns:
- Many of our clients have unfiled or past-due tax returns of all sorts. Quite often, filing these missing returns will reduce the amount that the IRS or State is claiming. We can assist in many ways, including buying you the time you need to complete and submit these missing forms.
- Tax Lien Issues:
- A credit-crippling tax lien will get filed if you wait too long to address your back taxes. Let us help prevent this and save you a lot of money and stress in the long run. If you already have tax liens, Larson Financial may be able to have IRS liens removed even before the debt is satisfied, if certain conditions are met.
Personal Assessment from Business Taxes
A tax liability may be assessed to an individual via the IRS Trust Fund Recovery Penalty. States have similar assessments under different names. You can read more here about business tax relief.