IRS Tax Relief
The tax code is complex. It’s easy to fall behind. The IRS is notorious for aggressive tax collections when taxes go unpaid or returns are missing. Penalties and interest can rack up faster than the worst credit card, and the IRS can literally empty your bank account. Dealing with the IRS is a very bad “do it yourself” project.
If you have an IRS issue like a bank levy, receivable garnishment or missing tax returns, getting professional guidance with tax relief from a licensed Enrolled Agent or other licensed tax relief professional is a smart first step to formulating a winning plan.
Common IRS Tax Types and Issues
We deal with a wide range of IRS tax types and situations:
- Business taxes
- 940 and 941 Payroll
- Missing or unfiled tax returns
- Bank levies
- 1058, CP 90, CP 91, and CP 504 levy enforcements
- Accounts Receivable garnishments
- Wage garnishments
- Tax lien issues
- 1099 issues
- sole proprietorship and business-related taxes and filings
- Conflicts with Revenue Officer
- You can read more here about business tax relief.
Priority One: Stopping Aggressive Enforced Collections
- Personal taxes
Tax Relief Options
- Installment Agreements:
- Most of our clients can’t pay all of their back taxes in the time frame that the IRS demands. We can arrange terms that fit their budget.
- Offer in Compromise:
- Depending on your income and assets, a “Pennies on the Dollar” settlement may be an option. The IRS is not known for giving gifts and doesn’t approve many OICs. That said, we have gotten many for our clients.
- 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 at present don’t have the funds for an installment arrangement, though their assets or income make an Offer in Compromise impossible. For these clients, we may pursue a “CNC” status.
- Corporate Shut Down:
- Sometime it is the closure of a corporate entity provides the most benefit. With specific types of IRS tax, doing things in the proper order and acquiring the necessary documentation and releases from the government can save substantial amounts of money.
- Corporate Formation:
- Starting a new corporation with a new tax ID number, new identity, and a fresh start may make sense. If this is very complicated and must be done correctly the first time or all prior liability will follow you personally and the new business, putting you or your successor back at square one.