Tax Resolution
Do you have tax issues? It's our job to solve them. We'll develop a strategy and negotiate with the tax authorities on your behalf.
Owe Back Taxes?
People who owe tax debts to a tax authority must take swift action to prevent things from getting worse. Unfortunately, not all people can afford to pay their debts in full. This is the reason why the state and federal government has developed different resolution programs to address tax issues. One of the key factors to consider in determining a taxpayer’s eligibility for a tax solution is his financial situation. Yes, the tax authorities prefer debtors to pay in full but they are willing to make compromises in certain circumstances.
Before agreeing to any sort of tax resolution, the debtor must either negotiate with the taxing agency for less than the total amount of debt cost or collect debts over a period of time. Of course, there are qualifications to be met before the tax authority would consider a debtor’s offer.
Offer-in-Compromise
An Offer-in-compromise is one of the most common types of IRS tax resolution debtors consider but it is also one of the hardest to qualify for. Essentially, an offer in compromise allows debtors to pay for less than the actual amount of tax debt that they owe. If the offer is accepted, the remaining tax liabilities will be wiped clean as soon as the debtor pays his debt. The catch is, debtors must convince the IRS that the amount of money offered is better than holding out for nothing.
Partial Payment Installment Agreement
For people who could not afford the minimum payment required by a conventional installment agreement, they can choose this IRS tax resolution option. A partial payment installment agreement allows debtors to pay off their tax debts over a specified time without straining their finances.
Penalty Abatement
This IRS tax resolution eliminates portions, if not all penalties owed. Although this debt relief option does not totally eliminate any of the base amount of tax owed, removing the penalty charges could make payments much less of a strain for the debtor’s finances. The IRS may be ruthless in terms of money extraction but if they determine that a debtor has legitimate reason for not filing or paying their taxes on time, they will allow for penalty abatement.
Innocent Spouse Tax Relief
If you owe back taxes due to your spouse's (or ex-spouses) actions, you may be eligible to obtain tax relief by qualifying as an innocent spouse. This means that if you can prove you are an innocent spouse, as defined by the Internal Revenue Code, the IRS can relieve you of this debt and obtain tax relief, you may not be subject to the taxes caused by their spouses or ex-spouses.