Tax Resolution
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Tax Resolution
As a taxpayer, if you do not settle what you owe the IRS, you can find yourself on the receiving end of the country’s tax laws. Usually, when you do not honor your taxes, the IRS can issue a tax lien on your property or a bank levy. In most cases, the IRS does issue a bank levy.
A bank levy is when the government resolves to issuing a levy to the taxpayer’s bank demanding that the taxes owed be turned over. When this happens, you won’t have power over your money in the bank until what you owe is paid over to the IRS. It’s more like a freeze on your cash until you paid the IRS’ debt in full.
But a Tax Resolution process can stop all this from happening.
Tax Resolution is when you hire a tax professional to minimize and settle your open debt with the IRS. The tax professional acts as a go-between in your tax case with the IRS after you give them the power of attorney to represent you. A tax professional will help you draft a working plan that does not result in the IRS hurting you – but you will just pay what you owe, or less, in favorable terms.
At Suncrest Financials Services, we offer such services to clients that are facing back tax problems with the IRS.
Our Tax Resolution Services are designed to help clients reach an amicable resolution with the IRS. If such back tax problems are not resolved, the IRS can invoke its legal powers and forcibly recover what taxpayers owe. This can be a crippling process, and we want to help you avoid this mess.
When should you decide to contact us?
When the IRS decides you must pay them, they don’t just go straight to your bank and demand their money. They send letters letting you know that you must pay your past tax dues.
As soon as that happens, you must know that they are on to you. If you don’t take action, that is when they act and take their money. You will lose more than you would have done if you worked with a tax consultant for the Tax Resolution process.
Therefore, it’s not a wise decision to ignore the IRS’ communication. You must communicate with them about the letters, which is where we come in.
Therefore, contact us as soon as the IRS starts sending you these letters indicating that they intend to levy you.
What must you expect from us?
- A timely response: We will respond to your emails and phone calls within 24-48 hours, excluding the weekends.
- Comprehensive details of all tax findings and details of communications with the IRS.
- We will walk you through the process, according to our Tax Resolution Process, as mentioned above, until the letter stating revocation, or default of our engagement.
- We will work diligently to prevent any collection activities and settle your debt.
- After Resolution Support: We will provide a quick 30-minute Tax Compliance session to help you gain clarity about your next steps. This helps you prevent the same mistake from happening again.
Our aim is to make sure that every business operates freely, without having to face penalties from the IRS. We want to take care of your Tax Resolution process because your business deserves another chance – it deserves a fresh start from a clean slate. Contact us and we will send you our Tax Resolution proposal for further information.
Frequently Ask Questions:
What is an offer in compromise with the IRS?
An offer in compromise (OIC) is an agreement between a taxpayer and the IRS that allows the taxpayer to settle their tax liabilities for less than the full amount owed. It’s a part of the IRS’s tax debt compromise program designed to help individuals regain financial stability.
How much should I offer in compromise to the IRS?
The amount you should offer in an IRS settlement offer in compromise depends on several factors, including your financial situation, assets, income, and expenses. It’s crucial to use tools like the IRS OIC pre-qualifier to get an estimate and consult with tax experts for precise guidance.
How does the IRS Offer in Compromise program work?
The IRS Offer in Compromise program allows eligible taxpayers to settle their tax debt for less than the full amount they owe. The IRS evaluates the taxpayer’s ability to pay, income, expenses, and asset equity to determine eligibility.
What does the IRS check when reviewing an offer in compromise?
When assessing an offer in compromise, the IRS delves deep into various factors, including the taxpayer’s ability to pay, income, expenses, and asset equity. They also consider the taxpayer’s compliance with other tax obligations and review any special circumstances.
How to make an offer in compromise to the IRS?
To file an offer in compromise with the IRS, you need to submit Form 656, Offer in Compromise, and provide detailed financial information. It’s recommended to seek guidance from a tax attorney or an expert specializing in offer in compromise help to navigate the process effectively.
What are the key things to know about the Offer in Compromise program?
The Offer in Compromise program is a strategic solution offered by the IRS to help taxpayers with substantial debts. It requires a thorough understanding of IRS guidelines, and often the assistance of tax professionals, to craft a successful OIC application.
How can I calculate a preliminary offer amount for an Offer in Compromise?
The IRS provides an Offer in Compromise Pre-Qualifier tool that helps taxpayers determine their eligibility and calculate a preliminary offer amount. This tool is available on the official IRS website.
What are the eligibility criteria for an Offer in Compromise?
Eligibility for an Offer in Compromise is determined by various factors, including the taxpayer’s ability to pay, income, expenses, and asset equity. The IRS also checks for compliance with other tax obligations.
How does the Offer in Compromise differ from other IRS tax debt relief programs?
Unlike other IRS tax debt relief programs that might involve payment plans or penalty abatements, the Offer in Compromise allows certain taxpayers to settle their tax debt for a fraction of what they owe, providing a fresh start.
Where can I find more resources on the Offer in Compromise?
The IRS Video Portal and the official IRS website offer comprehensive resources on the Offer in Compromise. Additionally, seeking help from tax professionals or tax attorneys specializing in offer in compromise can provide valuable insights.
Still have questions? Reach out to our experts.
