If you have a tax liability, the first step is to make certain that you
have filed all of your tax returns and are in compliance. We cannot
negotiate any type of settlement unless you have submitted your most
recent tax returns.
We are able to get a “Hold” placed on any
collection process to allow us time to prepare these returns. Within 24
hours from the time you retain our services, we will contact the IRS to
prevent having a levy placed on your income and/or bank accounts.
There
are several options to resolve your tax issues when you are in
compliance. These options depend on your financial situation. We will
prepare this statement for you to determine what options are available.
Installment Agreement-
If you owe the IRS less than $25,000, we can establish a streamline
agreement, as long as you are willing to pay a monthly amount that will
full-pay your liability within 60 months. If you cannot pay the amount
within this time and/or you owe more than $25,000, we must provide a
complete financial analysis with the supporting documentation to the
IRS for your determined monthly payment.
Uncollectible Status-
If, after preparing your financial statement, it is determined that you
do not have the ability to make payments, we can request (and usually
get) an approval to have you placed in an “Uncollectible Status.” This
means that the IRS will not attempt to collect from you.
Offer in Compromise-
If you are unable to make monthly payments, we can offer the IRS a
settlement of your debt, and, in some cases, even if you can only make
small monthly payments, an offer will be accepted. The IRS requires a
processing fee of $150.00 and twenty percent (20%) of the offer amount
to be submitted with the proposed offer.
Levy Release- If
you have a levy on your bank account and/or wages, we can get this levy
released. Please note that in order for this to happen, all tax returns
must be filed and, if you are self-employed, you must be making
estimated payments.
Lien Subordination- If you owe a lien
at the local courthouse, this means that anything you own (up to the
amount of your tax liability) belongs to the IRS. Therefore, in order
for you to sell property, you will need to obtain a lien subordination.
The IRS will only subordinate to another lien if they receive all funds
up to the amount owed in a refinance situation.
Payroll Taxes-
If a corporation has a payroll and taxes are withheld, the trust fund
(amount deducted from the employee’s wages for Federal and FICA) must
be sent to the IRS. If you are delinquent in filing your returns and/or
paying your payroll taxes, we can assist you. This is one of our
specialty negotiations.
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