- Offer in Compromise
- Installment Agreements
- Currently Not Collectable
- Wage Garnishment or Levy
- IRS Agent HELP
- Payroll Tax Issues
Offer in CompromiseBack to top
If you are looking for a way to settle your IRS debt “TAX Results” is here to utilize our knowledge to help you!
An IRS Offer in Compromise allows taxpayers that cannot pay their back tax liability the opportunity to negotiate for less than what they owe. Offer in Compromise can reduce IRS debt if done correctly. IRS tax settlements are subject to certain terms and conditions.
The IRS sets guidelines for allowing an Offer in Compromise. The IRS considers taxpayer’s past, current and future financial status when deciding whether an Offer in Compromise will be accepted. It is important to know what parts of a taxpayer’s status the IRS is looking at when applying for an Offer in Compromise. Not everyone qualifies for Offer in Compromise, as everyone’s Tax situation is unique. Being Pre-Qualified for OIC is very important considering the process can take 8 - 12 months.
The IRS Offer in Compromise procedures includes completing tax forms, having the records on hand, compliance with tax regulations, and filing Offer in Compromise for review with the IRS. After filing, the IRS begins their investigation of the taxpayer’s reasonable collection potential based upon his or her financial status. They also evaluate the taxpayer's history of filing tax returns. Many taxpayers who file an IRS Offer in Compromise, get denied due to procedural deficiencies and never make it to final review. Being sure to submit all documents in accordance with IRS guidelines and timeframes requirements is necessary if an Offer in Compromise is to be reviewed by the IRS and is one of many reasons to seek experienced tax professionals for filing an IRS tax settlement of any sort.
Once the IRS completes its review, it makes a decision to either to reject or accept the Offer in Compromise. If the Offer in Compromise is rejected, another form of IRS back tax resolution may be needed, such as an Installment Agreement, Currently Not Collectible status, or Full Pay Service. If the Offer in Compromise is accepted the offer amount is paid and the back taxes are resolved. In addition, the taxpayer must file all future IRS tax returns and make all payments on time and in full. IRS Offer in Compromise it is an excellent way to resolve back taxes and to get a fresh start with the IRS. If you need help, don’t wait until your situation worsens, call Tax Results Today for a FREE Consultation 888-318-7800
Installment AgreementsBack to top
Is an Installment Agreement for you?Installment Agreements with the IRS allow taxpayers that cannot afford to full pay their back taxes the option to pay their back taxes through monthly payments. The guidelines regarding how the IRS decides payment amount and timeframe are based on:
- Taxpayer compliance with past filings
- Amount of time the IRS has left to collect the Tax Debt
- The Installment agreement may pay all or part of the back tax owed
Many times the IRS puts the taxpayer in an installment agreement they cannot afford, causing the taxpayer to have future tax problems. It is imperative to have an installment agreement that is affordable for the tax payer.
When an Installment Agreement has been reached, the IRS stops their collection efforts and refrains from issuing wage garnishments, bank levies, sending notices and making harassing phone calls. Consideration for receiving an Installment Agreement is that penalties and interest continue to accrue on the unpaid portion of back tax liability throughout the duration of an Installment Agreement. Additionally, depending on the circumstances, the IRS may file a Notice of Federal Tax Lien to protect their interest until the liability is paid in full.
There are conditions that must be kept after the Installment Agreement is established such as compliance with future tax filings and payments. For those that cannot afford to full pay their back taxes immediately and do not qualify for an Offer in Compromise or a Currently Not Collectible status, an Installment Agreement may be the best alternative.
Currently Not Collectible (CNC)Back to top
The IRS will place a taxpayer’s account on a Currently Not Collectible (CNC) status when they have decided that the IRS is presently unable to collect the taxes from the taxpayer by full payment, through an Installment Agreement or by way of an Offer in Compromise. When the taxpayer’s account is placed on a CNC status, the IRS does not attempt collection activity against the taxpayer and the statute of limitations on the tax liabilities will continue to run. Generally, unless the taxpayer’s financial situation changes, the account will remain on a CNC status until the tax liabilities expire. However, if the taxpayer’s financial situation improves the account will be taken off of CNC status so that the IRS can collect the taxes through full payment or an Installment Agreement.
When a taxpayer has a negative cash flow and has equity in assets that the taxpayer is dependent upon, the taxpayer could attempt to resolve their account by having their account placed on a CNC status depending on their circumstances. For CNC status, the underlying issue is that liquidation of a particular asset is either not feasible or would cause a financial hardship.
Wage Garnishment or LevyBack to top
If you are experiencing Wage Garnishment you are probably far along in the IRS collection process and require immediate help. The IRS can:
- Destroy your credit
- Seize your home
- Levy your bank account
- Take all future tax returns until debt is paid
- Put you in jail
IRS wage garnishment or levy can leave a single parent with one child only $288/ week to live.
The IRS will only stop salary garnishment or wage levy once you take action to settle what you owe. The IRS generally only levies wages to force you to take action or after all other attempts to collect your back taxes have failed. Tax Results knows how to stop Wage Garnishment and will fight for you. Tax Results WILL get YOU the Tax Results you Deserve. Call 888-318-7800 before the IRS takes your paycheck. The IRS will not stop until you negotiate a settlement, our Tax Professionals are ready to help! IRS tax relief is within your reach.
Wage Garnishment and Back Taxes
One of the more unpleasant methods the IRS uses to collect back taxes is to levy wages. Salary garnishment can lead to serious problems in your personal and financial life. If the IRS is taking money from your paycheck, they have you in the collections process already and they have likely also filed a federal tax lien at this point. The bad news is that their collections efforts will get worse if you stand by and do nothing. Tax Results Ends IRS Wage Garnishment Employers must comply with IRS salary garnishment notices. Your payroll department cannot help you with this problem and can't offer any relief. When the IRS levies your wages, they like to take most of the money, leaving you little to survive on. For example, a single parent with one child can be left only $288/week on which to live. If you don't take the correct steps to end wage garnishment, your employer must continue to garnish your wages until your debt is paid in full. Tax Results can get you compliant and will fight to settle for less than you owe. Call Tax Results 888-318-7800 before the IRS takes your next check.
IRS Agent HELPBack to top
The IRS assigns “Collections Officers” to collect back taxes. Their job is to collect the back taxes as fast as possible.
To work Revenue Officers, it is important that they understand their rights. Revenue Officers have the authority to garnish wages, levy bank accounts, file Federal tax liens and seize assets. Revenue Officers must comply with all laws and regulations put into place by Congress.
Generally, the IRS is prohibited from taking a taxpayer’s income and assets, if such taking will result in an undue hardship to the taxpayer. The IRS is also barred from taking certain specified exempt assets. Additionally, Revenue Officers must conduct themselves in a professional manner and must provide taxpayers with reasonable time frames to respond to their requests. Unfortunately, not all Revenue Officers respect these limitations and sometimes conduct themselves in a discourteous manner and act without regard to the financial impact of their actions against taxpayers.
Once retaining Tax Results, our power of attorney allows to negotiate on your behalf and get the Revenue Officer off your back and require them to deal directly with us. We utilize our IRS experience and Tax knowledge to identify the best solution for your situation and negotiate on your behalf.
Payroll Tax IssuesBack to top
Payroll taxes refer to the Social Security tax and the Medicare tax.Social Security and Medicare are government programs that help pay for health care and retirement. Federal income taxes, compared to payroll taxes, are used to pay for national programs such as national defense, community development, and law enforcement.
Employers commonly refer to these taxes as “payroll taxes.” An employer could be a self-employed individual, a partnership with employees or a corporation with employees. Employers are required to withhold these payroll taxes from the wages earned by their employees and are required to forward these withholdings to the IRS. Under the Internal Revenue Code, an employer is required to collect, account for and pay taxes that have been withheld from employees’ wages. An employer is required to withhold Federal Income tax, Social Security tax and contribute a portion of Social Security tax as well. These withholdings must then be deposited at a bank for transfer to the IRS. Additionally, if the business has employees with an active payroll, the business is required to file quarterly a Form 941, Employer’s Quarterly Federal Tax Return, and annually a Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return.
Failing to properly file and pay payroll taxes is a serious matter. If the employer fails to timely file and pay payroll taxes, the IRS is authorized to collect these taxes from the business or even a person or persons who are responsible for withholding and paying these payroll taxes to the IRS. The IRS typically employees Revenue Officers to work on collecting payroll taxes and to investigate the financial health of the business. Failure to correct a delinquent payroll tax matter could result in the closure of the business and liquidation of the business assets.
Whether your business is closed or open, Tax Results will represent you and your payroll liabilities. Once in compliance with the IRS, Tax Results will help reach a resolution that for solving the past payroll tax problems