Post an IRS audit, they may schedule additional meetings for the purpose of collecting more data. The following process is usually time-intensive, complex, and stressful, especially for business owners. Not only can it cost you time in lost revenue, but you can also incur expenses if you get poor representation. According to the IRS, taxpayers have the privilege to engage authorized representatives to take their place in interaction with the IRS. A representative will put your case under a microscope and present educated points in your favor. They are also well-versed in tax law and can take you through the ins and outs of your specific case. We, as Duran Business Group, have a team of professionals who have handled IRS representation for over 15 years now. Not only that, but they are the highest recommended intermediary between you and the IRS, certified enrolled agents. This means we can effectively serve you regardless of your IRS representation needs.
What Can We Do for You?
When you owe the government money, it can be a very scary affair. People often picture jail as a knee-jerk reaction to the situation. You should, however, stay calm and rest on the fact that there are procedures in place to resolve the issue as well as professionals, like us, who make it as easy as possible. When handled by tax professionals, most resolution issues can be resolved without extra charges. Enrolled agents are people who have the authority to stand for taxpayers in front of the Internal Revenue Service. They are therefore very knowledgeable in all matters of the IRS and taxes. When the IRS is charging you penalties for underpayment of tax, it is best to consult an expert immediately.
Here Is How Your Tax Advisor Can Help You
Even before you need a resolution partner, Duran Business Group can assist in making sure you avoid such scenarios. We provide various solutions around taxes and the IRS for both our individual, small businesses, corporate, and recently wealthy clients. Your tax advisor will assist you by evaluating the specifics of your business/individual situation. We deal with a range of problems including:
- IRS wage garnishment. The IRS takes a part of your income to help pay off the tax debt.
- IRS Liens. Tax liens are claims against valuable of a legal tax entity that does not pay taxes.
- Back taxes owed. Back taxes refer to taxes owed from the previous year. You may delay in paying your taxes for deliberate or unintentional reasons. Reasons may include filing returns and not paying the tax liability, not reporting all the income accrued during that tax year and failing to file a return.
- Tax audit. This involves the scrutiny of an entity’s (individual or company) accounts and financial data to verify that information is recorded accurately and that the reported numbers are right.
- Back tax returns. Back taxes are owed federal or state tax liabilities from the previous year. Federal income tax return filing occurs before April 15 for the previous annum. Extensions may be requested, giving you another six months to file your return.
- IRS levies. An IRS levy allows the lawful seizure of your assets to offset a tax debt. A levy is applied to wages, cash in bank accounts and other financial institutions, vehicles, real estate, and further private property.
Solutions for IRS Tax Resolution from Tax Samaritan
IRS Tax Appeal: There is an allowance to submit a request for an appeal if you do not agree with the IRS. Offer in Compromise: This is an agreement between the IRS and a tax entity that allows the entity to pay less than 100% of the tax burden owed. To qualify for this tax resolution option, the IRS must have a compelling basis for not collecting the full tax amount owed. Tax entities that can pay in full via installment agreements or other means usually will not attain an OIC. IRS Collections: The IRS has significantly more authority than any other bill collector does. The collections process is a series of things the IRS can do to get the taxes you owe them if you do not pay out of your own volition. The IRS has authorized to garnish paychecks, take bank accounts, and seize other types of property. Innocent Spouse Relief: Many married individuals file a combined tax return because of the multiple benefits it provides. Even if they later divorce, both taxpayers are jointly and severally liable for the tax and any additional tax, interest, or penalties incurred as a result of the joint return. Each taxpayer is legally responsible for the complete amount of the liability under joint and several liability. Consequently, even if one spouse generated all of the income or claimed all of the unlawful deductions or credits, both spouses have responsibility for the total tax liability. Even if a divorce order indicates that a past spouse is obligated to pay any money owed, this is still the case. However, a spouse may be exempt from joint and several liability in certain circumstances. Review of the Statute of Limitations: The statute of limitations is ten years from the date of the IRS assessment. The statute of limitations does not begin to run until the taxpayer has filed his or her tax return. The substitute for return (SFR) issued by the IRS is not considered a filed return. If the statute of limitations commences and the IRS fails to collect within 10 years (assuming the statute period is uninterrupted), the tax is no longer recoverable, and the IRS must discharge any lien or levy against the taxpayer. You will be able to determine whether the statute of limitations has expired through a thorough investigation and analysis of your case and IRS documents. Injured Spouse Relief: You may be entitled to this relief if you file a return jointly and all or part of the refund goes towards your spouse's delinquent federal tax, state income tax, child or partner support, or federal non-tax obligations such as student loans. Currently Non-Collectible Status: In some instances, if you are unable to pay the tax, the IRS will agree to forego collection. This temporarily suspends collection efforts. However, to establish whether the taxpayer's economic condition has improved, the IRS will reevaluate the taxpayer's ability to pay. If you disagree with the IRS's determination, you can file an appeal. Installment Agreement: This is an agreement with the IRS to deposit owed sums in an extended time range. Partial Payment Installment Agreement: Also referred to as a PPIA, is similar to the above-mentioned installment agreement but couples it with the statute of limitations and the tax entity’s financial health. According to Canopy, this results in the taxpayer not having to resettle the whole debt. Bankruptcy. This is a tax burden emission or payment under a bankruptcy plan within specific conditions.
Get Tax Relief
If you owe more in taxes than you can afford to pay, we can create an Offer in Compromise in which we submit to the IRS with your unique circumstances and hammer out payment premiums and conditions that allow you to meet your burden without risking your ability to meet you and your family’s basic requirements. The Duran Business Group will review your circumstances and identify elements that the IRS is not privy to. We will advocate for equitable consideration and federal tax aid suited to your particular circumstances. We will review the pertinent facts to identify the best course of action to lower your tax liability and explain your status and available options in straightforward language. If the evaluation of our tax settlement services reveals that you still owe the IRS money, we can attempt to get penalties and interest relinquished. We can also propose and broker an accommodating payment plan to the Internal Revenue Service. To receive more information on how you can benefit from our Tax Resolution Services, contact us today at (480) 674-5757