An offer in compromise is an agreement between you and the IRS that allows you to settle your tax debt for less than the full amount you owe. If you are incapable of paying the full debt to the IRS or if paying in full will cause you financial hardship then this may be a legitimate option for you. The IRS will take into account your ability to pay; your current income; your expenses and your assets.
Offers in Compromise
If your current situation means you are financially unable to pay your entire tax debt immediately, we can negotiate an affordable payment plan with the IRS or a State taxing agency on your behalf. The amount you pay per month will depend on both your income and your expenses. If you owe under $50,000 to the IRS we can negotiate your installment payment on the “Fresh Start” initiative designed to help struggling taxpayers make ends meet.
The penalties for late filing of delinquent tax returns, late paying and inaccuracy or negligence in the preparation of returns can quickly exceed the actual amount of the tax that is owed to the IRS. Subject to your specific circumstances we will review your situation and determine if you are eligible for partial or full IRS penalty abatement and relief based on reasonable cause guidelines.
IRS Tax Liens and Levy
Innocent Spouse Relief
Innocent spouse is essentially a request to the IRS for relief from joint tax liabilities. It generally applies to a spouse who was not aware of mistakes made in preparing a tax return and received no benefit from it. To qualify for Innocent Spouse you must have filed a joint return which had an understatement of tax. We will file the appropriate forms and argue that you weren’t aware that there was an understatement of tax and should not be held liable.
If you owe taxes to the IRS, you will receive a demand for payment. If you do not respond, the IRS may file a lien. This gives the IRS a legal claim to your property as security or as payment for your debt. An IRS Tax Levy is the actual legal seizure of your property or your money to satisfy a debt. We will file the proper financial forms to release the levy and file a motion to remove the lien.
An IRS Levy issued to an employer to withhold a delinquent taxpayer's wage is sometimes called an IRS wage garnishment, but as far as the taxpayer is concerned, an IRS levy and IRS garnishment are interchangeable terms for the same thing. It is one of the government’s most effective forms of tax collection. If this happens to you we will prepare the necessary financial documents and request removal of the garnishment while we work on a solution.
Call 800 537 7447 or fill out the form on Contact page for a FREE CONSULTATION. Your 30 minute long consult will be with Kash Chandani, CPA, a former IRS Agent who knows exactly how to handle your situation.
Currently Not Collectible
Tax Preparation Services for Current & Past Years
Call us 800 537 7447 or fill out the form on Contact page for a FREE CONSULTATION. Your 30 minute consultation will be with Kash Chandani, CPA, a former IRS Agent who knows exactly how to handle your situation.
Do you have years of unfiled tax returns that need to be taken care of? Does your current tax return involve complicated tax forms that you don’t know how to report? We will prepare all of your tax returns for past or present years using all possible deductions and credits available to you. If you are missing documentation we will obtain wage and income transcripts for prior years to ensure the accuracy of the returns.
Currently Not Collectible status means exactly what it sounds like. You can’t afford to pay your tax debt and the IRS agrees with you. We will prepare the appropriate financial documents and file them with the IRS to obtain CNC status. This does not mean the debt goes away. It just means that the IRS agrees that you cannot afford to pay the debt immediately and will give you a substantial amount of time to work through your financial issues.