Offer in Compromise
The Offer in Compromise (or OIC) program, is an Internal Revenue Service program which allows the qualified individual(s) with an unpaid tax debt to negotiate a settled amount that is less than the total owed to satisfy the liability. This is a very tedious and time-consuming process and should be left in the hands of a licensed tax professional who specializes in this particular program.
Currently Not Collectible
Currently Not Collectible (CNC) is a hardship status in which typically stops collection activities such as a levy against assets or income. This program is based on your current financial situations versus your living expenses.
Payment Plans/ Installment Agreements
Payment Plans, also known as an Installment Agreement, is an Internal Revenue Service program which allows individuals to pay tax debt in monthly payments. The total amount paid can be the full amount of what is owed, or it can be a partial amount. There are several different kinds of Installment Agreements: Guaranteed, Streamline, Partial and Full Pay. Our tax professional will guide you through this process and choose the program that best fits your current financial situation.
Taxpayers may face various penalties for failures related to Federal, state, and local tax matters. The Internal Revenue Service is primarily responsible for charging these penalties at the Federal level. The IRS can assert only those penalties specified imposed under Federal tax law.
Penalties may be monetary or may involve forfeiture of property. Criminal penalties may include jail time, but are imposed only by a federal judge after a defendant is convicted. Most monetary penalties are based on the amount of tax not properly paid. Penalties may increase with the period of nonpayment. Some penalties are fixed dollar amounts or fixed percentages of some measure required to be reported.
Penalties may be waived or abated where the taxpayer shows reasonable cause for the failure.
Tax Lien Release
Section 6325(a) of the Internal Revenue Code directs us to release a Federal tax lien within 30 days of when the liability is fully paid or becomes legally unenforceable or the IRS accepts a bond for payment of the liability. When all the liabilities shown on the Notice of Federal Tax Lien are satisfied, we will issue a Certificate of Release of Federal Tax Lien for filing in the same location where the notice of lien was filed.
Subordination of Lien
To incur a lien subordination is to obtain a certificate of subordination under IRC (Internal Revenue Code) which allows a named creditor to move their junior creditor position ahead of the United States position for the property named in the certificate.
Bank Account Levy
When the levy is on a bank account, the Internal Revenue Code (IRC) would confiscate total or partial funds in the given account. We would traditional have a 21-day window to release funds as long as we can prove the transaction would cause a devastating financial hardship.
Wage Levy / Garnishment
An IRS levy permits the legal seizure of moneys earned from your place of employment to satisfy a tax debt. Garnishments can have immediate and devastating effect on one’s monthly cash flow thus causing delinquent payment to other monthly obligations. Some tax payers have very little money left once garnished.
If you receive an IRS bill titled Intent to Levy and Notice of Your Right to A Hearing, contact us right away.
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. Our bookkeeping services are always performed by license tax professional who records the day-to-day financial transactions of a business.
Innocent Spouse Relief
A process when a spouse may be relieved of tax, interest, and penalties on a joint tax return. It defines the three types of relief (innocent spouse, by separation of liability, and equitable), who qualifies for them, and how to get them. This publication explains when a spouse may be relieved of tax, interest, and penalties on a joint tax return.
Collection Due Process
Under Internal Revenue Code Section 6320, you have a right to a hearing request before an impartial officer when the IRS has either filed a federal tax lien against you or put you on notice of the IRS’s intent to file levy against you. You can dispute a debt with the IRS by filing a Collection Due Process Hearing Request to level the playing field and ensure the IRS does not take more money than you owe. This process may be complex and is best handled by a Tax Attorney.
Tax audit representation, also called audit defense, is a service in which our legal professional stands in on behalf of a taxpayer (an individual or legal entity) during an Internal Revenue Service (IRS) or state income tax audit. An audit representative develops the strategy used to defend the taxpayer’s position. He or she assists the taxpayer in preparing all documents requested by the taxing authority and typically attends all meetings and handles correspondence on behalf of the taxpayer.