It’s not often that you will encounter special IRS tax issues or personal or corporate tax audits. But if/ when you do you will want an IRS tax expert on your side. I have helped clients discharge federal tax liens placed on their house so that they can finally sell it. I have assisted foreign individuals wishing to operate a business in the United States acquire their Individual Tax Identification Number so they can finally apply for the FEI #. I have represented clients before the IRS when they were audited for previous tax years. If you have an issue with the IRS, I can help.
1. IRS audits
Receiving an IRS audit notice in the mail strikes fear in the hearts of every American. The audit process takes significant time as you are required to gather mounds of records needed to substantiate every deduction taken on your tax return. Without having a tax expert on your side you can spend numerous hours away from your work, family and friends as you read countless tax law articles and reports. We have already done the time learning the tax code by obtaining our degrees as well as the numerous hours of continuing education each year. Don’t try to take on the IRS by yourself. You may discover that saving a few bucks by not hiring us to help you cost you even more when you receive a substantial tax bill for incorrectly file tax deductions resulting in a significant tax deficiency. We will represent you before the IRS agent so that you do not need to take your precious time to handle all the red tape.
2. Missing Tax Returns
It may take years but eventually the IRS will discover that you have not filed your income tax return for past years. Failing to file your tax return is a criminal offense. Do not take this situation lightly. You may be prosecuted and punished with one year potential jail time for each year not filed. You can voluntarily file all past due tax returns and you more than likely will avoid criminal charges and only have to pay penalties and interest. In some situations the IRS will prepare and file a tax return for you using the information they have on file. In this case, the return is usually in the best interest of the government with little or no deductions that you are entitled to. However, you still have the option to dispute the IRS prepared return and file a correct one prepared by us. This may save you taxes, but you will still be required to pay the interest and penalties due.
3. Back Taxes Owed
If you have filed your tax returns but are unable to pay the balance owed, you have options. The IRS offers an option to set up a payment arrangement to pay the balance over a period of time. You can settle your debt for pennies on the dollar with their Offer in Compromise option. If you decide to wait and let it go, the IRS will levy bank accounts, place liens on property owned by you, garnish wages or bank account balances. Don’t wait till this is the case. Let us help you arrange a way to resolve the balance owed and keep the IRS tax notices off your back.
4. Payroll Tax Problems
Payroll taxes withhold from your employee’s paychecks is not your money. Failing to pay this tax to the IRS is the ultimate offense in the eyes of the IRS. Penalties for not paying your payroll tax liability are extremely severe in comparison to other tax penalties. The IRS is most aggressive in pursuing collection of past due payroll taxes. They would rather seize your business assets, close your business and sell the assets at auction rather than letting you continue to amass additional payroll tax liabilities. It would not be wise to try and resolve this matter on your own. It is in your best interest and the interest of your business to hire a tax expert to help you deal with the IRS in resolving past due payroll tax matters.
5. Federal Tax Liens
The IRS has many avenues in which they can collect back taxes owed. One of these methods is to place federal tax liens on your personal property (especially any real estate with your name on it). This can hinder any hopes of selling your property at a later date. They can seize any accounts receivable of your business. Having a lien placed against you, your spouse or company can cause a significant amount of undue stress as liens are reported on your credit report preventing you from opening a checking account or borrowing any needed funds. Banks may decide to close existing bank accounts as they often times do not want the extra work of having to deal with the IRS regarding your accounts. Let us help you in avoiding having a lien placed on your property. We have also been successful in having a temporary release of the federal tax lien so that a client may sell their house. You will definitely want a tax expert on your side.