The Best Tax Advisement
Has it been a few years since you filed your income tax return? You missed the first filing year and around rolled the second one. You were so afraid that you missed the first year that it is now five years later? There is nothing more frightening than a notice from the IRS. Especially when these facts are at play and you know you need tax resolution.
- Complex tax problems
- Offer in compromise
- Penalty abatement
- Levy appeals
- Delinquent tax returns
- Innocent spouse relief
- IRS audit representation
- Bankruptcy tax relief
Solving Complex Tax Problems
The fact is, there is one set of rules everyone needs to follow to resolve a situation like this. It is the Internal Revenue Code “the code”. We are very knowledgeable and comfortable managing various aspects of the code when you have issues with the IRS. We can hold them accountable to follow the rules and make the code work in your favor.
We are dedicated to providing the best tax resolution services to our clients. So, whether you need help with settling back taxes or just filing your return properly, we’ll know which tax laws apply and how to negotiate your best position. Also, because we strive to be your one-stop shop for tax resolution in the Indianapolis area, we partner with a knowledgeable and experienced tax attorney to give you the best representation possible. Add to that our 20 years of experience in this industry, and you’ll see why we’re more than qualified to come up with a game plan for any of your tax problems.
Our Tax Resolution Strategies
Installment Payment Plans
If you owe the IRS an amount that you cannot pay back all at once, we can develop a payment plan on your behalf. We’ll have a hold placed on collection activity, assess your cash flow needs, and negotiate hard for you to set reasonable terms that allow you to cover all of your financial responsibilities – while paying back your tax liability overtime.
On May 21, 2012, the IRS announced the expansion of the “Fresh Start” initiative by offering more flexible terms for tax resolution. The goal is to help a greater number of financially-distressed taxpayers resolve their tax problems more quickly than in the past, as well as to reduce the number of tax liens issued. The new rules will make it easier for people to qualify for installment agreements and offers in compromise.
Offer in Compromise
In cases where you don’t believe you could possibly ever pay back the amount in full, you may be eligible for an Offer in Compromise. We would first need to assess your financial condition – and if it’s likely you would – we’ll go ahead and draw up the paperwork for you to submit to the IRS, giving you the best opportunity to settle all of the debt for a fraction of the cost.
Sometimes tax penalties are assessed to business owners or individuals who could not have avoided the situation that caused them to be delinquent. This could be for reasons out your control such as situations dealing with theft, divorce, misinformation, unavoidable absence, disasters, tragic situations, and many others. The key to favorable tax resolution is to know your rights as it relates to these matters and address them to the IRS. When done right, the IRS may excuse your penalty due to the circumstances.
When debts have amounted substantially enough, the IRS or State governments may place a levy to claim or freeze funds in your bank account. However, if you can prove that these funds were needed to pay employees or are necessary to keep your business operating, you may be able to appeal the levy and work out a more reasonable plan to pay back your debts.
Delinquent Tax Returns
Delinquent tax returns are usually the beginning of tax problems. And overtime, if the back taxes are not caught up, it leads to more serious actions of the IRS against the delinquent business or individual. So when tax problems do grow larger, the first step is always to get the delinquent returns filed. Because until that is done, the IRS will not negotiate any other alternative arrangements for tax resolution.
Innocent Spouse Relief
The IRS tax code protects the spouse of a person with tax problems, if the spouse can prove they’re innocent of the cause and/or were not aware of what had occurred. In these cases, the protected person is considered an innocent spouse, and may be released from the obligation.
Offshore Bank Accounts
If you have funds in bank accounts that are in foreign countries, you must disclose these assets when filing your 1040. But for any reason, if you have not done so, then the best course of action would be to let us help you navigate the process on your behalf. Otherwise, failure to report all assets in offshore accounts could lead to some of the highest penalties and severe consequences.
IRS Audit Representation
There are many reasons why the IRS may choose to conduct an audit. And it is not uncommon for some tax preparers to not want to represent you in the case of an audit. We know the rules and have represented many individuals and businesses during the audit process. This can be a stressful process but we will guide you effectively to not let the stress get in the way of your life.
Bankruptcy Tax Relief
Bankruptcy is the absolute last resort when it comes to tax problems, and our job is to make sure this does not occur. Instead, we fight hard to establish an appropriate payment plan or offer compromise on your behalf. But otherwise, if necessary, we do have a relationship with a tax attorney whom we can refer to assist you with any issues related specifically to bankruptcy.
Freedom of Information Requests
When dealing with severe consequences of tax law, it’s important to know your rights concerning information that is the basis of IRS proceedings. However, there are particular procedures that are necessary to follow under these circumstances, we’ll help you accordingly to obtain all information necessary for your protection.
Power of Attorney
When we need to obtain information from a governmental agency, we will have you sign a power of attorney form. This form allows us to communicate with the governmental agency without you being present. If you have ever tried to call the IRS you know how hard it is to get anyone on the phone. We have access to the practitioner hotline to speed up this process.
Not Sure Where to Start?
Get A Consultation
Are you interested in learning more about how we can help guide your tax situation, but not sure where to begin? We can help. Our team of specialists can answer any questions you might have and help you get started.
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