Taxpayers who find themselves in tax trouble can represent themselves before the various administrative levels of the IRS. However, most taxpayers facing IRS collection action, would be wise to send in an expert in their place. Taxpayers who are represented have a guide through the process, and someone authorized to speak on their behalf and ensure the matter is settled fairly.
Dealing with tax debt issues is an emotional and stressful experience. At Renaissance Bookkeeping, you are treated as family, with respect and dignity.
Back Taxes Owed
When you owe back taxes, the objective is to settle the debt as soon as possible. Failure to pay back taxes will cause a tax bill to continuously increase. If you are facing financial hardship and cannot pay your back taxes, we can help determine which strategies are best for you.
Innocent Spouse Relief
Many married taxpayers choose to file joint tax returns due to the financial benefits that come with filing jointly. When one spouse or ex-spouse is fiscally irresponsible, however, the other spouse can opt out of tax debt with innocent spouse relief. This relief was designed to provide financial help when one spouse was clearly the victim of financial fraud perpetrated by the other spouse or ex-spouse.
IRS levies take place when the IRS seizes property from a person who owes back taxes or has tax debt. The seized property can satisfy or pay off the tax debt owed to the IRS. If you do not pay your taxes, the IRS may take your property - without hesitation or notice - and auction the property to clear your debt. To avoid an IRS levy, it is wise that you seek help from an enrolled agent.
An IRS lien is a claim used as security for a tax debt. The lien is the government's way of placing a legal claim against your personal and business assets when you fail to pay off a tax debt.
IRS Payment Plan
Individuals who are experiencing financial hardship can benefit greatly from a payment plan. IRS payment plans - also known as installment agreements - allow a person to pay off IRS tax debt in incremental monthly payments. The payments can be agreed upon through the installation of a payment plan, which can be accomplished with our help.
If you owe money on back taxes or have outstanding tax debt, the IRS can seize your property. An IRS seizure is an action that must be justified by the amount of taxes that is owed. Depending on the amount of debt, the IRS can seize and sell your financial assets.
IRS Wage Garnishment
If you owe money to the IRS, the IRS can implement levies on your wages, salary, or other sources of income. An IRS wage garnishment essentially means that the IRS will take significant portions of your paycheck, which are then used to pay back an outstanding balance of your debt. It is not uncommon for individuals to see a large portion of their check be handed over to the IRS, thus leaving them with very little money to pay off other bills or daily expenses, such as groceries or children’s daycare.
Late Tax Return Filing
If you are late filing or paying taxes, the IRS may impose certain penalty fees, interest fees, or both. The IRS could consider waiving the penalty fees if you are able to show reasonable cause for missing the deadline to pay or file. If you do not qualify or if the IRS does not accept your reason, an enrolled agent (EA) can help you regain your financial footing with penalty relief programs.
Non-Filed Tax Returns
When an IRS examiner discovers that an individual has failed to file his or her required federal tax return, the IRS may try to contact you to notify that you have failed to file a tax return. If you fail to respond to the notification sent from the IRS, the IRS may make a tax return on your behalf. Your best interests will not be served in a tax return filed on your behalf by an IRS examiner.
Offer in Compromise
An Offer in Compromise can provide an alternative way for you to settle your tax debts. The compromise can allow you to settle your tax debt for less than the full amount that was originally owed. An offer in compromise may not be for everyone, so to determine if an offer in compromise is the best alternative for you, consult us as your enrolled agent (EA).
Payroll Tax Problems
The IRS is very aggressive when it comes to collecting money due to payroll tax problems. Failing to pay payroll taxes will only generate more penalties, more interest fees, and more debt as a result of both. Avoid sacrificing your future due to payroll tax problems and speak with an enrolled agent (EA) as soon as possible.
Do not simply choose anyone to help you with your tax preparation. Anyone can do tax preparations, but only an enrolled agent (EA) is a federally licensed tax practitioner who has proven technical expertise in the field of taxation. Do not pay for someone else's mistake. Trust your taxes to Renaissance Bookkeeping, LLC.