Tax Problems?

Get Licensed Tax Professional Help for Tax Problems

How Bad Can IRS Debt Problems Get?

If you neglect to pay a tax bill, decline to make new arrangements, or do not hire a professional to arrange new terms the collection process will gradually become more aggressive.

Outstanding balances owed to the Internal Revenue Service (IRS) will get worse before they get better if not resolved.

The IRS can seize and sell your property to satisfy the debt. Examples of your personal property that the IRS can take ownership of include: your home, your car, jewelry, 401(k) accounts, Individual Retirement Account, liquid assets, stock holdings, business equipment, Inventory, rental or business property, boats and other watercraft, rental income, or royalties.

The IRS can seize any property or money that you have an interest in to satisfy your outstanding tax debt. The money or property does not have to be in your personal possession to be subject to a property seizure.

IRS can order the funds of an employer / bank managed 401(k) retirement account to be turned over if other collection attempts have failed.

You don’t have to handle the IRS alone; we have firsthand experience in helping our customers with tax help to these common problems. Enrolled Agents can achieve an agreement that can allow you to continue living your life, while also satisfying the collection demands of the state or federal government.

Tax Problems Due to Missing Tax Returns for Previous Years

The best way to prevent tax problems with the IRS is to file your taxes on time every year. If it’s too late and the IRS notifications are starting to roll in, then maybe it is time to start preparing missing tax returns from previous years.

Yes, as part of our tax resolution, and in many instances tax preparation is offered as part of or invoiced separately from tax resolution depending on your case.

Even if you presently don’t have the money available to pay the balance due on any of your previous tax returns – you should still file. As timely as this process can be it is still necessary to get into compliance or to start certain tax resolution options.

 An example of documents and forms you may need to clear up past tax return could include previous year W2 and 1099 statements, 1098 mortgage interest statements, childcare expenses, and all other documents that you normally would use to file a tax return. If you can’t locate your wage information, you will need to request a wage and income transcript from the IRS.

Do You Need to Hire a CPA or Tax Attorney for Tax Problems

No. with regards to taxes and the IRS problems you might be facing, an Enrolled Agent wields the same authority to represent you on behalf of the IRS as an attorney or CPA. Unlike a tax attorney or a Certified Public Accountant (CPA), who you could also hire to represent you, an Enrolled Agents specializes predominately in inner workings of IRS tax problems and tax resolution. Whereas most CPA’s and Tax Attorneys’ focus is on wealth management, saving corporations and businesses money through various tax strategies. Do CPA’s and Tax Attorneys comingle in finding solutions to tax problems within the tax resolution arena? Yes, but very often they hire an enrolled agent to investigate tax problems and speak with the IRS on behalf of their customers anyway.

Offer In Compromise for Solving Tax Problems

At Tax Services Masters, our Enrolled Agents not only help taxpayers get current with their unfiled tax returns we also investigate your account with the IRS and seek alternative options to resolving outstanding tax debts one such being an offer in compromise. An Offer In Compromise has its caveats and is not typical for every tax resolution customer. If our customer meets the criteria for Offer in Compromise, and if the offer is executed properly can be very beneficial.

When it comes to approaching the IRS, your representative should be experienced. Tax Service Masters has been more successful than unsuccessful at reaching a compromising amount between our customers and the IRS.

Currently Not Collectible for Tax Problems

How to Apply for Currently Not Collectible Status

To apply for a status of currently not collectible, you must validate your inability to repay the IRS and pay for basic living expenses at the same time. If paying back the IRS causes verifiable financial hardship, then you could reach the status of currently not collectible. This tax resolution option comes with certain taxpayer application obligations which our customers are walked through during the process if found eligible.

Typically, to prove hardship, you will need to fill out Form 433-F (Collection Information Statement). This form requests detailed information on your assets, debts, income, and expenses.

If the IRS wants more information, you may need to file Form 433-A (Collection Information Statement for Wage Earners and Self-Employed Individuals) or Form 433-B (Collection Information Statement for Businesses). The IRS may also require you to provide supporting attachments to back-up the figures you included on your 433 forms.

Application Help for Currently Not Collectible Status

If paying your tax liability is not an option due to monetary hardship. See if you qualify, by applying for CNC status to stop the collection activity on your account. To learn more about CNC and other options for dealing with unpaid taxes, get ahold of Tax Service Masters or book a free consultation for tax help online.

Payroll Tax Problems and Solutions

You may have run into payroll tax problems, so entering a monthly payment plan to resolve your payroll tax problems with the IRS is one way to resolve this problem, certain restrictions or taxpayer guidelines must be met. It’s best to consult with your tax professional or the IRS directly to apply.

Payroll Tax Help for Small Business

Owning a small business, you are required to make deposits to the Internal Revenue Service (IRS) to cover the federal income tax withheld from every employee.

Deposits are to be made to both your share and the employee’s share of social security withholding and Medicare taxes. It’s common for small business owners to have difficulties meeting their payroll tax deposit obligations due to cash flow issues, this snowball effect often leads to payroll tax debt. Give us a call, we can represent you and get you back on track fast.

Denying the IRS payments is usually not the problem. Rather, it is a problem of having to meet other expenses to keep the business operational and not having the funds to pay the IRS, especially during slow seasons for some businesses. Neglect on the part of the taxpayer or payroll company responsible for managing the payroll tax deposits for a small business is another unfortunate reason that company owners find themselves in tax debt facing issues with the IRS. For reasons unknown the IRS tends to be more forceful with small business owners with overdue payroll taxes than it is with individual taxpayers.

Delinquent Payroll Tax Problems and Solutions for Small Business Owners

Your company may qualify for a streamlined In-Business Trust Fund Express Installment Agreement if you meet certain requirements. This means you won’t be required to dish out financial statements and a lengthy verification process. However, the IRS does require you to authorize a direct debit from your business bank account if the amount you owe is higher than $10,000.

If your small business does not qualify for a payment plan, you’ll have to complete Form 433-B, Collection Information Statement for Businesses and contact a Field Representative with the IRS immediately. This form requires you to list all financial information for your business, including income, assets, liabilities, creditors, whether the company is party to any lawsuits, among other private details. Even after going through all that, the IRS may still not provide you with a reasonable arrangement to repay your payroll tax debt.

Best Time for Businesses to Get Help for Tax Problems

If you’ve attempted to resolve tax problems for your business without results, or unfavorable – we can help. If you’d rather not go at it alone – yes, we can help. At Tax Service Masters we specialize in tax resolution not just during tax season but all year long.

As a small business owner, you may have no problem qualifying for a repayment program and getting the IRS to agree to an affordable monthly payment. If, however, you lack the time, or knowledge needed to enter into an agreement with the IRS an Enrolled Agent with Tax Service Masters can certainly help.

Important to note that the IRS main agenda is to collect as much money, in the least amount of time, and you have compelled them into the position of an oppositional lender by not meeting your tax obligations on time. The IRS also prioritizes the debt you owe them over what you owe to other creditors.

So, as a business owner do you have any say in the payment amount quoted for an installment agreement? Depending on your situation the answer is commonly yes, when the IRS states it will accept a certain amount as payment each month you may be presented with repayment options.

When facing payroll tax problems, you have the right to hire an IRS representative to assist you in these types of problems when or if they arise. Whether you have attempted tax resolution or have yet to call the IRS.