Tax Resolution Service Orange County –
WHAT IS A TAX RESOLUTION?
It is the process of finding a solution to your tax problems. Some common tax problems have something to do with an individual’s tax return. Specifically, the tax reports might need some verification in order to know if they are the appropriate amount of income an individual has. Another situation is when the IRS believes that you have underreported income. There are also instances where problems occur when an individual has not filed their taxes for several years. The Internal Revenue Service, or IRS, is the agency an individual or business can ask for help and assistance with their tax problems. They are responsible for collecting federal taxes and making sure that people follow tax laws in the United States.
Here are some instances where an individual or business might use tax resolution services:
Receiving an audit notice from the Internal Revenue Service might seem intimidating, which can cause panic for an individual or business owner. However, audits occur for several reasons: (4) Incorrect filing status, (5) Non-existent dependents, (6) Earned Income Tax Credit (EITC) claim, (7) Self-employment, and (8) Inconsistency between the individual taxpayer and corporate filing associated with the taxpayer. An individual or business owner may hire a professional tax consultant to help in organizing a fair and accurate audit defense.
Such mistakes such as the IRS believes that an individual or business makes more money than what was reported or including an ex-spouse or former business partner’s income with your income. These mistakes can be resolved when evidence is presented, and a transcript protest is organized.
There are instances where an individual or business cannot repay a certain amount to the Internal Revenue Service (IRS). It is not a problem because the IRS offers a form of relief. Tax resolution services in the Orange County area will help identify whether an individual or business is qualified for the status of “Currently Not Collectible.”
There are interest charges and tax penalties when an individual or business pays their taxes late or fails to pay. Tax resolution services will help determine whether an individual or business is qualified for “tax penalty abatement” and be able to waive the penalty.
Each year, a taxpayer is expected to file a tax return, but when they fail to do so, the Internal Revenue Services (IRS) might guess how much they owe based on documents sent to them. Tax consulting services will be able to help in preparing returns from the past years. They are also capable of helping with filing a present-day return and putting together a tax plan for the future.
Paying Back Taxes
Evaluation of the client’s returns is part of tax resolution in order to make sure that they are responsible for the back taxes being charged. A client may work with the Internal Revenue Services (IRS) to create a plan that allows a manageable way of paying the tax the client owes, as there are instances where they might not be able to fully pay the amount, especially when it is a large sum of money.
Wage Garnishment Help
When the Internal Revenue Service wants its money, they will opt to garnish your wages, make your paycheck smaller, or even non-existent. Tax resolution involves negotiating with the IRS before they can even start to garnish your income. Tax consultants will be able to help you create a payment plan that will be presented to the IRS to make them understand that you can pay what you owe.
ORANGE COUNTY TAX RESOLUTION SERVICE
If you experience these tax issues and problems, you might want to consult the experts and tax resolution services in your place.
This is a firm driven by commitment and passion for helping and giving assistance and services in resolving clients’ tax issues, problems, and situations. They are also committed to seeing every client will be saving money and being able to help them with taxes. This full-service tax relief company takes pride in its tax attorneys, accountants, CPAs, enrolled agents included, assisting all individual taxpayers, associations, small businesses, and corporations with any tax situation. Here are some of the services they offer in terms of tax problems:
Fresh Start Program
This program allows the clients to pay their tax liabilities through several repayment options depending on specific situations, like their income and their liquid assets. Availing in this program will allow the client to prevent problems like tax liens, interests, penalties, seizure of assets, and garnishments. They currently have four repayment options for the program:
(1) You can file for an Offer In Compromise
A client who is qualified to file an Offer in Compromise has to pay the owed tax liability in a certain percentage. Its goal is to have a settlement between the debtor and the IRS when it is proven that the debtor is in a situation wherein paying in full is impossible given that their income or a specific situation is not enough.
(2) Economic Hardship Installment Agreement Plan
This is another option if the client is not qualified to file an Offer in Compromise. This allows the debtor to pay in smaller amounts monthly. In this option, it is important to provide them with a detailed list of your financial information and submit it to the IRS for assessment.
(3) You have a Non-Collectible Status
There is a possibility for a debtor to suspend the collection process when the account is under a CNC status. This means that you do not have the capacity to pay the debts.
(4) You can have a Streamlined Installment Agreement
This is where the payment will be an installment or monthly. A client may choose to pay (1) $10,000 or less in 36 months, (2) $50,000 or less in 72 months, or (3) between $50,000 and $100,000 in 84 months. Depending on the chosen option, payment may be via online payment, ACH, or a salary deduction.
This program is open for both individual and business tax liabilities. However, only an individual tax liability will be accepted for clients who wish to choose a streamlined Installment Agreement Plan as their payment option.
(1) Gather all the necessary documents
All your tax documentation is needed starting from the years you have experienced the tax issue. This will allow easier tracking of your tax liabilities which will help create the most appropriate plan to solve the tax problem.
(2) Prepare to meet with your Tax Attorney
It will be easier to hire a professional tax attorney to help you throughout the process of applying for the program. They will help the client understand all the necessary information about the tax issue.
(3) Fill in all the necessary forms
There are a number of the required documentation with the IRS, so your tax attorney will be helping you with it.
(4) Communicate with your Tax Attorney
Despite having an attorney, you must communicate with them and be responsible in order for your tax issue to be successfully resolved.
You may contact Coast One Tax Group and their team for a free consultation and learn about their specific services and options.