IRS Audit Representation
Audits take significant time away from your business and family and require gathering records to substantiate each and every item reported on your tax return and develop a comprehensive understanding of tax law.
IRS auditors are trained to extract more information from you than you have a legal obligation to provide. We handle it all for you so that you need not take time off from your business or job to handle the bureaucracy and paperwork of the IRS. No lost wages or business. You simply forward notification of an audit to us and we handle it from A to Z.
Offer in Compromise
The Offer in Compromise program allows you to settle your debt with the IRS for pennies on the dollar when the tax debt has been incorrectly assessed or for liabilities you cannot afford to pay.
If you do not qualify for the IRS Offer in Compromise program, a Payment Plan that gives you more time to pay off your tax debt may be the way to resolve your problem.
Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay the debt off. You are required by law to pay the interest on your tax debt.
IRS Installment Agreement
The IRS is currently testing expanded criteria for streamlined processing of taxpayer installment agreement requests to help individuals and small business meet their tax obligations without adding unnecessary burden to taxpayers. The highlights include:
- Reduced installment agreement requirements for taxpayers owing $50,000 or less
- Reduced installment agreement requirements for taxpayers owing payroll taxes of $25,000 or less
- Lengthened amount of time that a taxpayer can pay their balance under the installment agreement
- Lowered amount of future income required under the OIC program
IRS Wage Garnishment
Once a wage garnishment is filed with your employer, your employer is required by law to collect a large percentage of each of your paychecks. We are regularly retained to negotiate the release of IRS wage garnishments by arranging a payment plan. The payment plan allows you to receive your whole paycheck without fear of future wage garnishments.
Levies are used to seize your wages and whatever other assets you have. This includes checking accounts, automobiles, stocks, bonds, boats, paychecks and Social Security. We are often able to have those levies released and help you out of such a situation.
When your taxes are not paid the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets. The lien can be against you, your spouse or your company. A lien against your company would seize your accounts receivables. Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. We assist you with lien subordination, discharges and withdrawals.
Trust Fund Recovery Penalty
Failure to pay payroll taxes cannot only result in substantial penalties to the employer, but it may also result in the taxes being directly assessed against the owner or other responsible person of the company. Your initial meeting with the IRS is critical in making this determination and it is critical that you hire a professional representative to represent you at this meeting.
Resolution of Account
Payroll tax deficiencies can become substantial rather quickly because of the severe penalties assessed against the account. We can advise you on the most effective way to pay off the liabilities to minimize the assessment of the trust fund recovery penalty as well as the risk of enforcement action.
IRS Penalty Abatement
Penalties assessed by the IRS can mount up quickly, sometimes doubling the amount actually owed to the IRS. Using our understanding of the tax laws and the mechanisms within the IRS available for abatement, we can represent you in negotiating the abatement of the penalties from the initial request through the appeal process.
Preparation of Delinquent Returns
Failing to file your tax returns is a criminal offense and can be prosecuted and punished with potential jail time, one year for each year not filed. At Thompson Greenspon, we can help you be in compliance with the law. If you voluntarily file your delinquent returns you'll likely avoid further problems other than having to pay the interest and penalties.
Analysis of IRS Records
Obtaining a copy of your IRS file is critical in analyzing the options available to resolve your tax problems. Requesting copies of your IRS file is best done by a professional who understands how to obtain them without raising any red flags as well as how to interpret the information in your file.