IRS FRESH START PROGRAM
The IRS Fresh Start Program is aimed for taxpayers owing less than $50,000. The program helps streamline the burden of the collection process for both the taxpayer and the IRS. The guidelines offer attractive tax savings for qualifying taxpayers. It is recommended to have a trained tax professional handle the process for in order to guarantee you obtain the desired result. The IRS Fresh Start Program focuses on three components: Streamlined Installment Agreements, Releases of Federal Tax Liens and the Offer-in-Compromise.
OFFER IN COMPROMISE (“OIC”)
The Offer-In-Compromise (OIC) program is geared towards taxpayers in financial hardship or with certain exceptional circumstances that create financial hardship if required to pay the past due tax. When most taxpayers think of resolving their tax problems, this is the program they are looking for. The process can take on average between 4-9 months, but the result is worth the wait. Our professionals have helped save our clients over $10 million dollars through this program. We know the program from front to back and consistently get our offers accepted.
CURRENTLY NOT COLLECTIBLE (“CNC”)
This is a popular option for those taxpayers who cannot afford monthly payments but may have assets of value that they do not wish to sell nor have them seized. If your current monthly income is less than your monthly expenses, this might be a good solution for you.
INSTALLMENT AGREEMENT (“IA”)
Installment agreements are a common solution for may taxpayers. It will help avoid levies and garnishments. There are different types of IA’s, usually depending on the amount of tax owed you owe and your compliance history. We are often able to negotiate an installment agreement that most favors the taxpayer.
PENALTY ABATEMENT (“PA”)
For our high net worth clients this is a popular solution due to the fact that they will not qualify for most of the other hardship programs offered by the IRS. Professional guidance is recommended for this option because of the complexities in obtaining and maintaining a favorable penalty abatement. The IRS will abate penalties if a taxpayer can show a reasonable cause.
RELEASE OF FEDERAL TAX LIEN
The IRS will file a tax lien as soon as a taxpayer owes more than $5,000. A lien can be viewed similar to an “I owe you” to the IRS. We can request a hearing before your lien is filed. Our expert professionals know how to advise our clients in order to avoid liens, remove liens, subordinate liens, etc. On a case-by-case basis we can prevent a lien by taken certain strategies.
IRS WAGE GARNISHMENT RELEASE
A wage garnishment can be disastrous for many taxpayers; especially, for those living paycheck to paycheck. We understand the stress and urgency. We are here to protect you. Moving quickly and efficiently is critical. A garnishment on your paycheck that remains in place until your employer receives notice of release.
IRS BANK LEVY RELEASE
Our Levy Release Division is best in class. The IRS can issue a one-time levy to your bank account and has rights to all of the funds in your accounts, up to the total balance due of course. A levy can be released within 21 days from the date it was issued. If you have a bank levy please call us immediately.
TAX RETURN PREPARATION
Many taxpayers simply need to file tax returns to become compliant with the IRS. Our professionals can prepare all tax returns, personal & business. From W-2 wage earners to the most complex partnerships and corporations, we can handle it all.
Our Bookkeeping Division is advanced and well versed. Taxpayers who are self-employed and corporations are most likely to use this service. The accounting professionals will get your business back on track and keep your current business from getting off track.
This can be useful for all taxpayers. It is essential for our high net worth individuals who are making important business decisions. Whether you are selling your business, buying a business, selling/buying assets and/or need to add/remove members in the most tax efficient way, our specialized tax professionals are experienced in taking aggressive pro-taxpayer positions in tax planning.