Do you Owe the IRS Money that you can't
pay?
No matter the case, we know how overwhelming and extremely stressful this situation can be, especially if you debt with the IRS has been going for more than one year, since all of those penalties and interest just keep adding up.
They take this very seriously, They will seek every legal way to collect the money they are owed. They can seize your assets, freeze your bank account, garnish your paycheck, and even restrict your passport. They can file levies and liens on your property. Hopefully, this hasn’t happened to you yet, getting the help you need from a professional is key to avoid any of these.
What are your Options?
Start paying your current taxes first. You must be all caught up with filing your income tax returns and paying your current taxes before most of the following remedies are available to you.
Here are some of the options the IRS provides to taxpayers who owe money. Whether these are applicable to you depends on your circumstances.
Installment plan
This is where you work out a payment arrangement with the IRS. There are several forms of agreements, including regular, partial-pay, and streamlined. Which one you should use is highly dependent upon your current financial situation and the amount you owe.
Offer in compromise
An offer in compromise is where the IRS agrees to accept less than the full amount owed. The IRS does not have to accept an Offer, but if the Offer is presented so that it meets the IRS guidelines, it increases the chance that the IRS accepts the Offer to resolve the outstanding balance.
Currently Not Collectible status
This status allows you to defer your debt. The debt does not go away; you still owe the IRS money. But you’ll stop the process of getting your bank accounts levied or other collection efforts if you are granted this status. This often happens when you don’t have enough income to cover your current living expenses. Once your income rises, the IRS will re-evaluate your situation.
Bankruptcy
Bankruptcy can be extremely useful to stop IRS collection efforts, potentially discharge income taxes that are old enough, and force repayment plans on an otherwise unwilling IRS. Tax penalties may also be discharged through the bankruptcy. Since this is such a complex area, your best bet is to consult with several professionals – an accountant, a tax resolution professional, and an attorney that is expert at bankruptcy issues.
What we can do to help you?
- Respond professionally to any IRS correspondence you received
- Contact the IRS on your behalf so that you don’t have to face them directly
- Represent your case before the IRS
- Get you caught up on filing back tax returns that are late
- Negotiate penalties, interest, and taxes due to lower your debt
- Understand the IRS Collections process and your rights
- Fight for you on issues that come up, such as innocent spouse situations or positions taken on tax returns
- Help you get levies and liens removed from your assets.
Solutions For Resolving Your IRS Debt
provide advice on the options available to you. Your tax issue is handled with the utmost
confidentiality and privacy..
Don't take our Word!
Kevin C.
From my first meeting with Karla, I could already tell she was an expert and very knowledgeable in her field. She also laid out clearly what the process of working with her would look like, which put me at ease and made me comfortable that I'd be in good hands with someone who was experienced and organized. She was always super friendly and responsive, and helpful in answering any questions I had.It was a pleasure working with Karla and I look forward to doing so in the years to come. Thank you Karla!!
Heather O.
Karla was absolutely amazing! We had a huge list of issues for her to tackle, and Karla worked tirelessly until our books were totally perfect. Her expertise in law practice accounting is unparalleled and she was able to explain everything in a way that made complete sense. Whenever I had questions (and I had A LOT), she answered them thoroughly and quickly. Karla was such a pleasure to work with and I cannot recommend her highly enough!
Davis W.
Karla has been indispensable in helping me get organized in my most complicated tax year yet. I had been handling my own taxes up until this point due to bad experiences with tax preparers who outsourced my taxes in prior years. Karla took the time to consult with me on client-business fit and answered my many questions promptly with detailed explanations. I'm so excited to work with Karla going forward and am sleeping soundly at night knowing that I'm working with a true professional. Thank you, Karla!