Tax Resolution
If you owe Federal and State back taxes, the team at Xpert Financial Services is here to help you find tax debt relief. In some cases, our clients owe more than $10,000 to the IRS and need a tax resolution plan, such as payment plans, settlements, or offers in compromise. We can help you find a solution for your IRS tax debt and get back on track. Learn more about our services, and contact us to schedule a consultation with a tax professional.
What is Tax Resolution?
Tax resolution is the process of finding a solution to your tax debt, and often involves working with the IRS to create a payment plan or other form of tax debt relief. Tax resolution also applies to anyone who has tax problems, including an IRS audit, a complicated tax return, underreported income, unpaid back taxes, or any other situation in which the IRS wants to take a closer look at your taxes.
IRS Fresh Start Program
One of the best ways to find tax debt relief is through the IRS Fresh Start Program. This program is for individual taxpayers and small businesses who are struggling to pay their taxes. The federal government created this initiative program to help taxpayers find relief from the predatory practices of the IRS, which include financial penalties like compound interest to incentivize taxpayers with outstanding debt. Often, though, people with tax debt owe more than they can reasonably afford to pay, and the accumulation of debt simply adds financial stress.
The IRS Fresh Start Program allows eligible taxpayers the opportunity to significantly reduce their federal tax debt, and some may be able to reduce their tax debt by 90 percent or more. Here at Xpert Financial Services, we help our clients find tax resolution through the IRS Fresh Start Program, and we’re here to help you get back on track and plan for your financial future!
Offer in Compromise
An Offer in Compromise (OIC) is part of the IRS Fresh Start Program and it is an agreement between the taxpayer and the IRS that settles your debt for less than the full amount. In order to come to this agreement, the IRS will look at your income and assets and determine whether or not you will be able to pay the back taxes you owe in a lump sum or through a payment plan. If this is not the case, the IRS will determine a collection agreement that is reasonable for the taxpayer to pay back. Often, OICs are subject to legal requirements, but they are an excellent way for you to achieve tax resolution in a way that fits your income level.
IRS Audit Representation
If the IRS has sent you a letter that notifies you that you will be audited, our team is here to help. Although a tax audit can be overwhelming, our professionals will provide you with IRS audit representation so that you don’t have to go through the process on your own.
Just because the IRS has decided to audit you doesn’t necessarily mean that you’ve done something wrong! Our tax professionals can help go through your tax information and put together an audit defense to ensure that you are fully represented and that the process will be as fair as possible.
Back Tax Compliance
Owing back taxes can be complicated, especially if you cannot pay the tax debt in a single lump sum. Part of our tax resolution services includes evaluating your back taxes and helping you get back in compliance. We can work with you and the IRS to put together a payment plan that makes back tax compliance more manageable. If you are eligible for the Fresh Start Program, we will also help you apply and take advantage of this government initiative to assist taxpayers.
Wage Garnishments
The IRS will garnish your wages — or make your paycheck smaller — in order to get the money you owe. This can be extremely challenging financially, and we understand the difficulties of paying your bills or creating budgets that will work with a smaller paycheck. Part of our tax resolution services includes negotiating with the IRS before they start garnishing your income, but if this has already occurred, we can also help you create a payment plan to demonstrate that you can pay what you owe without having your pay garnished.
The sooner you find tax resolution the better! Our professionals can help relieve the financial stress that occurs from wage garnishments or from the threat of wage garnishments. Contact us today to schedule a consultation.
Tax Liens
A lien is a claim against any property you own, such as your car or your home, or any other large item of value. Liens often occur when loans are not repaid to lenders, but they can also occur because of tax debt. Having a lien put against your home or other property is incredibly stressful, and our team is here to help you avoid foreclosures or other complications caused by your IRS tax debt. Tax resolution can both prevent you from the danger of a tax lien as well as help remove or discharge current tax liens.
Contact Us For Tax Resolution Services
If you’re struggling with tax debt, know that you don’t have to go through the financial stress alone! You have options, and the team at Xpert Financial Services is here to help. Contact us today to get started.