Categories
Recent Comments
Archives

What Happens when you have unpaid back taxes

If you know that you have unfiled back taxes and the gov't hasn't contacted you yet, The best way to head off any actions from arising is to become proactive and take the iniative, Contacting the IRS is up to the taxpayers discretion. If the Tax debt is very old, the statute of limitations may have already expired. When a business has payroll tax problems the IRS see's this as the cardnial sin of all tax problems. The problem is that you have collected taxes from your employees to hold in trust for the federal goverment, but you misapprpriated those funds for another use. Now a field agent comes to your home or place of business, and the only thing he wants is there money, what are you going to do?

Assessment and Cp Letters

Once The Taxpayer has recieved one of these letters, the IRS has determined that you are indebted to them. This process of recieving letters in this form, from the IRS is called automation. The first letter is an assessment letter stateing the facts that the IRS has gathered to determine that the debt owed is actually correct.

IRS Penalties And INTEREST

IRS penalties and interest are very serious. Once the IRS realizes that you havent met any deadline prescribed, the taxpayer is automatically assessed penalties and if enough time passes without payment then interest is accrued. To have these penalties removed the taxpayer needs to file for an abatement of penalties, and wait for IRS approval or denial.

IRS TAx Lien

Once a tax lien has been filed, the IRS is starting to take legal action to secure payment for all monies owed. The legal aspect of the tax lien gives the IRS the ability to seize your property and assets as payment or security for a payment for all monies owed in connection to the tax lien.

IRS TAx LEvy

Surviving the crippling effects of an IRS tax levy is a testament to the financial survivability of all taxpayers affected by an IRS tax levy. A tax levy is the actual seizing of the taxpayers assets in order to satisfy all IRS demands for payment.

IRS Wage Garnishment (notice of intent to levy)

Once the taxpayer has received a "Notice of Intent to Levy" otherwise known as a wage garnishment immediate action needs to be taken. All income that the IRS receives under this notice are unrecoverable. Taxpayers need to move swiftly to bring themselves into IRS compliance and have there wage garnishment removed. If nothing is done the wage garnishment will stay in place until the entire tax liability is repaid. Taxpayers need to contact us to discuss the options available.

Preparing for an irs audit

Being notified by the IRS of an Impending Audit can be one of the most stressful events in a taxpayers life. Going under the microscope with the IRS can be a terrifying event sparking anger and grief. The first order is understanding exactly what type of audit the taxpayer is being summoned for, is it a routine correspondence audit or is it the more through type, a file audit.

940 and 941 Payroll tax Problems

Bottom-line the IRS wants there money. Business owners have retained and withheld money due the IRS. The only problem is, between the time of the withhold and the time the IRS was suppose to receive there quarterly or yearly payment, there was no money to pay. This type of situation can be mediated quickly by paying the IRS plus interest and penalties otherwise this can turn into a long drawn out affair involving a field agent, conducting a field investigation, leading possibly to a field audit.

Unpaid IRS an State Back Taxes

When the IRS acknowldges that you have unpaid tax liabilties they will submit you to auotmated collections, When the taxpayer recieve there IRS letter's normally they end up in the Trash. Once the IRS realizes that you are ignoring them, they will get a Field Agent Involved. Most Field Agent's are trying to make a name for themselves and will go above and beyond what is necessary. That is when it is time to file a Cap appeal. A CAP appeal takes it out of the hands of the field agent and puts it in to the hands of a technical advisor. A Technical Advisor is more adept to treat the taxpayer like an indivdual, they are not trying to make a name for themselves, and usually have 15 or more years on the job and are nearing retirement.