Offer in Compromise, Bankruptcy, Non-Compliant
Offer-In-Compromise, Bankruptcy, Non-Compliant represent varied matters that we assist our clients with.
If our clients do not have the ability pay the full amount of taxes owed then our we will work to reach an offer with the taxing agency to pay a reasonable portion while discharging the rest.
The amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances:
- Ability to pay;
- Expenses; and
- Asset equity.
- IRS Offer in Compromise Page
Believe it or not, some taxes may be discharged in bankruptcy if specific requirements outlined by the IRS are satisfied. Additionally, the bankruptcy court may be the only arena available to contest the legitimacy of certain taxes and stop the seizure of your personal property. Only an experienced advocate who should be a CPA can work through all the particulars and advise you if this a viable solution for you.
Before you consider filing a Chapter 13 here are some things you should know:
- You must file all required tax returns for tax periods ending within four years of your bankruptcy filing.
- During your bankruptcy, you must continue to file, or get an extension of time to file, all required returns.
- During your bankruptcy case, you should pay all current taxes as they come due.
- Failure to file returns and/or pay current taxes during your bankruptcy may result in your case being dismissed.
Partnerships and corporations file bankruptcy under Chapter 7 or Chapter 11 of the bankruptcy code. Individuals may also file under Chapter 7 or Chapter 11. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide and Publication 5082, What You Should Know about Chapter 13 Bankruptcy and Delinquent Returns.
Trust Fund Penalty
This is a penalty relating to failure to pay employment/payroll taxes. The IRS assess this penalty against an individual personally allowing them to make them solely responsible for a business obligation. This serious issue puts the individual’s income and personal property at risk of seizure by the government. This penalty is usually for business owners but, it can also affect an employee, such as a supervisor, office manager, clerk, or controller who is the person responsible for completing the payroll obligations for the company. No matter who is charged with this penalty, it requires a competent advocate to provide taxpayer representation to protect income and personal property.We can help you solve any trust fund penalty problem.
Just because you owe a significant amount of money does not mean it has to be paid in one lump sum immediately. During taxpayer representation, we will work to secure installment agreements with the IRS that are favorable to our clients.
Liens and Levies
The IRS often places liens on business and personal properties and can even levy bank accounts and paychecks when a business or individual fails to make arrangements for tax payments. Protecting property and working to lift levies will take an advocate skilled in administrative processes of taxing authorities.