As former IRS agents and managers we know how to settle back IRS business taxes. Since 1982, A+ rated BBB. We know the system.
We have over 65 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the Internal Revenue Service.
Each case is unique and different. Each case has its own set of circumstances and those particular circumstances will dictate how IRS will work the case.
When IRS works back business taxes they will usually ask for a multiple of things but two of the most important things they asked for is a:
- a business financial statement found on IRS form 433B and.
- a personal financial statement which is on form 433 A or F Once we review your current financial statement we can develop a clear exit strategy and go over various solutions on how to go ahead and remedy once and for all your tax debt.
You should know that you must be current on all back tax filings because IRS may refuse to be cooperative and working your case.
If you have on file back or past due tax returns we can prepare your back tax returns. If you have little or no records we are tax experts and reconstruction.
When IRS works cases on back taxes one of three results usually occurs.
IRS after carefully reviewing your financial statement and documentation will either put you int:
1.currently not collectible status,
2. ask for a monthly installment or payment agreement or,
3. let you know you’re a settlement can you are a settlement candidate to the offer in compromise program. We will walk you through the IRS pre-qualifier tool to find out if you can settle your tax debt for pennies on the dollar.
We can develop a program and solution how to settle your IRS business tax debt after we review your financial statement in the facts of your case.
Back Payroll Taxes, 941 Taxes
If you will owe back payroll taxes it is critically important that you file and start making current tax deposits.
IRS is extremely tough on those who owe back payroll taxes because they are so-called trust fund taxes.
These trust fund taxes are not a direct tax on businesses or companies, they are money that were held in trust and the IRS expected these monies to be paid over.
You should also know that IRS can impose the trust fund recovery penalty on those responsible persons who never paid over these taxes and IRS will personally assign these tax debts to those responsible persons. I
f you have questions regarding this talk to us with your free initial consultation.
The New Fresh Start Program offered by the IRS
The IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start.
Here are three important features of the Fresh Start program:
IRS Tax Liens.
The Fresh Start program increased the amount that taxpayers can owe before the IRS generally will file a Notice of Federal Tax Lien.
That amount is now $10,000. However, in some cases, the IRS may still file a lien notice on amounts less than $10,000.
When a taxpayer meets certain requirements and pays off their tax debt, the IRS may now withdraw a filed Notice of Federal Tax Lien. Taxpayers must request this in writing using Form 12277, Application for Withdrawal.
Some taxpayers may qualify to have their lien notice withdrawn if they are paying their tax debt through a Direct Debit installment agreement. Taxpayers also need to request this in writing by using Form 12277.
If a taxpayer defaults on the Direct Debit Installment Agreement, the IRS may file a new Notice of Federal Tax Lien and resume collection actions.
IRS Installment Agreements.
The Fresh Start program expanded access to streamlined installment agreements. Now, individual taxpayers who owe up to $50,000 can pay through monthly direct debit payments for up to 72 months (six years).
While the IRS generally will not need a financial statement, they may need some financial information from the taxpayer.
Taxpayers in need of installment agreements for tax debts more than $50,000 or longer than six years still need to provide the IRS with a financial statement.
In these cases, the IRS may ask for one of two forms: either Collection Information Statement, Form 433-A or Form 433-F.
IRS Offers in Compromise.
An Offer in Compromise is an agreement that allows taxpayers to settle their tax debt for less than the full amount.
Fresh Start expanded and streamlined the OIC program.
The IRS now has more flexibility when analyzing a taxpayer’s ability to pay. This makes the offer program available to a larger group of taxpayers.
Generally, the IRS will accept an offer if it represents the most the agency can expect to collect within a reasonable period of time.
The IRS will not accept an offer if it believes that the taxpayer can pay the amount owed in full as a lump sum or through a payment agreement.
The IRS looks at several factors, including the taxpayer’s income and assets, to make a decision regarding the taxpayer’s ability to pay.
Call us today for a free initial tax consultation and speak to a true tax expert if you owe back or personal business taxes.
We have over 206 years of professional tax experience and 65 years of working directly for the Internal Revenue Service. We are true tax experts for those who will back business taxes.
We will carefully review your case and go over every possible option with you to completely resolve your IRS problem.
Owe Back IRS Business Taxes + How to Settle IRS Business Tax Debt + Affordable Resolutions, Former IRS
