DON'T WAIT: Settle your taxes for much less than what you owe.

 

Taxxmart is deeply committed to helping individuals and businesses solve a variety of tax related challenges, from dealing with the Internal Revenue Service to dealing with businesses' Sales Tax problems. We will carefully asses your unique situation, explain all your options and come up with a recommendation to best suit you.

Through its President and Founder, Taxxmart has an unparalleled track record of honesty and integrity. We approach each new situation with 100% effort and will confidentially and professionally create a course of action designed to substantially reduce the amount of taxes you owe. We offer a variety of tax resolution services that address every situation. For instance, we can assist you in setting up affordable payment plans based on your financial situation and NOT what the IRS determines it should be. Also, we are often able to successfully place many of our clients in "non-collectible status" which stops IRS collection proceedings and harassment for an extended period of time.

For Immediate Assistance with your IRS problems call toll free (510) 489-9900

Management and Consulting Services: Many of the problems businesses are facing are due to a lack of financial management planning. Too many business owners and management personnel are being bogged down by tedious repetitive accounting tasks that take away from their main focus - managing the delivery of their core services and products. Our trusted accounting and management professionals will design and help you implement accounting and management systems especially for your business. Some of the services we provide are:

  • Installation of accounting software
  • Accounting and Bookkeeping Functions
  • Hiring and choosing accounting personnel
  • CFO Services (Part time or Full time)

Contact us to discuss your specific needs

Wage Garnishments

 

Wage Garnishments are usually achieved through a Notice of Wage Garnishment or Notice of Wage Levy. This is an order sent directly to your employer from the IRS, instructing them to redirect a portion of your salary to them. This is a legally binding order, and your employer does not have a choice but to comply with this letter. After the IRS takes their share, there is often little left to pay for the rest of your regular expenses.

IRS collection actions are often extreme. Any information you provide the IRS can be used against you. Therefore it is very important that you utilize knowledgeable people to deal on your behalf.

We can work right away on getting this IRS action stopped. Depending on your particular situation, we will secure a temporary freeze in collection activity to give us sufficient time to analyze your situation determine the best course of action. For many taxpayers, we can set up a comfortable payment arrangement based on your financial situation and sometimes we can work out an Offer in Compromise.

STOP WAGE GARNISHMENT! Call us at 888-316-2990

Asset Seizure

 

You have 30 days from the date of the Notice Of Levy issued by the Internal Revenue Service to pay in full or to find another solution. Ignoring this notice or doing nothing will only make matters worse. Once the 30 days have passed, the IRS (without further notice) will start taking your bank accounts and wages and/or any assets you have, such as your house, investment properties, vehicles and recreational vehicles.

After seizing your assets, they become the property of the United States Government and will auctioned off. Whatever proceeds result will be applied to the amount you owe. When this happens, there is no way you can recover your property.

We can analyze your situation to find the best course of action for you and avoid the levy. We will secure a temporary freeze on all IRS collection activity and work immediately in setting an Offer in Compromise or a Payment Arrangement Plan based on your financial situation.

Once the 30 days has started, there is no time to waste.

Call us toll free at 888-316-2990

Bank Levy

 

Have you noticed that your bank account is suddenly empty? Seizure of your bank account is the one of the first moves in the IRS collection efforts. A Notice of Levy is sent to your financial institution ordering them to seize your bank account. These financial institutions have 21 days to hold these funds and after 21 days they turn these funds over to the IRS.

This IRS action is usually a result of you ignoring their phone calls and letters. They have no problem locating your bank accounts and will do everything they can to find your assets and freeze them.

You have 21 days to take action, so you must act immediately! We can often request that the IRS order your financial institution to put the money back to your account. Call us at 888-316-2990

Federal Tax Lien

 

A Notice of Federal Tax Lien is filed with your County Clerk in your area. This is a public notice indicating that you owe taxes. This lien shows on your credit report and can cause expensive financial repercussions. You will have future difficulty in obtaining mortgage and/or car loans, as well as credit card loans. Your existing loan interest rates could suddenly increase and your employment applications may be turned down due to this black mark on your credit report.

This is usually the start of the heavy collection activity the IRS will put you through. Ignoring this will lead you to deeper problems in the future. Please see Wage Garnishment, Bank Levy and Asset Seizure topics above.

We can help you get the IRS to release the Federal Tax Lien on you. Call us at (510) 489-9900

Unfiled Tax Returns

 

Do you have unfiled tax returns for any prior year? Have you received a letter from the IRS telling you to file your tax returns?

If you find that you erroneously filed your tax returns in the past, we can also help you amend those tax returns. Be careful about filing amendments yourself as errors on your part could trigger an audit in other tax years' tax return.

Our CPAs and enrolled agents are ready to file and amend your tax returns for you.

Call us at 888-316-2990

Offer in Compromise

 

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer's tax liabilities for less than the full amount owed.

Three Types of OICs
The IRS may accept an offer in compromise based on three grounds:

  • Doubt as to Collectability - Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
    Example: A taxpayer owes $20,000 for unpaid tax liabilities and agrees that the tax she owes is correct. The taxpayer's monthly income does not meet her necessary living expenses. She does not own any real property and does not have the ability to fully pay the liability now or through monthly installment payments.
  • Doubt as to Liability - A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer include: (1) the examiner made a mistake interpreting the law, (2) the examiner failed to consider the taxpayer's evidence or (3) the taxpayer has new evidence.
    Example: The taxpayer was Vice President of a corporation from 2004-2005. In 2006, the corporation accrued unpaid payroll taxes and the taxpayer was assessed a trust fund recovery penalty as a responsible party of the corporation. The taxpayer was no longer a corporate officer and had resigned from the corporation on 12/31/2005. Since the taxpayer had resigned prior to the payroll taxes accruing and was not contacted prior to the assessment, there is legitimate doubt that the assessed tax liability is correct.
  • Effective Tax Administration - There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.
    Example: Mr. & Mrs. Taxpayer have assets sufficient to satisfy the tax liability and provide full time care and assistance to a dependent child, who has a serious long-term illness. It is expected that Mr. and Mrs. Taxpayer will need to use the equity in assets to provide for adequate basic living expenses and medical care for the child. There is no doubt that the tax is correct. Taxxmart will carefully listen to your situation, explore all options and come up with the best solution for your particular situation. Often, an offer in compromise will work for your situation but if an offer in compromise does not work for you, we will make sure that an installment agreement will be arranged based on your financial situation. We will gather all your necessary financial information, including all the allowable deductible expenses and put you in a payment arrangement that is comfortable for you.

Back Payroll Tax

 

Have you received notices from the IRS informing you that they have not received your 940 or 941?

Have you withheld any employee taxes and not sent them to the IRS?

Have you not been able to pay any of your payroll taxes?

Have you not filed any payroll returns because you cannot afford to make any payments?

Has the IRS threatened to close your business or levy your business and personal bank accounts?

Have you been unable to pay your payroll taxes or are you making payments on old taxes?

Did you forget to file your payroll returns?

Didn't file your payroll returns because you couldn't afford to pay the taxes due?

Is the IRS threatening to levy your bank account or close your business?

Has the IRS proposed a "Trust Fund Recovery Penalty" assessment against you as the responsible person?

Are you deemed the responsible person for a business that owes payroll tax to the IRS? (Even if the business has filed for bankruptcy, any responsible person might still be responsible personally.)

Again, ignoring any of the above will just worsen the problem you are already in and if you wait too long, you can lose your rights to challenge any assessment imposed by the IRS or any government collecting agency.

Taxxmart will help you get out of this messy situation.

IRS Audit Representation

 

Meeting with an IRS Revenue Officer can be very intimidating and stressful. The IRS will usually send you a report and/or letter that explain that you are being audited and that you are being asked to show proofs of your expenses. Often, you can just pay the proposed adjustments, if any. However, if you believe that you have honestly filled your tax returns out, there is no reason why you should let the IRS intimidate you by paying any proposed adjustments.

A conference with an Appeals Officer often works out to your benefit. In addition to showing proofs of your deductions and expenses, you can also appeal penalties, interest, trust fund recovery penalties, offers in compromise, liens and levies.

There is no reason to be fearful. Be comforted, knowing that our Tax Team has years of experience dealing with the IRS audits. You can face an audit with confidence when you know we are on your side.

Penalties and Interest

 

April 15th is the deadline for most people to file their individual income tax return and pay any tax owed. Tax returns are checked for mathematical accuracy. If there is any money owed, you will be sent a bill. Generally, interest is charged on any unpaid tax from the due date of the return until the date of payment. The interest rate is determined quarterly and is the federal short-term rate plus 3 percent with Interest compounded daily. If you file on time but don't pay all amounts due on time, you'll generally have to pay a late payment penalty of one-half of one percent of the tax owed for each month, or part of a month, that the tax remains unpaid from the due date, until the tax is paid in full or the 25% maximum penalty is reached. The one-half of one percent rate increases to one percent if the tax remains unpaid 10 days after the IRS issues a notice of intent to levy. For individuals who file by the return due date, the one-half of one percent rate decreases to one-quarter of one percent for any month in which an installment agreement is in effect.

If you owe tax and don't file on time, the total late-filing penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to five months. If your return is over 60 days late, the minimum penalty for late filing is the smaller of $100 ($135 for returns required to be filed after December 31, 2008) or 100 percent of the tax owed.

You must file your return and pay your tax by the due date to avoid interest and penalty charges. Often the funds necessary to pay your tax can be borrowed at a lower effective rate than the combined IRS interest and penalty rate.

Any underpayment of taxes will result in penalties and interest. Penalties and Interest are usually avoided through an Offer in Compromise.

Taxxmart may be able to help you stop the cycle of IRS penalties by using our Tax Team to negotiate an Abatement of IRS penalties for you.

Call (888) 316-2990
for a free consultation
or fill out the form for more information