Common IRS Tax Issues We Can Help With
Back Taxes Owed
Owing delinquent taxes to the IRS can have a devastating impact on your life, including possible penalties. Having non-filed and unpaid taxes could lead to tax liens and levies that could destroy your ability to earn a living and keep your property.
Fortunately, our trusted team can help you formulate a viable plan to pay off delinquent taxes and deal with unpaid IRS liabilities.
When you have delinquent taxes so severe that you are not going to be able to repay them, you may find financial freedom through bankruptcy. Several types of bankruptcy options may be available to you, depending on the details of your case.
Chapter 13 is among the most common types of bankruptcy filing for small business owners, while Chapter 7 bankruptcy remains a strong option for many individuals. Less common types of bankruptcy may fit your unique situation even better. In any case, we can analyze your financial situation to determine how to craft a repayment plan or move forward with your bankruptcy filing.
Get a Copy of Your IRS File
A CPA from our firm can help you obtain a copy of your IRS tax transcripts and returns. Keeping copies of these documents can prove valuable when you are applying for a line of credit or mortgage or otherwise need to provide proof of income. We can complete the necessary forms 4506-T or 4506T-EZ in precisely the right way to get ahold of every bit of information you need.
Innocent Spouse Relief
When one spouse omits or improperly reports information on your joint tax return, you may be entitled to innocent spouse relief. With help from your CPA at Rodriguez Reiffert & Co., you could avoid the consequences associated with business, employment, and tax fraud.
IRS Audit Representation
If the IRS has decided to audit you, you’re in a serious situation — one that calls for a serious CPA tax relief firm’s help. With our audit defense services, we can review the details of your case to determine which strategy is most likely to produce a favorable outcome.
We will be by your side, attending the meetings, preparing the necessary documents, and handling all correspondence so you can rest easier.
The IRS has the authority to legally seize your money when you owe them money. Some examples of funds that could be seized in a tax levy include:
- Bank accounts
- Rental income
- Retirement accounts
- Accounts receivable
Similar to tax levies, IRS tax liens occur when you fail to pay income or business taxes. The IRS can place a lien on your home, vehicle, or business, as well as various other physical and monetary assets.
Before you can sell these assets, you will need to pay your delinquent taxes to get rid of the lien. Our CPA firm can help you find the best route to getting rid of liens or avoiding them altogether.
IRS Payment Plan
When an individual or business owes back taxes, the IRS is generally willing to work with you to craft a plan of repayment. There are two types of repayment plans: short-term and long-term.
Our CPAs can help you understand which plan will be best for your unique financial situation. Then, we can help you implement the plan and build back your financial well-being.
Failure to pay delinquent taxes could result in the seizure of your physical assets. The IRS has the authority to conduct property seizures when they have previously demanded payment, you failed to make a payment arrangement, and they have issued a final notice of their intent to seize your property.
Don’t put your business or assets at risk. Your CPA at Rodriguez Reiffert & Co. can help you handle your delinquent taxes and avoid the impact of IRS seizures.
IRS Wage Garnishment
Wage garnishment allows the IRS to withhold a portion of your paycheck when you owe back taxes or other debts, such as child support. With help from a dedicated CPA at our firm, you can build a workable repayment plan and avoid wage garnishment.
Non-Filed Tax Returns
If you failed to file your individual or business tax returns with the IRS, it is important that you get help from our CPA firm as soon as possible to rectify the situation. Getting behind on your taxes could result in severe financial penalties and even incarceration. There is no limit on the length of time that can pass before the IRS can come after you for back taxes if you have not filed.
If delinquent taxes remain unpaid, the collection process could commence, leading to devastating tax levies, liens, and seizures. Fortunately, our knowledgeable CPAs will be prepared to help you address your non-filed tax returns and implement a repayment plan for any taxes you or your business may owe.
Offer in Compromise
Rodriguez Reiffert & Co., may be able to help you find tax relief through an IRS offer in compromise. Here, you can arrange to settle your back taxes by paying the IRS less than what you owe.
To determine whether you qualify for an offer in compromise, we will need to determine the value of your assets, your income and liabilities, and what you are reasonably able to pay. When you apply successfully, the IRS will suspend all collection activity. If your offer is rejected, we will be by your side to help you appeal the decision in a timely and effective manner.
Payroll Tax Problems
Getting behind on your payroll tax filings and payments could have an impact on you, your business, and your employees. We can help you address discrepancies and avoid the penalties associated with payroll tax problems, including interest on late taxes, failure to file penalties, and trust fund recovery penalties.