Payroll Taxes Owed
Falling out of compliance with IRS payroll regulations can destroy your business. Not only that, it can ruin your personal finances. Perhaps you’ve gotten behind on payroll taxes through an oversight or a temporary lack of funds. Whatever the reason, it is important to note that the IRS pays particular attention to small businesses that fall behind on their employees’ federal withholdings. If the IRS decides that your business has violated payroll tax rules it may come after your personal bank accounts and assets–even if your business files for bankruptcy protection. If you have received correspondence from the IRS about payroll issues, you need experienced representation now. Let our tax experts help you resolve your payroll tax issues so you can get back to running your business.
Penalty/Interest Abatement
One of the worst things about IRS tax controversies are the penalties and interest tacked on to your original bill. There are penalties for late filing, late payment, and negligence, to name but a few–and the interest on unpaid taxes can rapidly increase your total tax liability. If you are struggling with unpaid taxes plus additional penalties and interest, we can help. The IRS may abate certain penalties if there is reasonable cause and the failure was not due to willful neglect. Many taxpayers who have not previously had major issues with the IRS can qualify for a first time penalty waiver. Generally, the IRS does not revoke interest charges, but some established interest suspension provisions do apply–especially where the IRS has made an error. We understand if you are overwhelmed by penalties and interest. They often appear arbitrary and unfair. We will carefully scrutinize your tax situation to see where penalties and/or interest may be waived.
Unfiled Returns
If you have neglected to file a tax return from a previous year or years you should do so immediately–even if you think you can’t pay. The penalties and interest you may face for not filing a return are often much worse than if you file but do not pay in full. In other words, you have nothing to gain by not filing tax returns except hefty fines and possible jail time. We have the expertise you need to straighten out your misunderstanding with the IRS. Once we have filed your missing returns, we can help you work out a payment plan or an Offer in Compromise. Please note that the IRS will not accept any payment arrangement or revoke a lien or levy until all delinquent tax returns are filed. Contact us today to learn more about filing your overdue tax returns.
Wage Levy (Wage Garnishment)
A Wage Levy occurs when the IRS sends a Notice of Levy to your employer demanding that he or she send a portion of your paycheck to the IRS. If your employer fails to comply, they could be held responsible for your tax debt. A wage levy is extremely unpleasant. The IRS usually gets the bulk of your paycheck until your taxes are paid off and your relationship with your employer is put under a great deal of stress. If your wages are being garnished, you need help now. Our tax experts will work with you to arrange a payment plan with the IRS that is far more tolerable than having your regular paycheck docked.