IRS Tax Problems?
Dealing with the IRS can be intimidating and overwhelming, especially if you have fallen behind on your taxes or owe. Taxpayers who have unpaid tax bills with the IRS risk their wages being garnished, bank levies, as well as penalties and interest on their unpaid taxes.
Lighthouse Business Services, LLC offers Federal IRS & State tax relief options to those who have unfiled tax returns, owe delinquent taxes, or face being audit with the IRS. The IRS offers taxpayers multiple options to resolve outstanding tax debts so let us help you through the process.
Installment Agreement
Can’t pay everything all at once? Let us help you set up a payment plan. The IRS will generally accept installment agreements if you need additional time to pay off your tax bill. Individuals who have a balance over $25,000 are required to use direct debit. Businesses with balances over $10,000, must also pay with by direct debit.
Offer in Compromise
If you are experiencing financial hardship, you may be able to resolve your tax debt for less than what you owe. When a taxpayer has proven that they are unable to pay their debt in full or that doing so would create a significant financial hardship, the IRS may allow the taxpayer this option. To qualify, the IRS will consider the following factors when deciding if an Offer in Compromise in an option.
Ability to pay.
Your income and expenses.
Any assets you may have.
Penalty Abatement
Facing penalties for not filing or paying your taxes on time? You may be able to get those penalties removed through either a penalty adjustment or a penalty abatement. Abatement is the elimination of an assessed tax liability, while an adjustment is simply a reduction or alteration of it.
Bank Levy
If you receive an IRS bill titled Final Notice of Intent to Levy and Notice of Your Right to A Hearing, contact us right away. An IRS levy permits the legal seizure of your property to satisfy a current tax debt. It can garnish wages, take money out of your bank account, seize and sell your vehicle(s), real estate and other personal property.
Liens
A federal tax lien arises when a tax return is filed and the tax isn’t paid after a demand for payment has been made. By law the lien is in favor of the United States and is upon all property and rights to property of the person with the unpaid tax. It gives the IRS the authority to seize any proceeds from sales of real estate owned by a delinquent taxpayer. To protect the government’s right of priority against other parties who are owed money by the same person, the IRS will file a Notice of Federal Tax Lien, which puts other creditors on notice about the IRS’s claim.
Tax Settlement and Negotiation
The IRS offers settlements to taxpayers that are struggling with their tax debts or have valid reasons to abate their penalties; however not everyone is eligible for tax settlement.
The main factor the IRS takes into consideration when determining if the taxpayer will qualify for a tax settlement is their financial situation. If the taxpayer is undergoing financial hardship, it’s usually a good indicator to the IRS that a settlement might be a good option.
At the same rate, should the IRS or tax authority involved determine that the individual does have sufficient income to pay off the entire balance due over time, the tax settlement request may be rejected and instead, the IRS or tax authority will offer to accept monthly payments of a certain amount until the tax debt is paid off.
Lighthouse Business Services, LLC offers individuals and small business audit protection against the IRS. We ensure you know what to do, what to say/not say, and how to handle any audit you or your business may experience. By contacting us we are able to help you understand your rights by becoming a buffer between you and the IRS and/or State. Let us help you protect your business.
Don’t panic If you have received a letter notifying you that your return has been selected for an audit. We have represented many clients in both personal and business tax audits. If you do not believe that you have done anything wrong or are unsure of why you are being audited, please do not attempt to represent yourself.
We develop strategies to outline and defend the taxpayer’s position. We assist in preparing all documents requested by the designated IRS authority and handles correspondence on behalf of the taxpayer, including attending all in-person meetings at tax court.