His track record includes helping clients navigate intricate tax laws and resolving IRS disputes. He has a remarkable ability to harmonize robust analytical skills with a compassionate and empathetic approach. His clients consistently shower him with praise for his unwavering dedication and exceptional professionalism.
- Ryan, an accomplished tax attorney, brings extensive expertise in tax representation to the table.
- However, the Innocent Spouse Claim can protect you from responsibility for these liabilities and the Injured Spouse Claim can shield your tax refund.
- Rest assured that your employees are paid accurately and on time, while also staying compliant with federal and state regulations and taxes.
- The IRS can legally collect taxes assessed as overdue directly through your bank account.
This is very important—failing to use the right forms can mean having to file again. The IRS instructions will include an address for submitting your late tax return. Unlike most tax preparers, who deal with tax returns only an average of 5 months per year, PTR experts prepare tax returns all year. Here, we’ll explain what happens when you don’t file past years’ taxes—and why filing as soon as possible is always the right choice.
In effect, you are countering the IRS’ substitute filing with a more accurate tax return. When done correctly, the IRS will almost always accept the numbers you submit and allow the deductions you claim. As a result, you may find you are owed a refund or that the tax balance due is smaller than the IRS estimated in the substitute filing.
In the past five years alone, we have helped more than 700 clients across the country resolve their tax debt through OICs. Read on to discover our full suite of tax relief services or call for your free consultation now. Starlynn is a seasoned Tax Accountant specializing in the Tax resolution Industry.
IRS Tax Settlements (OIC)
Our ability to accurately assess our client’s situation and pursue the resolution that is applicable to them is a primary reason for our success. For example, when we submit an Offer in Compromise to settle tax debt for our clients for less than they owe, we are successful https://accounting-services.net/bookkeeping-garland/ 94% of the time and save them an average of 97%. Our approach starts with a complete and free assessment of your case so that we are able to determine what can be done. If your situation requires professional assistance, then we will offer to take on your case.
- The IRS allows registered tax preparers, like Precision Tax Relief, to file returns electronically for the three most recent years.
- Our ability to accurately assess our client’s situation and pursue the resolution that is applicable to them is a primary reason for our success.
- We specialize in providing our clients income tax, bookkeeping, and payroll solutions, that uniquely enhance their abilities to achieve their business and financial goals.
- As we discuss elsewhere (see “What happens when the IRS files my back taxes?”), an IRS substitute filing is rarely to your benefit.
His customer first, honest approach to finance is a breath of fresh air. His guidance has had a positive financial impact on our family and we look forward to working with him in the future. We save you time and create greater efficiencies and savings when you outsource your payroll to us. We allow you to focus on growing your business rather than routine tasks.
Affordable
Rick knows what he is doing and very knowledgeable about the tax laws. Our full-service bookkeeping and accounting gives you greater control over your financial information. We take care of your day-to-day accounting, payroll and monthly financial statements.
If you have unfiled tax returns, the IRS is entitled to file past-due returns on your behalf — and usually, these substitute filings are not in your favour. When this happens, the IRS can bill you for back taxes, plus failure-to-file penalty fees. If you have unfiled tax returns but the IRS is aware that you don’t owe taxes, you may fly under their radar. The IRS will not reach out to you if you are owed a refund on previous years’ tax returns. [2] Statistics are based on prior results for clients that filed an IRS Offer in Compromise. These results are not a guarantee of individual results nor are they representative of results from other IRS and state tax resolution programs.
Tax Problem Resolution
If a lien has already been applied to your property, you may be eligible for a release, withdrawal, discharge or subordination. If you are contacted by a Revenue Officer, you need expert legal tax representation. The Precision Tax Relief team includes one of the top legal experts representing clients in debt crisis. Precision Tax is helping thousands of people get out of debt with the IRS.Please contact us if you have any questions about our services. Let’s get started today by taking the first step towards tax compliance. We help you set up a process and systems so that it’s simple and easy to understand.
Here when you need IRS tax relief from a team you can trust.
This is called a Substitute for Return (SFR), and often it will not work in your favor. A substitute filing is an estimate and may be incorrect on many levels. The filing status and tax rates may be wrong; the IRS will often omit dependents, deductions for interest, charitable contributions and business expenses. You can also face a late payment penalty if you owe back taxes, even if you haven’t filed. The late payment penalty is 0.5% of the tax amount unpaid, up to a maximum of 25%. Note that if you are owed money on your unfiled federal tax return, you can only collect a refund if you file within three years of the original tax deadline.
We Can Help Resolve Your IRS Problem
If the IRS determines that you owe back taxes, they will bill you for the taxes owed, plus penalties and interest. The best way to avoid IRS errors on substitute filings is by filing past due tax returns. The time a tax relief company has been in business is important because it is a way to measure their credibility and experience. Tax resolution is a specialized professional service that requires understanding of a dedicated part of tax law and IRS procedures. Companies that can demonstrate an extended track record of strong client service and results can truly be considered credible sources of tax resolution services.
No false promises. No hidden fees.
Our team consists of skilled and experienced bookkeepers who understand the intricacies of financial management. We ensure that your financial records comply with regulatory standards, reducing the risk of errors or issues during audits. Outsourcing bookkeeping to us saves you valuable time and resources, allowing you to focus on what you do best—running your business. The IRS allows registered tax preparers, like Precision Tax Relief, to file returns electronically for the three most recent years. Other companies listed on these sites, but that have not paid a fee, are often rated down due to subjective assessment from the editor. Tax relief firms come in all sizes, some with hundreds of employees and others as simple as a single practitioner.