100+ Years of Combined Tax Resolution Experience.
Tax problems can be stressful and complicated and can even be further complicated when the IRS makes mistakes regarding your taxes owed. One client we were able to help this month dealt with several setbacks due to mistakes made by the IRS. He was self-employed and had set up an installment agreement himself, but it soon defaulted as our client could not afford the high monthly payment. His wife was seriously ill, and his business was not doing well, and our client was desperate to get his tax balances settled. Once our client came to us, we went through his finances to see which type of resolution would best fit his financial situation. Because our client had too much equity, we decided a Partial Payment Installment Agreement (PPIA) would be best. We worked with the IRS to come up with an affordable monthly payment and we were able to get the payment plan approved. Months later, our client got threatened with a levy because his plan defaulted. Turns out the IRS did not include the most recent tax year and so the additional balance defaulted his agreement. We contacted the IRS and were able to set up the same agreement for our client. Unfortunately, a year later, our client’s estimated tax payment was wrongly applied to his tax balances and the IRS defaulted his payment plan due to them believing he did not pay his quarterly taxes. We contacted the IRS about their mistake, and after a few months of continually contacting them, the IRS fixed the payment and let our client once again, set up the same PPIA he was in before. Luckily, our client has been able to stay in the installment agreement and saved over $70,000!
Our next client got into trouble for forgetting to pay his taxes on his retirement withdrawals. He had originally set up an Installment agreement, but it defaulted when he owed additional balances for his retirement withdrawals. Shortly after retaining our firm, our client lost his job and the IRS then tried to levy his bank account in order to get payment for his taxes owed. We appealed the levy and then scheduled a Collection Due Process Hearing with the IRS. We set the date for the hearing and then put together our client’s financials to see what he could afford. We took the financials to the IRS and showed our clients inability to make payments as he was unemployed and had no income coming in. The IRS agreed and placed our client into Currently Not Collectible status and saved him almost $100,000 in the end.
The Internal Revenue Service (IRS) has announced the end of a two-year-long automated collection system pause and started issuing a new notice called LT38. LT38 notices inform taxpayers that the IRS has assumed normal operations. It also updates outstanding balances and explains what to do if you agree or disagree with the content. Additionally, the federal agency...
Nevada sales and use tax laws require businesses to collect and remit sales tax when they meet specified criteria. Where the business owner does not collect sales tax, the buyer must pay use tax to the Nevada Department of Taxation. It’s vital to know which products or services are taxable and the rules on exemptions. Additionally, learning...
A 1099-C form is used for reporting debt cancellation as income to the Internal Revenue Service (IRS) and the individual or entity receiving the canceled debt. It is crucial for tax reporting and compliance. Key aspects of this form include information that affects an individual’s annual tax return and when to file or send it...
The winter holidays are fast approaching, and employers across the country are preparing for their yearly office parties. If you’re thinking of celebrating your workplace, you might be eligible for more tax deductions than you realize. Are company holiday parties tax-deductible? The simple answer is yes, as long as they meet a specific set of...
There are many times when life throws obstacles at you, especially when you least expect it. Sometimes things happen in people’s lives that cause them to not file their tax returns on time – or even at all. This is exactly what we are here to help you with, and for our first client we...