Back Tax Assistance And Tax Resolution Services

The Weight of Back Taxes Owed

IRS Debt And The Weight Of Back Taxes Owed

“Back Taxes” is a common phrase heard around the typical IRS office.  Studies show that approximately 19% of people in the US owe some sort of delinquent taxes. You will be happy to know that even though the idea of owing back taxes may be disturbing, there are many programs available to you to solve your tax issues. The IRS is willing to work with you, but without the knowledge and proper tools, they will attempt to collect as much as possible in as short a time as possible. Hence, if you want to settle your tax issues in a manner that is affordable, you need to make sure that you obtain the best representation possible.  There are many options allowing one to pay an amount less than what they actually owe.

The first step your representative needs to take in order to resolve your tax issue is to determine exactly how much you owe and get a good idea of how much you can afford to pay. Looking at your latest notice sent by the IRS may give you an idea of how much you need to pay, but this number is often not accurate and when it is not it is usually higher.  If you have unfiled tax returns, you will need to prepare and file them with the IRS.  Once this is complete you will be able to figure out how much you owe including penalties and interest.  At this point you can determine the best way to resolve your tax problem with the IRS.

If you are unable to pay your back taxes in one lump sum payment, you can enter into an Installment Agreement with the IRS. The Installment Agreement programs allow you to pay back the amount you owe over time. If you are unable to pay any amount in installments or otherwise, you may be able to be placed into Currently Non Collectible (“CNC”) status in which the IRS will not collect any amount from you for a given period of time.  Another option is to submit an Offer in Compromise (“OIC”) in which you settle for an amount less than the amount you owe.  This program allows you to pay the agreed upon reduced amount over a given period of time.

The IRS Will Not Stop Until Your Back Tax Debt Is Paid

The IRS Will Not Stop Until Your Back Tax Debt Is Paid

With many of these programs you may are required to disclose financial information in order to establish your Disposable Income. The IRS will allow you to enter into an Installment Agreement only if you have filed all your income tax returns. In order to be placed into Currently Non Collectible (CNC”) status with the IRS, you would need to prove that your monthly living expenses exceed your monthly income.

The IRS has 10 years to collect taxes from the date on which they were filed.  For example, if you file your 2007 tax return in 2011, the IRS would have until 2021 to collect any unpaid taxes.  If reading all of this seems overwhelming, do not get upset…you are not alone.  We at the Tax Resolution Institute are here to help.  Call us right now and we will help you through the process.

Peter Y. Stephan

About Peter Y. Stephan

Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.

Payroll Tax Problems = Payroll Tax Resolution Services

If you have payroll tax problems and need payroll tax resolution services, you are facing a serious challenge. When it comes to the IRS trust fund recovery penalty, you need IRS tax consultants on your side. On account of the IRS trust fund recovery penalty, payroll tax problems lead to enormous IRS penalties and interest. There is a reason why the IRS trust fund recovery penalty is known as the 100% penalty.  Payroll tax problems can affect your freedom to conduct business and forever close your doors.

Payroll Tax Problems = Payroll Tax Resolution Services

You need to take steps as early as possible to resolve payroll tax problems.  On account of the IRS trust fund recovery penalty, the penalties accruing for unpaid payroll taxes can more than double within just a few months. It is crucial to take immediate action when dealing with payroll tax problems.  Business owners do not realize that the money collected from the employees share of federal tax, Medicare and FICA does not belong to them but rather is the employee’s pay that must be paid to the government.

The IRS is highly concerned with payroll tax problems. The withholding portion of payroll taxes is deemed as the trust fund portion and subject to the IRS trust fund recovery penalty.   Failure to pay the Trust Fund portion of the tax will result that portion being assessed to the Responsible Person/s (a “Responsible Person” is anyone that is a decision maker for the company that could affect how the payroll was dispersed).

IRS Trust Fund Recovery Penalty

Dodging Payroll Taxes Is A No Win Scenario

Dodging Payroll Tax Problems Is A No Win Scenario

Penalties for payroll tax problems, also known as employee withholding tax problems, are much more severe than they are with other tax problems. Long term Installment Agreements are generally not available for payroll tax problems. Due to the IRS trust fund recovery penalty,  Offers in Compromise are virtually always rejected for unpaid payroll taxes. This is why IRS tax consultants are such a necessity when facing payroll tax problems.

IRS Tax Consultants Needed

If you find yourself faced with payroll tax problems pick up the phone and call the IRS tax consultants at the Tax Resolution Institute.  Due to the IRS trust fund recovery penalty, do not waste any more time letting these issues remain unresolved.  Time is money…a lot of money in this case.

Peter Y. Stephan

About Peter Y. Stephan

Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.

Back Tax Assistance And Delinquent Tax Bill Help

Back Taxes Looming?

Are Your Back Income Taxes Looming?

“Back Taxes” is a common phrase heard around the typical IRS office.  Studies show that approximately 19% of people in the US owe some sort of delinquent taxes. You will be happy to know that even though the idea of owing back taxes may be disturbing, there are many programs available to you to solve your tax issues. The IRS is willing to work with you, but without the knowledge and proper tools, they will attempt to collect as much as possible in as short a time as possible. Hence, if you want to settle your tax issues in a manner that is affordable, you need to make sure that you obtain the best representation possible.  There are many options allowing one to pay an amount less than what they actually owe.

The first step your representative needs to take in order to resolve your tax issue is to determine exactly how much you owe and get a good idea of how much you can afford to pay. Looking at your latest notice sent by the IRS may give you an idea of how much you need to pay, but this number is often not accurate and when it is not it is usually higher.  If you have unfiled tax returns, you will need to prepare and file them with the IRS.  Once this is complete you will be able to figure out how much you owe including penalties and interest.  At this point you can determine the best way to resolve your tax problem with the IRS.

Is Currently Not Collectible Status Right For You?

Is Currently Not Collectible Status Right For You?

If you are unable to pay your back taxes in one lump sum payment, you can enter into an Installment Agreement with the IRS. The Installment Agreement programs allow you to pay back the amount you owe over time. If you are unable to pay any amount in installments or otherwise, you may be able to be placed into Currently Not Collectible (“CNC”) status in which the IRS will not collect any amount from you for a given period of time.  Another option is to submit an Offer in Compromise (“OIC”) in which you settle for an amount less than the amount you owe.  This program allows you to pay the agreed upon reduced amount over a given period of time.

With many of these programs you may are required to disclose financial information in order to establish your Disposable Income. The IRS will allow you to enter into an Installment Agreement only if you have filed all your income tax returns.

In order to be placed into Currently Not Collectible (CNC”) status with the IRS, you would need to prove that your monthly living expenses exceed your monthly income.

The IRS has 10 years to collect taxes from the date on which they were filed.  For example, if you file your 2007 tax return in 2011, the IRS would have until 2021 to collect any unpaid taxes.  If reading all of this seems overwhelming, do not get upset…you are not alone.  We at the Tax Resolution Institute are here to help.  Call us right now and we will help you through the process.

Peter Y. Stephan

About Peter Y. Stephan

Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.

An Introduction to Tax Resolution Services

A tax problem can cause trouble to you, your family, your assets and your security. These problems do not arise in a single day. If you are in trouble you probably saw it approaching and decided to ignore the warning signs.

IRS Tax Resolution Services

Do You Need Tax Resolution Services?

With the help of the Tax Resolution Institute, you can reduce your tax liability and avoid IRS and local State penalties by following some simple steps. For example you can deduct charitable donations to Haiti this year that can help you reduce your tax liability. E-filing is mandatory this year unless you sign a form to opt out.  If you are self-employed you need to make your first installment of estimated taxes before April 15. You should always file a comprehensive and correct tax return so that you may reduce the chances of an audit that will cost you additional money even if you ultimately owe nothing more in taxes.

If you are not able to fully pay your taxes, you should send as much as you can afford along with your tax returns when they are due. This can help you to avoid additional interest and penalties. The IRS maintains a computerized record when you file your return that shows that you had made an effort to pay at least some of the money you owe. This not only helps you reduce your IRS penalties, but may also aid you to make negotiations for a tax debt settlement in the future.

The Danger of Tax Scames

The Real Danger of IRS Tax Scams

Tax scams may cost a great deal more than they allegedly save you. One of the top tax scams listed by the IRS involves one’s attempt to hide their income offshore. If you try to avoid or evade US income tax by hiding your income in offshore banks, etc., you will be pursued aggressively if caught. The penalties for doing so are incredibly high.  The IRS currently is offering an opportunity for taxpayers with unrevealed income in offshore accounts to take part in a voluntary disclosure initiative. However, this voluntary disclosure initiative will be available only through August 31, 2011.

There are many instances in which people file fraudulent and misleading tax returns in order to save on taxes due or obtain inflated tax refunds. Scammers may encourage you to claim deductions and credits that you are not actually entitled to. If you participate in such scams willingly or unintentionally, you will need to repay taxes with interest and penalties.

Calculate Income Taxes Correctly

Calculate Income Taxes Correctly

If you file a tax return in which the withholding amount and reported income are not correct, you may need to pay penalties as well. Abusing tax-exempt organizations by doing things such as attempting to maintain control over donated income or assets may lead to penalties.

As an individual or a business owner you cannot afford to procrastinate. Interest and penalties will increase your tax debt.  If you owe the IRS or your local State $15,000 or more, you should consider using the Tax Resolution Institute in order to get the best result possible. Getting the help from the highest qualified and experienced tax attorneys and CPAs will allow you to solve your tax problems, which may include unfiled income taxes, payroll tax problems and other outstanding tax debt.

Peter Y. Stephan

About Peter Y. Stephan

Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.

Get Assistance with Your Back Tax Problems and Keep Your Sanity in Tough Times

Delinquent Tax Returns Can Be Overwhelming

Delinquent Tax Returns Can Be Overwhelming

According to the Tax Policy Center, a Washington based research firm, approximately 47% of households (nearly half) paid no income tax to the Federal Government in 2009.  This number is comprised of people who earned too little to owe tax or received enough in credits and deductions to reduce their liability to zero or below.  Keep in mind that while this is an extremely large number of people not paying taxes, it does not account for others that filed their taxes and did not or were unable to pay their taxes, as well as those who failed to file their taxes completely.

If you combine the people who filed their taxes but have not paid, with those who failed to file and owe, along with those people included in the 47% listed above that filed their taxes incorrectly, you have an enormous amount of people requiring Tax Resolution just for the 2009 tax year.

The big question: ”What can I do if I owe taxes or have unfiled returns?”

Many people and businesses fear that if they file their returns or the IRS finds out that they owe tax, they will be unable to pay and fear the consequences.

Delinquent Tax Returns Need To Be Filed

Delinquent Tax Returns Need To Be Filed

You will be happy to know that the Internal Revenue Service’s policy is to collect not based upon the amount you owe, but rather upon what you are able to pay.  Based upon IRS Standards (some Local and some National), the IRS will collect only that money which they deem to be “disposable income”.  That is the amount you have left over after you pay your expenses.  There is no debtor’s prison, so as long as you legitimately file your returns, and set up an affordable payment plan or in some cases justify that you are unable to pay anything at all, you will be able to continue living your life without the concern of dodging the IRS.

The IRS has various plans by which to resolve your tax problems.  The key is (1) choosing the right plan, and (2) making sure you know exactly how to properly file the necessary paperwork.  If you are not familiar with the available plans or how to implement them (which is the case with most individuals and businesses) you need to hire someone that is qualified to do so.

The Tax Resolution Institute is a company that has been resolving both people’s and business’ tax issues for over 25 years.  Their President and Founder Peter Stephan not only practices Tax Resolution on a daily basis, he wrote the textbook.

Peter Y. Stephan

About Peter Y. Stephan

Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.