An IRS levy can take the form of a wage garnishment through your employer, a levy on your personal or business bank account or a levy of business receivables.
For most people, an IRS Levy creates an overwhelming feeling of despair.
The money the IRS is threatening to take is usually required for rent, food, a car payment or other urgent need. That’s why we make the release of a levy our priority. In many cases we can stop levies within 24 hours of receiving your authorization as a client.
If you have a levy or have received a Notice of Levy, it is important to act fast. There are time limits and additional requirements that the IRS can impose depending on your situation.
Once the IRS collects on a levy, the money cannot be recovered unless the taxpayer becomes compliant and demonstrates the funds levied were not owed.
The Offer in Compromise (OIC) can be the most effective way to dispose of a burdensome IRS debt, because it settles the debt for an amount less than the balance owed.
The IRS offers this program to taxpayers who can show that they do not have the resources to repay the debt. OICs can result in settlements for as little as 1% of the original debt.
While the OIC program is extremely popular, the odds of a successful outcome are stacked against you. Overall, less than two offers out of 10 are accepted by the IRS.
Working with Total Tax, Inc can change the odds in your favor.
On average, our Case Managers have won 9 offers out of 10. That’s over 4 times more than the average.
Our knowledge of the Offer in Compromise program and our ability to successfully assess whether you will qualify are the reasons for our success. In fact, as part of your free consultation, we will tell you whether you are a candidate for an OIC.
Filing back taxes is one of the most common steps toward resolving an IRS tax issue.
It is required to establish compliance, a key element in reaching any agreement with the IRS. In many cases it can reduce the balance that the IRS claims you owe.
However, if not done correctly, filing or amending returns can create more problems and an even bigger tax bill. Unfortunately, this is a growing problem. Some tax relief companies take shortcuts to save time and unlicensed and unqualified management fail to identify the mistakes.
In contrast, the Total Tax, Inc team collectively has nearly 60 years of experience in Tax Accounting. We maintain a dedicated tax preparation department staffed by skilled and experienced CPAs and EAs that understand tax law.
Working with a dedicated, licensed and experienced tax preparation experts results in lasting benefits for our clients. This is one area of resolving your tax issue that can’t be compromised since errors and omissions can lead to audits, default of IRS agreements and ongoing IRS tax problems.
If you qualify for Currently Not Collectible status, the IRS will stop all collection actions against you, but interest will continue to accrue on the debt. This is an alternative for clients that don’t qualify for an Offer in Compromise and can’t afford an Installment Agreement.
Your TTI Case Manager will use your financial information to demonstrate that you are unable to make any kind of payment to the IRS. The IRS may review your financial situation annually to determine if you still qualify.
CNC can be an effective strategy when a client has an IRS balance that is close to the 10 year statute of limitations and can be put in place to avoid disruptive collection actions until the debt expires.
If your financial situation rules out one of the more aggressive tax relief programs, an Installment Agreement can stop collection actions and eliminate your tax debt over time.
An Installment Agreement (IA) allows you to repay your tax debt over an extended period. Once you are compliant with all current and prior year tax filings, you can enter into either a streamline or negotiated IA.
The advantages of an Installment Agreement include:
- It reduces long-term interest and penalties you might otherwise owe to the IRS
- You avoid unpredictable and debilitating collection actions such as wage and bank levies.
Your TTI Case Manager will work with you to construct a picture of your current financial position and use that information to negotiate an affordable payment plan.
