IRS Tax Problems
Our service goes beyond being just a typical provider. We strive to be your genuine partner, working together to support and advance your personal plans. Fox and Associates is here to provide assistance in resolving your tax problems and eliminating the anguish that the IRS may cause. We take pride in our efficiency is solving and issue with the utmost discretion. Our plan is always to be PROACTIVE when it comes to any tax issue including keeping the IRS out of your hair!
We can help you with the following IRS tax problems:
Threatening Letters- Ignoring an IRS threatening letter is the worst thing you can do. Take immediate action by checking the facts stated in the letter. If you find any errors or omissions, respond with a polite letter, explaining the issue, and requesting a remedy. However, if you've received multiple threatening letters, it's crucial to be proactive in resolving the situation before the IRS takes further action. Trust me, you don't want to face unnecessary consequences because the IRS has extensive powers when it comes to collecting taxes. Once they believe you owe them money, they become relentless. Remember, the IRS is focused on collecting taxes and does not have much interest beyond that.
IRS Audit Notification- When it comes to IRS audits, the first step is to stay calm and composed. The IRS utilizes letters as a means of communication to address taxpayers' concerns. Like any other correspondence from the IRS, audit letters have associated deadlines. These deadlines give you ample time to carefully review the areas being contested and prepare your response accordingly. It is important to note that being selected for an examination does not automatically imply that you have made an error or acted dishonestly. In fact, some examinations may result in a refund or the acceptance of your return without any changes.
Non-Filing- Failing to file your taxes can have serious consequences. If you neglect to file, the IRS has the authority to prepare a substitute return for you. It's important to note that a substitute return does not take advantage of the typical deductions included by your accountant. Instead, it only allows for a single exemption: either single or married filing separately. As a result, your tax liability will be higher than if you had filed yourself. Don't let this happen to you - make sure to file your taxes and take advantage of all applicable deductions!
Bank Levy/Summons - An IRS levy allows the legal seizure of your property to satisfy tax debt. This means that the IRS can garnish your wages, take funds from your bank or other accounts, and seize and sell your vehicles, real estate, and other personal belongings. If you receive a bill from the IRS titled "Final Notice of Intent to Levy and Notice of Your Right to A Hearing," it is crucial to contact us immediately. Additionally, if you receive notice of a levy against your employee, vendor, customer, or any other third party, it is important to comply with the levy.
Liens - A federal tax lien is established when a tax return is filed and remains unpaid despite a demand for payment. This lien, in favor of the United States, extends to all property and rights belonging to the individual with the outstanding tax. As a result, the IRS possesses the authority to seize the proceeds from any real estate sales by the delinquent taxpayer. In order to safeguard the government's priority over other parties owed money by the same individual, the IRS files a Notice of Federal Tax Lien, alerting other creditors of the IRS's claim.
Offers-in-Compromise – Sometimes you can lower your IRS debt using an Offer-In-Compromise. This settlement allows you to save thousands of dollars in taxes, penalties, and interest. It's an agreement between you and the IRS to settle your tax liabilities for less than the full amount owed. However, the offer won't be accepted if the IRS believes your liability can be paid in full either through a lump sum or a payment agreement, unless there are special circumstances involved.