Non-filed Tax Returns
The IRS has a massive computer system that is more sophisticated each day. It is important that you file your tax return immediately, no matter how late, to prevent being prosecuted. The IRS is also able to file your tax return for you but without most likely any deductions you are entitled to.
Back Taxes Owed
Be aware that if you don’t pay the amount due to the IRS each year you will receive a letter telling you that you owe much more than the original amount, due to the buildup of tax penalties and interests that have added up over time. This will continue to happen until you pay your due amount.
Payroll Tax Problems
This is a problem that you should not deal with on your own. The IRS views failing to pay payroll taxes as the most serious tax delinquency because it comes from your employees’ withholdings. As a result of failing to pay payroll taxes, the IRS will punish you with more severity than other penalties. It is important for you to have a professional representative to help you that knows the trade of the IRS.
An IRS Lien is the government’s claim against your property when you fail to pay your tax debt, which will create many problems for you. Liens against you will take control of your business account’s receivables and will even appear on your credit report, which will prevent you from opening a checking account or borrowing against any assets.
An IRS levy is the way for the IRS to make you pay what is due by legally taking your property to satisfy a tax debt. If you get to this point where you receive a levy, the IRS will take every dime until the amount you owe is covered. A wage garnishment is when most of your check goes to the IRS, which leaves you without enough money to pay daily and monthly bills. At Woltman Group we want to help you with these problems and get you back to a clean slate.
An IRS Seizure is when the IRS takes your physical belongings to sell at an auction in order to pay the amount you owe. They can take anything, from your house to your insurance policies, in order to pay off your debt. At Woltman Group we want to help you stay on track and avoid getting anywhere near problems like this.
Offer In Compromise and IRS Payment Plan
At Woltman Group, we want you to be aware of all the options you have when it comes to settling your tax debt with the IRS such as their Offer in Compromise program and their Payment Plan. The IRS Code states: “We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential…” (Internal Revenue Code section 7122).
The IRS Payment Plan is a second option if you are unqualified for the Offer In Compromise. By choosing this strategy, you are able to set up a plan with the IRS to pay off your tax debt. Then, you will have more time to pay your total amount due.
For those who find themselves in serious debt, filing for bankruptcy might be the best option. Your taxes, interest, and penalties can be wiped out if you are deemed qualified.
Innocent Spouse Relief
If your spouse or ex-spouse has committed fraud, the Innocent Spouse Relief was designed to protect the innocent spouse. For more information on this please contact our office.
Get Your IRS File
By obtaining a copy of your IRS file you are able to analyze all of the options available to you to resolve your tax problems.