Tax Resolution
Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.
Our Services
We’re a qualified, licensed representative that knows the appropriate procedures to help you with your tax issues. We know the ins and outs of working with taxing authorities.
Premium Tax specializes in multiple IRS debt reduction programs to make your tax resolution as smooth as possible.
An Offer in Compromise is a settlement you may qualify for as it relates to your IRS or State liability. There are three types of offers in compromise:
Doubt as to Collectible Offer In Compromise – This offer will be based on your ability to pay a monthly fee. There will also be concerns in calculation of your liquidity in assets. Premium Tax knows many clients who unfortunately offer the IRS a flat settlement amount without regard to their income,expenses or equity in assets. Contact us to see if you qualify for an offer in compromise.
Effective Tax Administration – This offer is based on hardships. The IRS still requires you fill out a full 433-A, however, we will argue that while the client has the ability to pay in full, doing so would burden the taxpayer. The ETA offers are rare and again circumstantial evidence, health concerns, or the age of the taxpayer are some of the factors to be considered when applying for this offer.
Doubt as to Liability – Have you been assessed by the IRS wrongfully? Has there been an assertion that a liability someone else is responsible for has been given to you? The Doubt as to Liability Offer is based on fact versus financial status. If you feel you were wrongfully asserted, please contact Premium Tax today to see if you qualify.
There are three basic types of IAs, which have varying requirements.
Streamlined installment agreement
The streamlined installment agreement allows a taxpayer with less than $25,000 of debt to pay their tax debt over the course of 72 months.
Staggered installment agreement
The staggered installment agreement has all of the same benefits and requirements as the streamlined installment agreement. The only difference is the added benefit of starting out with a lower monthly payment, which then would step up to a higher payment after a certain amount of time, usually 1 year.
Fresh Start installment agreement
The Fresh Start installment agreement is an IRS initiative launched several years ago in order to help taxpayers whom do not qualify for the normal streamlined IA due to a balance in excess of $25,000.
The IRS or State may reduce the overall liability you owe by way of a penalty reduction or “abatement”. There are several reasons why people may qualify for an abatement of which are as follows; death in the family, sickness in the family, absence from work, unable to work, natural disaster, wrong advice from a competent tax advisor, wrong advice from IRS personnel, etc.
As your tax resolution service, Premium Tax will look into every reasonable cause you may have fallen behind both personally and through your business. Don’t be fooled by promises to abate interest and penalty. The IRS and State will review serious requests and so will we. We have an array of options concerning how to go about requesting a reduction in penalties.
Many married taxpayers choose to file joint tax returns due to certain benefits this filing status allows. When filing jointly, both taxpayers are jointly and severally liable for the tax and any additions to tax, interest, or penalties that arise from the joint return even if they later divorce.
Joint and several liability means that each taxpayer is legally responsible for the entire liability. Thus, both spouses on a married filing jointly return are generally held responsible for all the taxes due, even if one spouse earned all the income or claimed improper deductions or credits. This is also true even if a divorce decree States that a former spouse will be responsible for any amounts due on previously filed joint returns. In some cases, however, a spouse can get relief from joint and several liability.
Let Premium Tax guide you through your best options for this tax resolution.
Tax audit representation, also called audit defense, is a service in which a tax or legal professional stands in on behalf of you, the taxpayer during an IRS or State income tax audit. During an income tax audit or examination, the IRS and all States allow the taxpayer to have an authorized representative. That representative must have permission to practice before the IRS or State, and specific credentials are required.
As a licensed tax representative, Premium Tax develops a strategy to defend your position. We will assist you in preparing all documents requested by the taxing authority, attend all meetings and handle correspondence on your behalf.
When the IRS issues a notice that it intends to levy and seize your assets you have 30 days to challenge the levy. You need to attempt tax resolution or pay the amount due.
If you cannot pay the tax debt in full before the IRS is scheduled to seize your assets, you may be able to remove the levy anyway with proper tax resolution by setting up an installment plan with the IRS or by making other arrangements. But the best course of action is to work out a mutually agreeable solution with the IRS – and avoid the levy altogether.
If your tax problem is too complex, you don’t have to go it alone. The experienced members of Premium Tax are available to help you deal with the IRS.
The IRS is far from perfect, and does make mistakes. There are a few perfectly legitimate ways to remove a tax lien if you know where to start.
A lien can be removed with tax resolution on appeal if:
- The tax debt has already been paid in full.
- The lien was filed in error.
- The lien was filed in error and the IRS made a processing error with your return.
- The IRS did not follow proper procedures.
- You were going through bankruptcy when the lien was filed.
- You weren’t given a chance to dispute the amount assessed by the IRS.
- You wish to make spousal defenses by claiming that your spouse should be liable for the lien.
- You want to discuss collection options, like through the Fresh Start Initiative.
- The statute of limitations of 10 years on collecting the tax debt has passed.
- On the notice of the lien, you are given the option to request a Collection Due Process hearing with the Office of Appeals. This request for an appeal must be made within 30 days after the fifth day of the lien being filed, or by the date indicated on the notice.
Premium Tax can deal with the IRS and provide assistance with filing an appeal, or requesting a lien withdrawal.
When you are running your business, it’s not uncommon for things to fall through the cracks. Unfortunately, employment taxes are often one of those things. If you’ve failed to pay employment taxes when they are due, you are at high risk for a Trust Fund Recovery Penalty.
Trust Fund Recovery involves the collection of employment taxes by the IRS from the owners of a business that’s failed to pay employment taxes. This penalty allows the government to reach parties otherwise shielded from tax liability, such as officers, shareholders, employees or a corporation, partnership or LLC, and in some cases, outside entities.
If penalized, you should begin taking action immediately. Luckily, Premium Tax is there to help get your business out of this sticky situation. To begin, the most important thing you can do is get familiar with what a Trust Fund Recovery Penalty means, why it happened and how you can get this situation taken care of.
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