Our professionals at SA CPA PC, licensed Certified Public Accountants (CPA) and Enrolled Agents (EA), are experts in dealing with the Internal Revenue Service and State taxing authorities. There is no universal handbook for resolving tax controversy issues, for each tax problem has unique facts and circumstances. SA CPA PC manage case-specific solutions and will help you exercise your rights to find a no-bankruptcy solution to any tax problem.
Our highly skilled tax professionals specialize in the following areas:
Offer in Compromise
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a fantastic option if you can’t pay your full tax liability, or if doing so would create a financial hardship. The IRS considers your unique set of facts and circumstances when determining if you qualify. For example, your ability to pay in monthly installments utilizing your gross income and necessary monthly expenses; your equity in your assets such as your home, car, bank and investment accounts.
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Lien Withdrawal & Release
The federal tax lien provides a powerful tool for the Internal Revenue Service to collect overdue taxes. The lien clouds title to property and prevents property transfers or sales and damages credit ratings. Additionally, a lien is filed with your counties recorder of deeds office to be released as public notice that you have an unpaid tax debt. Even if you cannot pay your tax debt in full there may be answers to dealing with the lien.
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If you do not qualify for an Offer in Compromise an installment agreement may be an alternative. An installment agreement with the IRS allows you to pay your tax debt in smaller, more manageable amounts. Installment agreements generally require equal monthly payments, however, in special circumstance that may be modified. The amount of your installment payments and the number you make will be based on the amount you owe and your ability to pay. As with most loans, the IRS will charge interest and penalties on the unpaid portion of the debt.
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The law permits the IRS to entirely abate or reduce the penalties applied to a taxpayer’s debt. It is necessary to submit a written explanation that provides a reason as to why the penalties should be removed or reduced. The taxpayer has the burden of showing that their failure to comply with the relevant tax laws, such as failure to file a timely return or failure to pay the tax when it was due, was due to “reasonable cause.” Reasonable cause is presumed when the taxpayer has exercised “ordinary business care and prudence” in the handling of filing and payment of their taxes and nevertheless unable to comply due to circumstances beyond their control.
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Trust Fund Recovery Penalty
Trust fund tax is money withheld from an employee’s wages (income tax, social security, and Medicare taxes) by an employer and held in trust until paid to the Treasury. As an employer, you have the added responsibility of withholding taxes from your employees’ paychecks. The income tax and employees’ share of FICA (social security and Medicare) that you withhold from your employees’ paychecks are part of their wages you pay to the Treasury instead of to your employees. Your employees trust that you pay the withholding to the Treasury by making Federal Tax Deposits.
Internal Revenue Code Section 6672 (a). To encourage prompt payment of the trust fund taxes Congress passed a law that provides for the Trust Fund Recovery Penalty. This is used as a tool for collection of unpaid employment taxes.
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Wage Garnishments and Levy
Having your wages garnished or bank levied by the IRS can be an upsetting event. A levy is the seizure of property, including money in your bank accounts, retirement accounts, your car and the garnishment of your wages. The IRS will use a levy to collect the amount owed only after it sends you a notice demanding payment, you fail to pay the tax and it then sends you a final notice of its intent to levy your property. It is best to deal with the situation by dealing with the IRS directly. There are several different strategies that may be employed depending on your specific situation and your finances.
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An IRS audit can be an intimidating and complex process. If you or your business face an IRS audit, we can bring to bear years of experience in dealing with tax matters and IRS audit procedures to ensure that you are properly represented when dealing with the IRS and other tax authorities.
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Preparing Delinquent Returns
Our Firm has prepared numerous delinquent tax returns on behalf of our clients. It is not unheard of for people to go for very long periods of time without having ever filed a return. However, whatever the time period we advise that you file your tax returns as soon as possible. By employing the services of our firm you can be assured that your multiple years of delinquent returns will be handled most efficiently.
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Innocent Spouse Relief
Why request Innocent Spouse Relief? Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows. Both taxpayers are jointly and individually responsible for the tax and any interest or penalty due on the joint return even if they later divorce. This is true even if a divorce decree states that a former spouse will be responsible for any amounts due on previously filed joint returns. One spouse may be held responsible for all the tax due.
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Litigation Support & Expert Witness
Schroeder & Associates offers highly specialized expert witness services in a variety of criminal and civil matters. Our forensic accounting services provide an accounting analysis suitable to the court, which will form the basis for discussion, debate and ultimately controversy resolution. While our firm is not authorized to engage in the practice of law, we are retained by, and work closely with client’s attorneys throughout the litigation process as either consulting experts or testifying experts. We typically work under a Kovel agreement, which protects our work product under the attorney-client privilege. The professionals at Schroeder & Associates have experience testifying in both state and federal courts.
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