Tax Problems
common
tax problems
Millions of people encounter issues with the IRS every year, ranging from audits, garnishments, unpaid taxes and unfiled returns to unaffordable tax bills, or notices from the IRS. No matter the nature of your tax issues, there are solutions available.
payroll tax penalties
tax levies
garnished wages
federal tax liens
unifled returns
foreign bank acct issues
Payroll Tax Penalties
If your business has unpaid payroll taxes or is behind on employment taxes, it’s crucial to address the issue promptly to avoid additional penalties, interest, and the potential issuance of a Trust Fund Recovery Penalty. This penalty can hold business owners and responsible parties personally liable. Many states and the IRS view unpaid payroll taxes as a form of theft since these taxes are collected on behalf of employees. Consequently, the IRS gives priority to resolving back payroll taxes over other tax debts like income taxes. It’s important to understand what payroll taxes include, the serious implications of not paying them, and the resolution options available to businesses. Do you need help addressing unpaid payroll taxes and/or a failure to deposit them on a regular basis?
Garnished wages
Wage garnishment is a type of tax levy in which the IRS deducts a portion of your paycheck. Unlike other creditors, the IRS can claim a larger share of your earnings. If you’re self-employed, while the IRS cannot garnish your paycheck directly, it can intercept payments from your clients. Do you need help preventing or potentially lifting an existing garnishment?
foreign bank accounts
The IRS mandates that taxpayers report any foreign bank accounts holding over $10,000. Understanding the rules for Foreign Bank Account Reporting (FBAR) is crucial, as failure to report these accounts can result in hefty penalties.
Tax Lien
When you owe back taxes, one of the initial actions the IRS takes is to file a tax lien, which is a legal claim against your assets. Similar to how a lender might hold a lien on your vehicle if you have a car loan, a Notice of Federal Tax Lien informs creditors of the IRS’s claim on your property. This doesn’t mean the IRS is seizing your property yet. Tax liens remain public records, and creditors can still discover them by contacting the IRS Centralized Lien Unit. Do you need help removing a tax lien?
Tax Levy
A tax levy occurs when the IRS begins to seize your assets, representing one of its most severe collection measures. The IRS can take money from your bank account, vehicles, real estate, and other valuable possessions or business assets. Typically, you will receive a 30-day notice before the IRS proceeds with a levy and you are entitled to a hearing. Have you received a notice of a tax levy?
unfiled returns
The penalties for not filing returns are generally more severe than those for not paying taxes. Even if you’re unable to pay, it’s important to file your return. The statute of limitations for audits and tax debt only starts once you file your return or if the IRS files one on your behalf. The IRS tends to be more lenient if you voluntarily come forward to file. However, if the IRS initiates contact to remind you to file, you could face additional penalties. Do you have unfiled returns? Do you lack the necessary funds to pay?
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