Taxability Tax Service performs the following tax resolution services for clients such as national businesses to individuals in the Inland Empire. Contact us for a free consultation regarding tax resolution services and take the first step towards relief from IRS tax debt.
– If you are unable to fully pay your tax debt, an Installment Agreement gives you the option to pay your tax debt through monthly payments. To be eligible for an installment agreement with the IRS, all unfiled tax returns must first be filed. Based on the amount owed, a minimum amount will be required each month.
CURRENTLY NOT COLLECTIBLE
– Currently Not Collectible or CNC, is exactly what it implies. The taxpayer does not have the financial ability to pay the IRS anything, not even on a monthly basis, without causing a financial hardship. In these cases, the taxpayer may qualify for CNC status. This is not a permanent status, and financial information will need to be reviewed every couple of years.
WAGE LEVY RELEASE
– Once the IRS has been unsuccessful in collecting past due taxes, it is likely that a Wage Levy Order will be issued. In most cases, a wage levy release can be negotiated.
BANK LEVY RELEASE
– When the IRS issues a Bank Levy, your bank is legally obligated to freeze your account for 21 days. During this period, you must resolve your back tax debt with the IRS . If you do not take action to resolve your tax issues during this time, the bank will forward the funds to the IRS to satisfy your tax debt. Once the bank has sent your money to the IRS, it is almost impossible to obtain a refund and get your money back.
OFFER IN COMPROMISE
– An Offer in Compromise, or OIC, is an offer made by a taxpayer to the IRS to settle a tax liability for less than the full amount owed. The IRS will usually accept an OIC if it is unlikely that the tax liability can be collected in full, and the amount offered reasonably reflects collection potential.
– Under certain circumstances, penalties and the related interest may be reduced or removed.