Frequently Asked Questions
What is an Enrolled Agent?
Enrolled agents (EAs) are tax professionals authorized to represent taxpayers before the IRS. These agents have "unlimited practice rights," meaning that they are allowed to represent any kind of taxpayer (individual, business or organization) and are authorized to deal with any federal tax issue. They can represent clients in all dealings with the IRS, from filing forms and returns to defending them in audits.
Unlike lawyers and CPAs who are typically licensed by individual states, enrolled agents can practice anywhere in the United States.
Ethical standards for agents:
Federal law requires that anyone practicing before the Treasury Department, which includes the IRS, have "good character" and "good reputation," in addition to having the necessary knowledge and skills to handle tax matters.
What type of tax planning, preparation, and bookkeeping services do you offer?
Tax Planning
Our tax planning services are designed to help you, your family, and your business utilize the tax code more effectively. The purpose of tax planning is to mitigate your tax liabilities while developing a tax-efficient financial strategy for retirement and making investments.
Tax Preparation
No matter your situation, we make sure you get the most out of your individual income tax return. We'll prepare your individual income tax return with accuracy no matter how complex your situation is. We review everything with you and file your taxes for you.
Amended Tax Returns:
If you want to change or correct some info on a prior-year tax return after you've filed, you may need to amend your return. If you made a mistake or missed something, our firm can help you make corrections and file an amended tax return.
Unfiled Tax Returns:
Sometimes, people don’t file tax returns because they can’t pay. Other times, life happens, and they can’t get everything together in time to file. Regardless of the reason, not filing a required return is serious business for the IRS.
But there’s a way to get back in good standing: Gather all your information, research your IRS account, and file the returns. Our firm can help you investigate which returns you need to file and how to submit them to the IRS.
International Taxpayers:
Each year, Taxpayers are required to complete a Form 1040 U.S. tax return when they qualify as a U.S. person and have sufficient income to file a tax return. The U.S. tax returns are used to report both foreign and domestic income to the IRS. That is because the U.S. follows a worldwide income model. Therefore, when a U.S. person is either a U.S. Citizen, Legal Permanent Resident, or Foreign National who meets the substantial presence test, they are required to file a Form 1040 to report global income. The Reporting Foreign Income rules can be complex. In addition, the Internal Revenue Service has taken an aggressive position toward foreign accounts compliance as well. Reporting foreign income includes earned income, retirement income, investments, and more. Even if a person is generating income from a foreign life insurance policy or foreign mutual fund, that income may have to be reported as well. If the Taxpayer is out of compliance, they may consider tax amnesty, which is collectively referred to as voluntary disclosure.
WHAT IS THE IRS AMNESTY STREAMLINED PROGRAM?
If you failed to report your foreign assets and/or foreign income, then you need decide how you are going to get compliant with the IRS.
The Streamlined Domestic Offshore Program (SDOP or Streamlined) was implemented in June 2014. You need to file delinquent FBARs and tax returns. However, it's important to demonstrate non willful intent by submitting a non-willful certification. You need to show that your failure to follow the rules was not willful, but instead happened because of negligence or by mistake.
Streamlined submissions have to include a non-willful certification and the IRS will review the non-willful certification to determine if you actually did make a mistake or if you acted intentionally. The IRS is going to look at the source of funds, deposits, and withdrawals from the foreign account. Did you inherit the funds? Did you earn the funds while working in the foreign country? Your background (where you born in a foreign country)? Were you born and raised in that foreign country? These are just a few considerations the IRS will make when they determine whether you are non-willful. We have the knowledge and experience required to provide you with comprehensive tax resolution options for all of your international tax-related needs.
Bookkeeping
Our firm can help get your books organized with accuracy, giving you the freedom to focus on growing your business. Our agents are Certified QuickBooks Pro Advisors and can help with any type of bookkeeping your business requires. We can assist with cleanup work, monthly bookkeeping and payroll services, yearly bookkeeping, and training staff to transition bookkeeping in house.
Do you offer representation for IRS audits and appeals?
We know your rights and we will go into the audit office for you and we will have your case prepared and positioned to give you the protection you deserve. If you disagree with the results or contents of an audit, you have the right to file an appeal. By contacting us we are able to become a buffer between you and the IRS and/or State.
What is tax relief?
Tax relief is a generalized term that covers dozens of tax laws and program created by the IRS and State taxing authorities. For example, one may have their debts reduced by up to 99% of what owed. Penalty abatement is another commonly used program that allows for a reduction in penalties and in more rare cases a reduction of interest. Tax relief isn’t only limited to individual debts, but also to any business entity.
There are over 18 Million individuals and business owners who have tax debt, and the IRS is going after them with renewed levels of aggression.
The IRS likely has access to all your financial information, including both personal and business assets.
Unpaid tax balances grow at alarming rates due to penalties and interest.
The IRS can legally place levies on your accounts, making it impossible for you to maintain your finances; they can place liens on your property; they can even garnish your wages.
Depending on your situation, the IRS may have already begun to build their case against you. Evading tax debt comes at a heavy price.
It's more important than ever to have an experienced professional who can take the IRS head-on by your side, armed with a vast knowledge of the tax debt law and IRS proceedings. Dealing with the IRS can be daunting, but with the right help you can get your life back on track and your financial house in order.
If you're experiencing or worried about liens, levies, garnishments, or more, now is the time to learn about your options to protect yourself and resolve your tax burden. Tax debt reduction programs under federal law provide real relief, but they can be very complex to navigate.
What are the potential consequences and penalties I could face?
US tax laws can be extremely confusing for the average citizen. As a result, millions of Americans each year find themselves in a situation where they owe the IRS more than they can afford, leaving them with significant debts and uncertain how to obtain IRS debt forgiveness.
If you find yourself facing large tax debt, the Internal Revenue Service (IRS) has the authority to seize your home, empty your bank accounts, and garnish your wages, leaving many citizens with one of two options: pay the amount in full or pay it back over time incurring additional charges in the form of high-interest rates and penalties.
Fortunately, there is an alternative. Our committed team of tax specialists are always on your side. We will assist you in navigating the complex world of tax laws to help you get the peace of mind you deserve. We have the knowledge and experience required to provide you with comprehensive tax resolution options for all of your tax-related needs.
Wage Garnishment
The IRS and states can garnish your wages so that you receive less than usual in terms of your paycheck at work. They can also issue 1099 levies for contractors who have clients that need to pay them. With no action, the IRS and many states will continue to garnish wages until either the tax liabilities are paid off or the time clock for collecting the tax expires (generally with the IRS it is ten years). Fortunately, a trusted tax firm can remove or reduce wage garnishment in most cases.
Property Seizure
Generally rarer, the IRS and many states can seize property. It can includes houses, cars, boats, land and other assets to satisfy past due tax liabilities. Moreover, they can also levy retirement accounts, rental income, life insurance, and more.
Bank Levy
The IRS and many states can also issue a bank levy. As a result, funds are frozen, and you have 21 days until the IRS takes the money. Most states issue "standing" bank levies which means new deposits are affected. An IRS bank levy that the IRS issues will not affect bank deposits after the fact, however, the IRS can initiate another bank levy again.
Passports Suspension/Revocation
Seriously delinquent IRS taxpayers or taxpayers owing more than $51,000 can have their current passport revoked. Furthermore, certain taxpayers can receive a denial when renewing or requesting a new passport.
Tax Liens
The IRS and States can also file a tax lien which becomes public on your credit report and will impact your ability to obtain credit.
Various State Licenses Revoked or Not Renewed
Various states will suspend or not renew certain types of licenses. It includes driver licenses, occupational and professional licenses, hunting and fishing licenses, business licenses, and more.
What type of tax relief services do you offer?
Offer in Compromise Program
An agreement between a taxpayer and the IRS that settles a taxpayer's tax liabilities for less than the full amount owed.
Partial Pay Installment Agreement
Like a regular installment agreement where you make monthly payments to the IRS for taxes owed. However, you are only paying back part of the taxes you owe overtime.
Penalty Abatement
It allows a first-time noncompliant taxpayer to request abatement of certain penalties for a single tax period.
Negotiate Directly With the IRS
It is possible to negotiate with the IRS by yourself, however, we wouldn’t recommend it, especially If you owe more than $10,000 or you’re facing a tax audit.
How do I qualify?
There are many different ways in which a business or individual may qualify to receive help. There are three important factors that the IRS looks at when reducing a tax bill and these are: Income, expenses and assets. Another example could be health issues, emotional distress, bad accounting advice, and natural disasters to name a few.
Can you help me if I’m not local?
Yes, we are licensed to represent clients in all 50 states. Everything with the IRS and State taxing authorities is done through phone, fax and email. Most people don’t know that hiring someone that’s not local to you is in fact cheaper. This is because you don’t have to pay an hourly rate to have representation. Also, 90% of business these days is done through different methods of technology.
How long does this take?
Depending on the complexities involved, case completion can vary from one week to 120 days. This mainly depends on how quickly our clients can return documentation and what type of program they qualify for. We have been recognized for having the quickest turn around time in the industry amongst our competitors.