Christian CPA: IRS Tax Garnishments, Levy, Lien, Back Taxes, IRS Representation
Christian CPA: IRS Tax Garnishments, Levy, Lien, Back Taxes, IRS Representation
Tax Garnishments from the IRS and States are most difficult to address after they start but you do have options. Working closely with a well experienced CPA is essential. The below is a sample inquiry we might receive off our website www.HisCPA.com
I need to get information about your services and fees for a personal back-taxes garnishment issue with the Internal Revenue Service. I have a recent notice from the to request an arranged installment agreement for the total amount due but was told that this was not possible and that I will get my paycheck garnished no matter what. I inquired about an Offer On Compromise and was told that it would cost to file and it may not be approved, and the fee would be lost and that the garnishment would continue anyway. How can manage this in an affordable way?
Below is my response:
Understanding Your Options in Addressing open IRS Monies/Back Taxes
Understanding your options is your best option when evaluating how best to address open and unpaid IRS tax issues with the IRS. These articles and recaps will do much to help ensure that you make a wise a prudent choice. Having served as a Gwinnett CPA over a decade I have learned that the best option will always be to retain a CPA who is well versed in such matters and to ensure that you check all of their references.
Paying the taxes and interest in full along with the interest while requesting abatement of the penalties. This has the advantage of stopping penalties and interest on any paid monies and the potential upside of perhaps a quicker resolution of the open monies. However this requires you to be able to source and full pay the taxes and interest, which may be require more capital than appears immediately available. However borrowing this money from a bank, friends or family might gain you a much lower carrying cost on the open monies and therefore be substantially financially advantageous.
Submitting an Offer in Compromise is a great option for those who qualify. In general terms to qualify you have to be up to date on all of your current tax filings and obligations and the amount you owe Will need to be more than the total of your net worth and excess cash flow over the next five years. If the IRS accepts your offer in compromise, you will be required to stay current on all personal and corporate tax obligations for the next five years. A typical Offer in Compromise will take between eight to fourteen months to process and you must meet the above criteria or the IRS will not consider your offer. For those who qualify the IRS will reduce the amount owed to what you can afford to pay, using the above, and then typically the IRS will look to have all of the monies paid ASAP after acceptance of the offer. Though the IRS can grant payment terms for up to two years on the monies, I recommend that all taxpayers pay in full, so as to limit any potential of non-payment and voiding of the Offer.
The third option that is most used to effectively address open IRS tax monies/back taxes is to set up an Installment Plan using IRS Form 9465. The Installment Plan, though often seen as a “quick fix” as taxpayers are able to get on a plan and begin making monthly payments, is frequently the most expensive option as penalties and interest continue to be assessed due and payable on any open monies.
John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304.
http://www.hiscpa.com/irs-selection.html Atlanta/Marietta CPA Teaches How Audits Are Selected http://www.hiscpa.com/irs-audit.html Gwinnett/Forsyth CPA Advises on How to Handle IRS Audits http://www.hiscpa.com/working-with-the-irs.html Atlanta/Cobb Christian CPA on IRS Representation http://www.hiscpa.com/paying-taxes.html Gwinnett/Suwanee CPA on Paying Your Taxes and Extensions http://www.hiscpa.com/avoiding-audits.html Duluth/Cumming/Forsyth CPA on How to Avoid IRS Audits http://www.hiscpa.com/offer-in-compromise.html Atlanta/Cobb CPA Advises on Offer of Compromise, Back Taxes and IRS Problem Resolution
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