Have you or your business received an audit notice from the Internal Revenue Service (IRS) or the California Franchise Tax Board (CA FTB)? Are you losing sleep because returns have not been filed, certain required taxes have been neglected or simply because your tax debt has grown beyond your control? Perhaps you have not encountered any tax problems yet but would like to take proactive steps to ensure you never do.
The IRS can take all of the money in your bank or brokerage account to pay your tax debt. They can even serve a tax levy and seize your IRA, your pension or your life insurance policy. If you have a business the IRS can contact your customers, tell them that you have an IRS tax debt, serve a tax levy and seize your accounts receivable. Through the Offer in Compromise program Folsom Tax Debt Attorney Richard Kwun has saved his clients over $2 million dollars in IRS debt. Mr. Kwun has handled debts with the IRS and California Franchise Tax Board for businesses and individuals. If you or a loved one or your business is in need of legal assistance for tax debt resolution, contact an Experienced Tax Debt Resolution Attorney in Sacramento today for your free case evaluation.
Offer in Compromise
The Internal Revenue Service (IRS) and the State of California have Offer in Compromise (OIC) programs that allow qualified tax payers to pay a portion of the taxes owed. In addition, while your offer is under consideration, the IRS is prohibited from instituting any levies of your assets and wages. This means your bank levies and wage garnishments will stop! This article will focus on the how the IRS Offer in Compromise program works, but the general principles apply to the State of California’s program as well. Understanding the Offer in Compromise is easier… 
Installment Agreement
The Internal Revenue Services (IRS) and the State of California Franchise Tax Board will set up Installment Agreements to assist taxpayers that cannot pay their back taxes in full within a short period of time. An Installment Agreement is an agreement with the IRS or CA Franchise Tax Board to make monthly payments in exchange for reduced future penalties and interest, no future collection activity such as wage garnishments and/or bank levies. An installment agreement is a contract you…
Currently Not Collectable
The Internal Revenue Services (IRS) and the State of California Franchise Tax Board have Hardship or Currently Not Collectable programs that allow qualified tax payers to pay $0, yes I mean ZERO in back taxes. A Hardship status is a condition where the IRS or CA Franchise Tax Board (FTB) agrees that it is not reasonable to expect a taxpayer to make payments given their current financial situation. Once it is proven that a taxpayer qualifies for a hardship status their account is placed on hold for at least two years; this will also stop all active collection activity. Many clients will…
Streamlined Installment Agreements
Trying to fight a massive tax bill? The Internal Revenue Service (IRS) and the State of California Franchise Tax Board (CA FTB) will set up Streamlined Installment Agreements to assist taxpayers that cannot pay their back taxes in full within a short period of time. An Installment Agreement is an agreement with the IRS or CA FTB to make monthly payments based on the total debt and the period of time you want to pay the debt off. A Streamlined Installment Agreement will also reduce future penalties and interest and prevent future collection activity such as wage garnishments…
Business Payroll Tax – Forms 940, 941 & 944
The Internal Revenue Service (IRS) requires ALL business that have W-2 employees to deduct income taxes, unemployment taxes, social security and Medicare taxes (as well as state taxes if required) and to remit those monies with any required employer contributions to the IRS. Unemployment taxes are required yearly on Form 940, and Form 941 is required quarterly on form 941 (unless the IRS allows a business to file Form 944 yearly…
Many people owe federal, state or local taxes that they simply cannot afford to pay. This can happen as a result of business struggles during a recession, retirement account withdrawals, or underpayment of estimated tax or other income taxes. If you are a California resident behind on taxes, you may be afraid of wage garnishments or levies, seizure of your property or other serious consequences.
While tax debts should never be taken lightly, many people don’t realize that they have options for dealing with tax problems in Sacramento and Folsom, CA. As tax debt resolutions attorneys, we can examine your situation and help you develop a solution. Contact us to learn more and schedule a free case evaluation.
