Tax Resolution
Tax resolution refers to the process of resolving tax-related issues and problems with tax authorities, such as the Internal Revenue Service (IRS). Tax issues can arise for various reasons, including unpaid taxes, tax audits, tax disputes, or penalties and interest accrued on unpaid taxes.
Common methods of tax resolution include:
Tax Preparation
It is important to stay in compliance when it comes to filing your taxes. Our seasoned tax professionals can offer you:
Tax resolution refers to the process of resolving tax-related issues and problems with tax authorities, such as the Internal Revenue Service (IRS). Tax issues can arise for various reasons, including unpaid taxes, tax audits, tax disputes, or penalties and interest accrued on unpaid taxes.
Common methods of tax resolution include:
- Installment Agreements: This involves setting up a payment plan with tax authorities to pay off the tax debt in regular installments over time.
- Offer in Compromise (OIC): An OIC is a settlement agreement that allows taxpayers to settle their tax debt for less than the full amount owed, provided they meet certain eligibility criteria and demonstrate financial hardship.
- Innocent Spouse Relief: This relief is available to spouses who can prove they should not be held responsible for their partner's tax liabilities.
- Penalty Abatement: Taxpayers may request the removal or reduction of penalties and interest imposed by tax authorities if they can demonstrate reasonable cause for not meeting their tax obligations.
- Tax Appeals: Taxpayers have the right to appeal decisions made by tax authorities if they believe an error has occurred during the assessment or audit process.
Tax Preparation
It is important to stay in compliance when it comes to filing your taxes. Our seasoned tax professionals can offer you:
- Expertise and Knowledge: We have extensive knowledge of tax laws, regulations, and updates. We stay up-to-date with changes in tax codes and help you navigate complex tax situations, ensuring you take advantage of all available deductions and credits.
- Time-Saving: Preparing taxes can be time-consuming, especially if your financial situation is intricate. Having us prepare your taxes allows you to focus on your work, family, or other priorities while we handle the tax paperwork.
- Accuracy: We are experienced in accurately completing tax forms and minimizing the risk of errors. Errors on your tax return can lead to penalties, audits, and financial consequences.
- Audit Assistance: If you're ever audited by the IRS or your state tax authority, we can provide guidance, support, and representation during the audit process, helping you navigate it more smoothly.
- Maximizing Deductions and Credits: We are skilled at identifying potential deductions and credits that you might overlook. This can help you legally minimize your tax liability and potentially receive a higher refund.
- Complex Financial Situations: If you have a complex financial situation, such as owning a business, rental properties, or investments, we can provide valuable advice on structuring your finances to minimize taxes and comply with tax laws.
- Peace of Mind: Knowing that your taxes are prepared correctly and in compliance with tax laws can give you peace of mind, reducing stress related to tax issues.
- Long-Term Tax Planning: We can help you develop a tax strategy that aligns with your long-term financial goals, such as retirement planning, estate planning, and investment decisions.
- Electronic Filing: We can often e-file your tax return, which is faster, more secure, and can result in quicker refunds compared to paper filing.
- Handling Special Circumstances: If you've experienced major life events, like marriage, divorce, buying or selling property, or moving to a different state, a tax professional can provide guidance on how these events affect your tax situation.