If you’re feeling trapped by the back taxes you owe, it’s time to take a deep breath. Then call Taxation Solutions, Inc. of Virginia Beach. When you have major back taxes problems, it is easy to feel like you’re drowning in debt and no one can save you... but our tax attorneys and CPAs can be your lifesaver. Our team has more than 40 years of experience offering back taxes help of all kinds, and we can work with you to find the best solution for your specific back tax issues. Even if you’re feeling like the tax authorities are out to get you, there are ways that you can settle your back taxes. And we can help. Bringing you a comprehensive range of back tax relief options, Taxation Solutions is the expert you can trust to make your back tax problems a thing of the past. Contact us right away to get started!
Depending on what caused your tax problems and your specific situation, you may have several different ways to go about settling your tax debts. Unlike some tax lawyers, Taxation Solutions specializes in customized back tax help, not one-size-fits-all solutions. We’ll explore your particular tax situation and then provide personalized options for resolving your state or IRS back taxes problems. You may be surprised to learn that the tax authorities are often willing to work with you to reach a settlement! Taxation Solutions can handle the negotiations to help you put your tax woes where they belong: behind you.
Taxation Solutions of Virginia Beach has tax resolution specialists to help you with:
Offers in Compromise
A solution for settling your tax debts for less than you actually owe, an offer in compromise can be negotiated with the tax authorities so that they accept less than the full amount owed to resolve the debt. In short, an offer in compromise can eliminate your IRS back taxes for less. The tax attorneys at Taxation Solutions can facilitate an offer in compromise between you and the relevant tax authorities that greatly reduces the burden of the tax that you are required to pay. The IRS accepts offers in compromise only under particular circumstances, so our professionals can help you present the evidence you need to qualify for this type of back tax relief. We can help you submit claims for the three types of offers in compromise the IRS accepts, including:
- Doubt regarding your liability (i.e. for some reason, you aren’t actually responsible for the taxes owed)
- Doubt regarding collectibility (i.e. you will never be able to pay back the full amount of money owed due to the size of the IRS back taxes debt in relation to the your income and assets)
- Exceptional circumstances (i.e. collecting the total amount owed back tax would cause economic hardship, etc.)
Can’t pay off your whole tax debt today? Then we can help you set up an installment agreement. Essentially a payment plan, installment agreements offer flexibility when you don’t have the ability to settle your entire back taxes debt at once. At Taxation Solutions, our CPAs and tax attorneys can work with your tax debt burden and personal financial budget to create an installment agreement that meets your needs. In fact, we can help you minimize penalties and interest by developing a payment plan that helps you pay off as much of your back taxes as possible as soon as possible. Our goal is to help you achieve back tax relief for as little as possible! Have any questions regarding installment agreement back tax help? Just call or send us an e-mail to learn more.
Innocent Spouse Relief
When you file your taxes jointly with your spouse, it means that both of you are fully responsible for the entirely of the tax owed, as well as any interest or penalties, for that tax year. As a result, the IRS can come after one spouse for the full amount of taxes owed! That rule applies even if you are now divorced. But the good news is that the IRS does offer a way out: innocent spouse relief may be an option if you’re being held liable for taxes, interest, or penalties that your spouse should have paid. Taxation Solutions provides support for all three types of innocent spouse relief claims, and we can help you identify which option is right for your situation.
Wage Garnishment Relief
When you owe back taxes, one of the ways the IRS can seek repayment is to take the money straight out of your paycheck. Known as wage garnishment or a wage levy, this process legally allows the IRS to take money from your pay to cover your tax debts. But if wage garnishment is causing upheaval in your life, you don’t just have to let it happen! The tax lawyers at Taxation Solutions can help you settle your IRS back taxes and stop wage garnishment. Our team can aid in releasing a wage levy by helping you with an alternate back tax relief plan like an installment agreement or offer in compromise or by showing that the garnishment is creating financial hardship for you. For more information, please don’t hesitate to call us now.
Not paying your taxes means that on top of the money you already owe the tax authorities, they can start charging penalties and interest. IRS back taxes penalties can build up to a maximum of close to 50% of the tax debt owed, and interest can be around 4% per year. With these charges added on to your tax debt, it’s no wonder why the bottom line keeps snowballing! However, Taxation Solutions can help you with penalty abatement, stopping those penalties in their tracks to help keep your tax debts as manageable as possible. We have in-depth expertise in tax laws, gleaned from our 25+ years in the business, and our tax attorneys and accountants in Virginia Beach can help you secure penalty abatement whenever possible.
To qualify for IRS back tax penalty abatement, you must prove “reasonable cause.” Each situation is determined individually, so it’s important to make sure you submit as strong a claim as possible. Taxation Solutions can help you present evidence that illustrates reasonable cause, such as:
- Unavoidable absence (rehab, prison, etc.)
- Death of a close family member
- Destruction of tax records (by flood, fire, or other disaster)
IRS penalty abatement is decided case by case, but Taxation Solutions of Virginia Beach can help make sure you have the best shot at putting an end to your tax debt penalties.
Bank Levy Releases
Another way the IRS seeks repayment on unpaid back tax debt is by taking money right out of your bank accounts. Called a bank levy, in this process, the IRS notifies your bank of the levy and the bank then freezes your accounts for 21 days. After that time has passed, the IRS has the right to remove enough money from your accounts to cover the back tax, interest, and penalties. Once the money has been withdrawn from your accounts, it is extremely difficult to recover it, so it’s critical that you seek professional help as soon as you are notified about an IRS bank levy. Taxation Solutions can put our tax lawyers and CPAs to work to reach a settlement with the IRS that releases the bank levy. By reaching another back taxes help solution, you can have some input in how your tax debts are settled rather than just letting the IRS seize the money when it wants to. Helping you resolve your tax problems in a way that minimizes hardship, Taxation Solutions of Virginia is the pro to come to for bank levy help and more.
Property Lien Withdrawals or Releases
When you owe back taxes, the IRS can put a lien on assets like homes and businesses. This puts a claim on your property that the tax authorities hold to assure that you’ll repay the taxes. A property lien is not only a concern because the IRS now has a claim on your home or business but also because an IRS tax lien makes it extremely hard to get a loan, apply for a new credit card, or get approved for a mortgage. At Taxation Solutions, we can help you work out a tax resolution plan that can release or withdraw the property lien. Specializing in back taxes help that eliminates the stress and hassle, our tax pros are here to make settling your tax problems as painless as possible.
For additional information about any of these processes or to get our tax attorneys on your side, please feel free to contact us via phone or e-mail right now. We are here to bring you customized solutions and an end to your current back tax issues. Call today for your free estimate!
- tax resolution
- tax settlement
- tax penalty abatements