San Diego IRS Tax Services
Regal Tax & Law Group, a Professional Corporation, has been working with taxpayers nationwide to create solutions for back tax liabilities. Our law firm provides various tax services to meet the needs of individual taxpayers. Each individualized tax resolution strategy is designed for the personal situation of each taxpayer.
Tax Return Preparation and Submission
Many taxpayers are afraid to file their returns when they know they owe money they are unable to pay. Unfortunately, fear is not a line of attack in dealing with the IRS. Preparing and submitting the appropriate years that may not be filed is the first step in gaining overall tax health. Often the IRS will not so much as discuss a debt or negotiate anything until a taxpayer is caught up with his or her returns. Regal can make this process easier by helping you locate and acquire the documentation you might need to file your unfilled returns – often a long and drawn out process in and of itself.
Forclosure Return Preparation
Congress has allowed a once in a lifetime opportunity for those people who have had a primary home foreclose in the recent past. Typically, a foreclosure would create forgiveness of debt income, which would be taxed similarly to wages. However, with the appropriate return preparation and documentation, taxpayers will have this forgiveness of debt income not render tax that will be owed. It is very important that taxpayers who have gone through a foreclosure in the recent past take advantage of this program by filing correctly – and Regal can help make sure that the appropriate documentation is prepared by your primary lender and located timely. This program will not last forever, and is a benefit that everyone who qualifies should take advantage of now.
The IRS has one primary purpose in regards to those individuals who owe back taxes: to collect those amounts. The IRS may resort to a wage garnishment, which forcibly takes a percentage of an individuals pay from their employer to pay that back tax. Our attorneys and tax professionals continually work with the IRS to obtain a wage garnishment release while a more rounded back tax resolution is pursued on their behalf.
In order to collect back taxes the IRS may resort to a bank levy, which forcibly takes the amounts within an individuals bank account and applies it to the back tax debt. Stopping a bank levy that is in process, or has already occurred is an incredibly difficult task for anyone. However, taking steps to prevent a bank levy is part of an overall tax debt resolution strategy that can be prepared.
The IRS can place an individual into Currently Not Collectible status when certain requirements are met by the individual’s financial situation. While labeled Currently Not Collectible, the IRS will not actively collect any back taxes and the Statute of Limitations for collection of the debt will continue to run. The IRS may require periodic reviews to keep an individual in Currently Not Collectible. However, unless the Statute of Limitations is very near to running out, this is not a long term strategy to resolve the debt. Although something like a band-aid, this status may be very helpful to those individuals looking for a breather until their circumstances changes.
An Installment Agreement is a payment plan with the IRS that allows some taxpayers to pay their back taxes over time through monthly payments. Very few Installment Agreements can be predicted via standard formula because the IRS will pursue collection of the entire amount as quickly as possible. Unfortunately, that often means that an individual taxpayer will establish a payment plan that he or she cannot maintain long term. It is important for any taxpayer to utilize a professional to create a payment plan that satisfies both the IRS and his or her unique financial situation. Regal Tax & Law Group, PC will always work hard to strike that distinctive balance between meeting the current financial needs of the taxpayer as well as making sure that the tax liability is being managed effectively.
Additional conditions must be satisfied during the existence of the Installment Agreement, and it may be a great alternative for those taxpayers who cannot afford to pay back taxes immediately. Call today for your personalized back tax resolution strategy
A federal IRS Offer in Compromise (OIC) is a settlement program that allows those taxpayers that cannot afford to pay their back taxes in full the opportunity to pay less than is owed. The IRS creates the policy and standards for the acceptance or denial of an OIC – and not everyone is qualified. Regal Tax & Law Group, PC takes the time to go over each client’s personal financial situation now, before and in the future without cost to make a good assessment of whether the OIC is an appropriate resolution strategy to pursue.
During the OIC process – which can take approximately 12-18 months, the IRS suspends collection efforts and does not issue wage garnishments, bank levies, and harassment techniques. Regal Tax & Law Group, PC verifies that all collection stops, and maintains contact with the IRS to make sure the process is moving along and assists the IRS in making the best choice possible for its client. Negotiation of the tax debt, as determined according to the individual financials of each client, is always included without any additional charges.
Additional restrictions and conditions do apply once an OIC is accepted successfully, such as agreeing to file returns and pay tax liabilities timely for a minimum of five years. Contact us today to see if you qualify and to hear what Regal Tax & Law Group, PC can do for you
Master Tax Account Evaluation
This service is one step in resolving your back tax debt. Many taxpayers have inconsistent or missing information when the IRS communicates with them. Our attorneys and tax professionals can help by evaluating the big picture of your debt, as well as provide details about what is owed for which year, missing documentation or returns, and all other information available about any particular question