Tax Attorney Chicago CPA IRS Tax Debt Relief
Chicago tax attorney and Chicago CPA provides IRS tax debt relief, IRS penalty reduction, IRS tax forgiveness, tax accounting, tax preparation, tax planning and business advisory services. Unpaid and delinquent payroll taxes. Payroll trust fund taxes. Business tax debt. IRS back tax relief. Unfiled back tax returns. Need IRS tax debt relief or tax debt forgiveness? See if you qualify for IRS tax debt forgiveness via the IRS Fresh Start Program. Stop IRS collections, stop IRS bank levy and stop IRS paycheck wage garnishment. If you need an IRS payment plan, IRS tax debt relief, IRS tax debt forgiveness, IRS Fresh Start Program, contact me. Unlike Optima Tax Relief, you will work directly with your CPA and tax attorney. I prepare individual tax returns, sole proprietorship business tax returns, partnership tax returns and corporate tax returns. My experience in IRS collections matters includes offers in compromise, installment agreements, currently not collectible status, trust fund penalty defense, payroll tax relief, penalty abatement, federal tax liens on real estate, wage garnishment, bank levy release and innocent spouse relief.
Do you have unpaid IRS tax debt and need tax debt relief? Unfiled tax returns? Need an IRS tax payment plan or tax debt settlement? Reduce or discharge your IRS tax debt. I will settle your IRS tax debts. First, I offer a consultation to tax resolution clients by phone or email. Second, I investigate your IRS tax debts and evaluate your alternatives. Third, I file all missing unfiled tax returns. Fourth, I guide clients through the IRS Fresh Start Program tax relief program and prepare the necessary forms. I work the IRS and Illinois Department of Revenue to get you the best tax relief settlement possible.Contact Us!
Trust Fund Taxes and the Trust Fund Recovery Penalty
Trust fund taxes are federal income taxes, social security taxes and Medicare taxes an employer withholds from the wages of an employee. When an employer pays its employees, the employer does not pay the employees all the money they earned. As their employer, you have the added responsibility of withholding taxes from their paychecks. The federal income tax, employee share of social security tax and the employee share of Medicare tax that the employer withholds from the pay of its employees are part of their wages the employer pays to the U. S. Treasury instead of to your employees. These taxes are called trust fund taxes because they are held in trust until they are paid to the Treasury by making Federal Tax Deposits.
Who Can Be Responsible for the Trust Fund Recovery Penalty?
The Trust Fund Recovery Penalty may be assessed against any person who:
Is responsible for collecting or paying withheld income and employment taxes, or for paying collected excise taxes, and
Willfully fails to collect or pay them.
A responsible person is a person or group of people who has the duty to perform and the power to direct the collecting, accounting, and paying of trust fund taxes. For example, this person may be: An officer or an employee of a corporation, a member or employee of a partnership, a corporate director or shareholder.
IRS Tax Debt Relief and Forgiveness
How to settle IRS tax debts – watch my IRS tax help video explaining your options.
Chicago Tax Lawyer and CPA
Chicago tax lawyer and CPA Brian J. Thompson prepares personal income tax returns, business income tax returns and gets IRS tax debt tax relief and tax debt forgiveness. Tax law is complex. Therefore, you need an experienced Chicago tax lawyer – Chicago CPA on your side.
Chicago Tax Lawyer and CPA Fees
How much do Chicago tax lawyers and CPAs charge? The cost of income tax return preparation depends upon which tax forms and schedules are necessary. My prices are competitive with other Chicago tax lawyers and Chicago CPA firms. I am an experienced tax lawyer. Additionally, my fees for the IRS Fresh Start Program representation are competitive with Optima Tax Relief’s fees.
Does filing bankruptcy discharge federal tax debt?
Does filing bankruptcy discharge federal IRS tax debt? Yes, some federal IRS tax debts can be discharged in a personal bankruptcy. Bankruptcy Code Section 523 provides exceptions to the general discharge order entered pursuant to Section 727 (Chapter 7) or Section 1328 (Chapter 13). Section 523(a)(1) does not discharge a taxpayer from income tax debt if the taxpayer violates any of the following 6-part test:
Filed a fraudulent tax return;
Willfully attempted to evade the payment of taxes or the government’s collection of the tax debt;
Failed to file a tax return;
Filed an untimely tax return less than two (2) years before the filing bankruptcy;
Government assessed the income tax less than 240 days before the bankruptcy case filing; or
The tax return due date is less than three (3) years before the bankruptcy case filing.
IRS Tax Liens and Levy
The IRS has 10 years from the date of tax assessment (usually, close to the filing date) to collect taxes, penalties and interest from you. The IRS will file a notice of federal tax lien, levy on bank accounts and/or garnish wages to collect tax debts.
IRS Fresh Start Program Tax Help
How to settle your tax debts for less without filing bankruptcy. IRS Fresh Start Program tax help usually takes the form of an installment agreement or an offer in compromise (OIC). The 10-year collection period is suspended while the IRS considers your application for an installment agreement or offer in compromise. Contact me now at Brian@BrianThompsonLaw.com for tax resolution help and resolve your tax problems.
IRS Payment Plans
How to settle your tax debts. An IRS payment plan permits the taxpayer to pay his full federal tax debt in installments. The IRS payment plan can be as long as 72 months. Tax relief agreements generally require equal monthly payments. The amount and number of installment payments depend on the amount of federal tax debts. The IRS also considers your ability to pay. However, an installment agreement is more costly than immediately paying all your unpaid federal income tax debts. In addition, the IRS charges interest and penalties on the unpaid portion of the federal tax debt.
In addition, the IRS charges a setup fee for installment agreements. If you owe the IRS more than $50,000, the IRS may also ask for financial information to determine your ability to pay. Even if you set up a payment plan, the IRS may still file a Notice of Federal Tax Lien to secure the government’s interest until you make your final payment. However, the IRS can’t take any collection actions affecting your property while the IRS considers a taxpayer’s request for an installment agreement, while the installment agreement is in effect, for 30 days after the IRS rejects your request for an installment agreement, or for any period while the taxpayer appeals the rejection. Chicago tax lawyer and Chicago tax CPA Brian J. Thompson will protect you from adverse IRS collection actions.
IRS Offer in Compromise
The IRS Fresh Start Program my provide tax debt forgiveness. An offer in compromise allows a taxpayer to settle tax debt for less than the full amount owed. The three types of offers in compromise include: (1) doubt as to collectability, (2) doubt as to liability, and (3) an exceptional circumstance.
When evaluating doubt as to collectability, the IRS considers the taxpayer’s (1) Ability to Pay, (2) Income, (3) Expenses, and (4) Asset Equity.
Generally, the IRS approves an OIC when the amount offered represents the most the IRS expects to collect within a reasonable time.
Does an Offer in Compromise Affect My Credit?
An Offer in Compromise does not affect your credit score. The IRS does not notify the credit reporting services you filed an offer in compromise or installment agreement. However, if your offer is accepted and paid off, the IRS should release any federal tax lien. You should contact the credit reporting services to ensure the released lien is reflected on your credit report.
Offer in Compromise Fees
Effective January 1, 2014, the IRS increased the offer in compromise application fee from $150 to $186. The IRS again increased the application fee to $206.
Chicago CPA Unfiled Income Tax Returns
Starting March, 2017, the IRS will not consider offer in compromise applications if the taxpayer has unfiled tax returns. However, Chicago CPA Brian J. Thompson prepares all your unfiled personal income and business income tax returns.
IRS tax debt forgiveness and IRS tax relief issues are complex. Therefore, retain a Chicago tax attorney and CPA to represent you. Finally, my fees are competitive with the national tax debt relief firms.