Chicago Tax Attorney Chicago CPA IRS Tax Debt Relief

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Chicago Tax Attorney Chicago CPA IRS Tax Debt Relief

Chicago tax attorney and Chicago CPA provides legal, tax, IRS tax debt relief and business advisory services. Back IRS taxes?  Delinquent tax returns and delinquent IRS tax debt? If you need legal representation for an IRS payment plan, IRS tax debt relief, IRS tax debt forgiveness, IRS Fresh Start Program, contact me.   I also provide individual, sole proprietorship business, partnership and corporate tax return preparation. My experience in IRS collections matters includes offers in compromise, installment agreements, trust fund penalty defense, penalty abatement, federal tax liens on real estate, garnishment and levy release, and innocent spouse relief.

Do you have unpaid IRS tax debt? Unfiled tax returns? Need an IRS tax payment plan or tax debt settlement? 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 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.

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IRS Tx Debt Relief and Forgiveness

How to settle IRS tax debts – watch my IRS tax help video explaining your options.

Chicago tax lawyer for IRS tax debt relief and tax debt forgiveness
IRS tax debts

 

Chicago Tax Lawyer and CPA

Chicago tax lawyer and Chicago 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 and CPA on your side.

Chicago Tax Lawyer and CPA Fees

How much do Chicago tax lawyers and Chicago 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.

Chicago tax lawyer
Chicago tax attorney and CPA Brian J. Thompson

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.