Accountant, Tax Preparer/Consultant in Murray, Utah
Even if you have not been targeted for an IRS Audit, you may be aware of problems that will catch up with you eventually. Common examples include:
- Missed tax filings for one or more years
- Insufficient funds to pay the tax liability when due
- Failure to remit payroll taxes
We’ll work with you to review your prior tax years and make sure that all of your tax filings have been submitted accurately. If you don’t know what’s included in your tax record, we’ll help you get copies from the tax authorities without raising any “red flags.” We’ll assess your tax liability and the associated interest and penalties. Then, we’ll work with you on an approach to negotiation. For example:
- You may be able to settle your tax debt for less than the full amount owed if the tax authority deems your offer to be the most they might collect within a reasonable time period. This arrangement is referred to as an Offer In Compromise.
- We could work with the tax authority on a Payment Plan to resolve your debt. This approach protects you from asset seizure to settle your obligations. It may be possible to secure relief on penalties and/or compound interest.
- The IRS provides Innocent Spouse Relief when for an aggrieved party when his or her spouse or former spouse failed to report income, reported income improperly, or claimed improper deductions or credit.
- If your circumstances do not lend themselves to a negotiated settlement, then it may be necessary to seek protection through a Bankruptcy filing.
It is far better to face your problems than to wait for them to land on your doorstep. We’re here to help in any way we can.