Orange County Offer in Compromise

Offer in compromise (settlement of tax debt for pennies on the dollar)

This program was developed by congress to help collect large amounts of outstanding tax in a relatively short period of time. Their assumption was to offer taxpayers a one-time opportunity to eliminate their debt for a fraction of what was originally owed, thus closing millions of costly collection cases. While the program has been and continues to be modified, it remains the most effective means for both taxpayer and IRS to bring permanent resolution.

An offer in compromise is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax debt. The IRS has the authority to settle, or 'compromise', federal tax liabilities by accepting less than full payment under certain circumstances. A tax debt can be legally compromised for one of the following reasons:

  • Doubt as to Liability: Doubt exists that the assessed tax is correct.
  • Doubt as to Collect ability: Doubt exists that you could ever pay the full amount of tax owed.
  • Effective Tax Administration: There is no doubt the tax is correct, and no doubt that the amount owed could be collected, but an exceptional circumstance exists that allows the IRS to consider a taxpayer's OIC. To be eligible for a compromise on this basis, the taxpayer must demonstrate that collection of the tax would create an economic hardship or would be unfair and inequitable (source: IRS).

Qualifying for this program should be relatively straightforward: When there is a financial hardship and the amount owed exceeds one's ability to realistically pay off the debt in five years, the IRS is willing to settle for literally 'pennies on the dollar.' On average, the qualified taxpayer saves thousands of dollars, and the IRS, in turn, ends their costly collection process and gets a compliant taxpayer.

Please call us at 877 540 1040 to determine if you would qualify for an Offer in compromise and settle your substantial tax liability for a small fraction of it.

Installment Agreements (businesses and individuals)

If you owe The IRS a tax liability that got out of control and you can not pay it in full on one lump payment, Tax Settlement Center will take your case, will analyze your financial situation to determine how much you can actually afford to pay to the IRS or FTB in a monthly bases, rather than you offering them something that you might not even be able to afford.

While We negotiate your installment agreement We will make sure the IRS does not levy your bank accounts or garnishes your wages.

Please give us a call at 877 540 1040 for a free consultation.

Bank levies release (business and individuals)

A levy gives the IRS the ability to attach all monies held by third parties. While a lien is security for a tax debt, a levy seizes (takes) property to partially or fully satisfy the tax.

A levy can be used to seize:

  • Checking and savings accounts
  • Wages, salary, commissions, and other income
  • Value life insurance
  • Property (i.e., your vehicle, boat, or house) Licenses and franchises
  • Securities
  • Contracts
  • Promissory notes
  • Account receivables
  • State income tax refunds
  • IRAs
  • Social Security benefits and benefits under the bill of rights
  • Retirement pensions to veterans
  • Pensions and profit sharing plans (the IRS cannot force distribution from a pension plan if the employee can not obtain a lump sum payment)

The IRS may levy your assets in any order or sequence. If levied, assets do not fully discharge your taxes; other assets can be levied until your tax is fully paid. T.S.C. can convince the IRS to release its levy by negotiating certain agreements.

Wage garnishment modification and/or release.

A Levy is a legal way for the IRS or FTB to seize and be able to collect a taxpayer’s tax debt.

When a Taxpayer fails to satisfy his or her tax liability, The IRS has the legal right to enforce the collection of this Tax debt.

First, IRS will send you a notice or demand for payment on the tax assessment.

If you ignore this notice or you simply were unable to respond to it, you will receive a Final Notice Of Intent to Levy, usually comes in a certified mail envelope, sometimes they’ll give you 10 days to respond, sometimes 30 days.

If you neglect to pay your tax liability in full or you neglect to respond to the final notice, the levy will be enforced and the IRS will take action by seizing your property, your bank accounts, your wages, accounts receivables, retirement accounts etc…etc….

You do not want to wait for this enforcement to take place! You are risking your peace of mind and your family’s.

If the IRS sends a notice of levy to your employer, they will demand from him or her to deduct a minimum of 25% up to 75% from your pay check. DO NOT DELAY! Call us ASAP.

TaxSettlementCenter will be able to contact the proper Tax Authorities (IRS or FTB) and immediately start representing you and prevent these levies from taking action.

In the event that the IRS has already sent the order to withhold your wages, it might not be too late! Call us immediately and tell us about your situation, in most cases, we can release the levies, or at least we’ll modify the amount of levy to a very minimum temporary payment.

Levies on Bank accounts or on Wages could be very stressful! And we can help you release that stress.

Individual, businesses and Corporation tax return preparation  

INDIVIDUAL INCOME TAX RETURN PREPARATION

If you haven't filed your back or current tax returns, the IRS is going to want them filed before they will even consider resolving your case. They also have the option of filing the returns for you under the Substitute Filed Return (SFR) Program. This is the worst form of return preparation, as it allows for zero deductions and grossly inflates the back taxes you owe.

Tax Settlement Center has the experienced licensed professionals that you need to successfully prepare your current and delinquent individual income tax returns. We will make sure that you receive all of your tax credits, tax deductions and We will help you understand the filing process of your income tax returns.

Please call us at 877 540 1040 for a free consultation.

DOES THE IRS KEEP MY RETURN MONEY IF I AM LATE?

After three years, yes. There is a statute of limitations, or certain period of time allowed, by the federal government applied to receiving income tax refund money for a given year. That is three years from the due date of the tax return, not January 1st.

BUSINESS AND CORPORATE TAX RETURN PREPARATION

If you have not been able to have your business or corporate tax returns prepared, and the IRS or the FTB need these tax returns from you right now!

Tax Settlement Center will contact the tax authorities for you, and We will ask them to stop the enforced collection activity for some time, to be able to gather all of your business expenses and proper information for us to successfully be able to prepare your business or corporate tax returns.

Tax Settlement Center has the experienced licensed professionals that your business needs to successfully prepare your current and /or delinquent business tax returns.

Please call us ASAP at 877 540 1040 for a free consultation.

Bookkeeping work (business and independent contractors)

We provide bookkeeping services to independent contractors, small businesses and individuals such as Construction contractors, Nurses, Real estate agents, loan officers, landscaping companies, painting companies, Auto mechanics, etc..... most people have some sort of accounting system for a better financial organization, if you do not have an accounting system, you should consider to get one ASAP, when your business is financially organized, you have a peace of mind, Tax settlement Center can assist you with the day-to-day financial transactions of your business which may contain records of purchases, invoices, sales, receipts, and payments, having this records up to date, will enable us to prepare Profit and loss statements which are needed at the end of the year for us to be able to prepare your tax returns.