Tax problem resolution is our focus at DeShark Consulting, LLC. Please click on each of our services below for more information:
An Offer in Compromise is a formal agreement that can act to settle a taxpayer’s debt for less than the amount owed. This can be a good option for taxpayers that cannot afford to fully pay off their tax debt. Before beginning the Offer in Compromise process, we will conduct an in depth financial interview as well as review your case to ensure that your account is in compliance with the IRS.
If this process is not carried out properly, or if the taxpayer is not in compliance, the IRS can and will reject the Offer. To ensure this process goes smoothly, our experienced Tax Professional will negotiate on your behalf to settle your tax debt for the lowest amount possible. This negotiation, along with standard formulas will determine the amount the IRS will accept.
The Offer in Compromise program has benefited countless taxpayers and enabled them to get back on track with their lives.
The Internal Revenue Code allows penalties and the associated interest to be abated by the IRS, if reasonable cause can be verified by the taxpayer. Reasonable cause can be defined as, but is not limited to: if the taxpayer exercised ordinary business care and prudence but was still unable to pay or file on time.
Examples of reasonable cause include theft or destruction of documents, unemployment, significant family problems such as divorce, severe illness, or death, poor advice from a tax expert, a natural disaster, or incarceration. Eliminating these penalties can remove a significant financial burden.
If your account is paid in full, the IRS will still refund you the penalties and corresponding interest after your Penalty Abatement is approved.
If you are behind on your taxes, you may qualify for an IRS Installment Agreement. Often the taxpayer gets a monthly payment that is more than they can afford. This agreement allows the taxpayer to make payments on their tax liability more manageable and will put an end to collection calls, tax levies, and garnishments. We can assist you in negotiating an agreement that doesn’t put such a strain on you and your family.
A bank levy allows the IRS to freeze a taxpayer’s bank accounts to collect back taxes. The IRS will seize any money in these accounts up to the amount owed, including penalty fees and interest. If you undergo a bank levy, the tax experts at DeShark Consulting, LLC can assist you in having your bank levy released.
The specific action taken by our team to release your bank account levy will depend upon your financial and tax situation. An IRS bank levy can be stopped but it is important to act quickly once the bank levy is issued. To safeguard you from a future bank levy, the tax professionals at DeShark Consulting, LLC will maintain continual contact with your IRS agent and will secure a collection hold on your account for a specified period of time, protecting you from future enforced collection action. During that time, we will assess your situation and decide on a course of action.
Filing a joint tax return can provide several benefits for married couples, but it can, in some cases, cause problems. To combat such issues where it would be unjust to hold a spouse accountable for the tax liability generated, the IRS created innocent spouse relief. It can relieve you of any liabilities and penalties associated with filing a joint return with your current or former spouse.
When a taxpayer has exhausted all other options and absolutely cannot pay his or her tax debt, CNC status is the next step. To be considered for CNC status, the taxpayer must submit detailed financial forms and documentation to be reviewed by an IRS agent. These forms must show the taxpayer is in serious financial trouble with no ability to make monthly payments or liquidate assets. Our team will assess your individual situation to determine if CNC status is right for you. CNC can greatly benefit those needing a permanent solution or temporary improvement until other solutions are available.
Also known as 941 taxes, payroll taxes are a crucial part of being an employer. when funds are held back from an employee and not transmitted to the IRS, it is considered a form of stealing by the IRS and, thus, heavily penalized. In such cases, it is extremely important to have an experienced Tax Professional ready to negotiate with the IRS on your behalf.
Through the eyes of the IRS, not filing a tax return is far worse than filing without the ability to pay the amount owed. It is considered a crime and can result in considerable fines and a 1 year prison sentence for each year unfiled. We understand that there may be instances when taxpayers do not file for various reasons; however, we can prepare past returns even when some records are missing.
The Trust Fund Recovery Penalty is a portion of an employment tax liability and can be assessed to the individual(s) responsible for a business that has accumulated payroll tax debt. The IRS can collect the same tax from both the business and the individual simultaneously. We can develop a plan to resolve the business debt before the IRS goes after the responsible individuals of the business. If the IRS has assessed the Trust Fund to you and you are not responsible, we can prepare and submit a protest on your behalf.
In circumstances where a taxpayer neglects or refuses to pay taxes, the IRS can place a wage levy on the account. A wage levy allows the IRS to seize and sell property owned by the taxpayer as well as property held by another party – for instance, wages, bank accounts, retirement accounts, and etc. In the event that the IRS places a wage levy on a taxpayer’s account, proper representation by someone knowledgeable and experienced is critical. DeShark Consulting, LLC can secure a collection hold on your account and have the wage levy released.
If your tax return is selected for an audit, then you will be notified by mail. This will tell you what items on your return the IRS needs additional information. If the IRS auditor detects that you made significant misrepresentations or if you are not able to substantiate your expenses, they can decide to audit additional tax years.
If you do not have enough documentation to support your deductions or income, watch our video on what to do. The IRS has very specific tactics for asking questions that seem simple but in fact, are leading you to divulge underreport income or assets and overstated expenses.
It is important that you contact an experienced tax audit professional to help you mitigate your IRS audit risks.
A federal tax lien gives the Internal Revenue Service (IRS) a legal claim to your property or part of your property as a result of your refusal or neglect regarding payment of income taxes. ‘Notice of Federal Tax Lien’ is a document issued publicly by the IRS announcing that the government has a legal right over your property.
It also establishes a higher claim of the government over your property as compared to other creditors. The lien may be attached to your real estate property, personal property (including your home) or your financial assets. Once they file the lien, it becomes binding on assets you own at the time of filing and future assets you own, until the tax liability is paid or satisfied.
There are various ways of satisfying the terms of a lien release
Your cases will be handled by licensed Certified Public Accountants and Attorneys.