Bringing Taxpayers into Compliance
Stated simply, being in compliance means you have filed all required tax returns and have paid your tax bill. If you have not filed all returns or you are unable to pay your taxes or have fallen behind due to job loss, divorce, home foreclosure, a devastating illness, or other unusual hardships you may no longer be in compliance. At Koontz & Associates, PL, we are here to help you sort out your IRS compliance issues.
Recently, the IRS announced the “Fresh Start” initiative to help taxpayers facing financial difficulties. Depending on your circumstances, you may be able to adjust payments for back taxes, avoid defaulting on Installment Agreements, and possibly defer collection action. There are many situations in which IRS has been given more flexibility to assist struggling taxpayers. Fresh Start may allow:
- The postponement of collection actions
- Allowing a skipped payment or a reduced monthly payment amount without automatic suspension of an Installment Agreement
- An additional review for Offers In Compromise based on home values
- Prevention of Offer In Compromise defaults
- Eased requirements for expedited levy releases
- More options for those taxpayers unable to pay their tax liability
Streamlined Installment Agreement Program
The IRS expanded the Streamlined Installment Agreement Program. Under the streamlined process, financial analysis by the IRS is not required. Installment Agreements do not require collection manager approval or the filing of liens. Taxpayers may be granted a streamlined agreement even if they are able to fully pay their accounts. The IRS raised the monetary threshold for Streamlined Installment Agreements from $25,000 to $50,000 and also increased the maximum term for a Streamlined Installment Agreement from 60 months to 72 months.
We encourage you to contact our office before you contact the IRS. We can work with the IRS while at the same time protecting your interests. If you have concerns regarding a past or current tax liability, we can review your options, as well as provide assistance with IRS negotiations.
- Wage Garnishment and Tax Levy
- Responding to an IRS Notice
- Offer in Compromise IRS Payment
- Unfiled Tax Returns
- Currently Not Collectible Status
- Paying the IRS with an Installment Agreement
- Child Deductions and Dependent Deductions
- Tax Lien and Lien Releases
- Penalty Abatement May Reduce or Eliminate IRS Debt
- Caught in Your Ex-Spouse's Tax Liability? Apply for Innocent Spouse Relief