Business Tax Liability
Our tax resolution services for businesses include:
- Lien Release: Liens affect your credit and reputation; removal of these liens in a timely fashion will provide an immediate and tangible benefit to your business including lower interest rates and a higher credit rating.
- Penalty Abatement: Form 941 payroll tax liability is the most common infraction and unfortunately, one of the most heavily penalized. Penalties for “failure to pay” and “failure to file” range from between thirty-three percent (33%) to forty percent (40%). Paying back these penalties can seem like an insurmountable task.
- One Time Settlements: Depending on your business’s financial circumstance, you may qualify to settle your entire liability for a much lower amount. If your offer in compromise is accepted, you may choose to make a one-time payment, pay over six months or make payments over a twenty-four month period.
- Low-Cost Monthly Payments: A Partial Pay Installment Agreement may be one of the most financially generous resolutions because the IRS only has a limited amount of time to collect your money. If you qualify for a Partial Pay Installment Agreement, the statute of limitations on your liability will almost certainly expire before the full amount is paid back.
- Release of Bank or Accounts Receivable Levy: If there is a hold on funds in your bank account, or if a vendor or other business you work with has received a notice to pay funds due to you directly to the IRS, it’s imperative you contact us immediately. There is a short time frame to achieve the release of this levy.
- Protection from Enforced Collections: The IRS has a number of “big stick” methods that can affect your life with devastating impact and can create unmitigated damage to your reputation and harm to your business. Having your bank account frozen or wages garnished would set any business into a tailspin and cause significant embarrassment. Our top priority at all times is to keep you protected and stop this from occurring.
Personal Tax Liability
Our tax resolution services for individuals include:
- Individuals and Sole Proprietorships: Typically, personal cases involve the failure to make estimated tax payments. The first step is to make sure you are current with your quarterly EST payments. Boxelder Consulting first works with our clients to gain control over the most immediately due tax liability. Once a client is current with the most recent tax payments, we then work backwards to clean up old liabilities and file all delinquent returns.
- Penalty Abatement: Tax Penalties in terms of personal tax liabilities usually involves “failure to file” and “failure to pay” on your personal income tax (Form 1040). Accuracy related tax penalties can also be assessed if reporting discrepancies are found during an audit. Boxelder Consulting first ensures that a manageable resolution is in place to maximize the chances of a more generous penalty abatement when we negotiate with the IRS on behalf of our clients.
- Protection from Enforced Collections: The IRS may levy a personal checking account, a retirement account, seize personal assets or issue an embarrassing wage garnishment to your employer. Do not wait until you are out having dinner with friends and have your debit card declined because the IRS took enforcement action by freezing your money. Once Boxelder Consulting has been retained, we will move immediately to negotiate a stay of enforced collections and keep you protected.
- Tax Lien Release: When a federal or state tax lien has been filed it is publicly available for anyone to view. A tax lien will also prevent you from selling your home and refinancing your mortgage because a legally secured debt is in place on your property. Boxelder Consulting has methods to prevent this from happening, or to remove existing tax lien even if there is still a balance due.
- Offer in Compromise: Depending on your financial situation, you may qualify for a settlement referred to by the IRS as an Offer in Compromise. If your settlement offer is accepted by the IRS you will typically only pay a small percentage of your total liability.