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Tax Debt Relief Services IRS-FTB-EDD-CDTFA

Each year, many individual and business taxpayers end up owing the IRS hundreds of thousands of dollars due to not filing their taxes by the deadline or under paying them. If you have experienced back tax debt, you need to find a reliable and experienced professional who offers tax debt relief services to assist you in getting caught back up and on track as quickly as possible. While it may feel overwhelming right now, Mike Habib, a Los Angeles based tax debt relief professional can help ease the burden, show you what options you have, and help you choose the right path to get out of debt with the IRS and or FTB, EDD, CDTFA.

Get a free evaluation today at 1-877-788-2937.

Tax debt relief services offered by the IRS and state tax agencies such as FTB, EDD, CDTFA are:

An installment agreement

This option is a good choice for those who owe a debt but cannot pay it all at once. Once approved for payment installments, the amount you owe will be divided into monthly payments that you will pay until your debt is paid in full. You will still be charged penalties and fees until your debt is fully paid.

An Offer in Compromise

With this OIC option, taxpayers can settle their tax debt permanently for a lesser amount if they cannot pay it in full at this time. This OIC is normally offered if all other options cannot help in resolving the client’s situation.

Penalty Abatement

This is not offered to everyone however, if you haven’t paid your taxes due to extremely difficult hardships, then the IRS, FTB, EDD, CDTFA may agree to forgive the penalties. It’s important to note that even though the IRS may choose to offer you this option, you still owe your original tax debt.

Interest Abatement

This option is more limited than the penalty abatement. With this option, the interest fees will be eliminated. Keep in mind, this is a rare option and no matter what, you will still owe the IRS the amount due, you just won’t pay the interest.

Other Tax Debt Relief Services

There are more tax debt relief services being offered by Mike Habib, tax debt relief professional based out of Los Angeles but helps taxpayers in all 50 states. We can help you explore all your options and determine your next step. We can help point you in the right direction if personal bankruptcy is an option. Filing Chapter 7 may help if you have an outstanding tax debt that is at least three years old. This is not to be your first option though.

A personal loan may be another tax debt relief service option for you if you have tax debt. With a personal loan, the interest rate may be lower than what the IRS is charging you in penalties and fees. In order to obtain a personal loan, your credit score must be good, normally a minimum of 645.

Unfiled Tax Returns

Tax deadline to file is normally April 15. Taxpayers can also file an extension if they need more time to file their returns. Filing an extension is one of the many tax debt relief services you can choose when you find yourself struggling to pay your taxes you owe in full.

If you still need to file your tax returns, you should go ahead and file your return, even if you will owe money and cannot afford to pay it all in full at the time you file. You will file your return that is past due in the same manner you file your returns on-time. If a notice has been sent out to you because you are late, you would then send your tax return to the location mentioned on the notice you received. When tax returns go unfiled, interest and penalties will be added to your balance, you will lose future refunds because they will be applied to the back taxes you owe, and the IRS will place a tax lien on your property which could also could affect your credit scores or when sell your home.

Our tax relief professional, Mike Habib, offering of tax debt relief services will be able to help you file your unfiled tax returns and help you pay the amount you owe including penalties and fees. We understand how the process works and can represent you before the IRS as needed.

Get a free evaluation today at 1-877-788-2937.

Employment 941 / 940 Payroll Tax Problems

Employment 941 /940 payroll tax problems are very common however the IRS is very aggressive when it comes to unpaid payroll tax collections. Whether you simply didn’t know how much to pay out or you did not file the required payroll tax forms on time you can make the IRS so upset due to not handling this correctly.

If you own a business and you have employees, even if it’s just you and your spouse, you must follow the requirements set forth by the IRS. You will need to include the following on your payroll:

  • Federal income tax
  • Medicare tax
  • Social security tax
  • Federal unemployment tax

You will also need to match some of the employment taxes and report it on your quarterly IRS form 941 and annually by form 940. There is a difference between reporting and depositing. Reporting tells how much you owe the IRS. Depositing is sending the money to them in a timely manner.

You will be required to make deposits on payroll tax either semi-weekly or once a month. How often you send them will depend on how big your business is. The IRS will let you know just how often this needs to occur. Mike Habib, tax relief professional who specializes in tax debt relief services can represent you and help you resolve your employment 941 /940 payroll tax problem.

It’s easy to get into payroll tax trouble but the most common way is to skip a deposit or two. Then it is difficult to get caught back up. The IRS will begin to send you letters through the mail to remind you that you didn’t do it and eventually, if left unpaid, you will receive letters that include threats of levies, liens, as well as civil penalties, fines, and in some cases criminal action.

Tax debt relief services are available to help you file the necessary forms as often as the IRS tells you to. Our professionals will be able to take a look at your business structure and work with the IRS to determine the frequency in which you need to pay.

Get a free evaluation today at 1-877-788-2937.

IRS, FTB, EDD, CDTFA Audits

In some cases, you may be chosen for an IRS, or FTB, EDD, CDTFA audit on your tax returns. This means that the IRS or the state wants to take a closer look at a return, or more, you filed in order to make sure that you included all the money you earned and took only the deductions you were supposed to take.

You may have heard that IRS audits are normally a random thing but it’s not always the case. Something usually gets the attention on your tax forms that make them question or be concerned. The IRS has up to three years to perform an audit from start to finish after you have filed, with most audits starting within the first year after you file a return. The IRS agent or TCO will use one of the following ways to conduct an audit:

  • In person – they will meet at your home or your business and go over your return
  • At an IRS Office
  • By Mail

While in an audit with you, the IRS or the state will ask questions and require documentation to back up what you filed on your return in order to verify the information. If you utilize a licensed representative, EA, CPA, lawyer – power of attorney to help you file taxes, they should be there representing you at the audit and you do not need to be present. This is just one of the many tax debt relief services available to you.

Summary

Back Tax Debt is something to take seriously and that is why it’s always best to stay on top of all the paperwork and filing. If you find yourself in any of these situations, you need to reach out to our Los Angeles based tax debt relief services so we can help you in all 50 states.

Get a free evaluation today at 1-877-788-2937.

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