Services
Tailored Tax Services
Tailored Tax Relief
Navigating Tax Challenges Together
Consultation
We'll take the time to thoroughly discuss the details of your tax case.
Investigation
White Crown Accountant is hired to prepare your tax resolution options.
Resolution
We navigate to tax compliance by submitting required forms and entering you into an eligible tax relief program.
Finish Line
We close your case with the IRS and provide you with a plan to remain compliant.
There are times when it may be the best alternative to deal with taxes and other debts that have become overwhelming. Sometimes the bankruptcy decision must consider who the taxpayer must be most concerned about, his family versus the tax liability.
Contrary to what you may have heard, taxes are often dischargeable in bankruptcy. Back taxes, interest, and penalties may be wiped out by filing bankruptcy. If the tax balances meet the criteria for discharge in bankruptcy, it may be the best solution to resolve your crushing tax problems.
Unfortunately, not everyone qualifies to eliminate tax debts in bankruptcy. If you file bankruptcy and do not meet the criteria for discharge of the back taxes, the government will still be in hot pursuit after your bankruptcy is over. Pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable solution.
Offer in Compromise is a contract between you and the IRS or State that allows you to pay an amount you can afford to satisfy all tax liability. Eligible taxpayers pay what they can afford to pay regardless of the amount they owe.
We can handle the entire case for you. The negotiations are based on full disclosure of your assets, typical living expenses and monthly income, and property owned. Once an offer is accepted and paid the taxpayer is then current with all their tax liabilities. We are able to determine your eligibility for the Offer in Compromise program and advise you on how to become qualified when appropriate.
When taxes are not paid, the IRS places a lien against all owned assets. This is a legal right to collect tax by the IRS and State. There are solutions available to remove liens from your property.
A levy is more serious than a lien. With a levy, the IRS can seize your property and freeze your bank account up to the amount of the levy. It is important not to ignore tax notices and outstanding balances. The IRS and State have the power to garnish wages. Most of your paychecks will go to the government.
An installment agreement is established to satisfy tax liabilities over a period of time. This agreement stops the IRS or State from levying if the payments are made according to the agreement. Without an installment agreement, the IRS or State may take all but a small amount of your paycheck. They could also levy bank accounts and file liens on all your assets including your home. We may be able to combine an Installment Agreement with a Penalty Abatement to save money and get time to pay the rest.
Establishing an installment agreement allows time to pay your tax liability and is an available option when you do not qualify for the Offer in Compromise.
Unfortunately, the IRS or the State continues to add penalties and interest to any unpaid balance. A major benefit of a well-negotiated plan is the level of payment takes into account your living expenses and provides protection from enforced actions. Additionally, they will release levies they have filed once your payment plan is approved. They will not file any new levies as long as you make the agreed upon payments.
When returns are not filed, you leave yourself exposed to laws the IRS and State can enforce due to noncompliance. Do not let this be you. Let us review your tax history, identify the necessary steps to become complaint, and remain in this position.
In most cases, you will likely owe taxes, interest, and penalties after the returns are filed. We will discuss tax planning strategies.
