Wall & Associates, Inc
One of the nation's leading professional tax representation & negotiation firms. We solve both federal and state tax problems nationwide.

Surprising Facts About IRS Tax Penalties

If you’ve been looking for options for back tax relief, it’s probably a sure bet that you’re having difficulty paying the amount the IRS thinks you owe them. Unfortunately, the IRS takes full advantage of the challenges faced by taxpayers, using tax debt as an opportunity to charge severe penalties. The IRS doesn’t stop there; it even charges interest on these penalties. Each year, millions of taxpayers learn that their financial problems have been further complicated by additional tax penalties. In fact, in just recent one year, the IRS required taxpayers to pay more than $18 billion in penalties alone.

When a taxpayer doesn’t know that he or she has an IRS tax problem until years after it occurred, the total amount owed can be astronomical when penalties and interest are added. In fact, some of the penalties the IRS issues can be amount to as much as 75 percent to 100 percent of the original amount of taxes owed. Before taxpayers suffer further financial hardship by trying to pay off these penalties, they should consult an experienced, seasoned taxpayer representative like Wall and Associates, Inc. about their options.

At Wall & Associates, Inc., our tax experts can explore your options for obtaining relief from your penalties on overdue taxes plus interest. For help with your IRS tax problem, including federal tax liens and levies, call us at (800) 337-6699 today.

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What-If Scenarios for Taxpayers

Major life changes can easily lead to an IRS tax problem, such as excessive and costly tax consequences. The IRS issues millions of penalties to taxpayers each year. This frequently serves only to bury the taxpayer deeper in debt that can be difficult, if not impossible, to resolve. If you have an IRS tax problem, you deserve competent representation from a tax consultant today, like the experienced tax consultants at Wall and Associates, Inc.

What if I Owe More Than I Can Pay?

Owing more in taxes than you can pay is a problem faced by countless Americans. If you fail to pay taxes on time, you can expect the IRS to issue a hefty penalty, which only increases your tax debt further. Fortunately, there are options available to you. Even if you can’t pay your debt at all or in full, you have significant alternatives. An experienced tax consultant can establish a path for you through the confusing IRS rules and regulations, possibly saving you a large percentage of the taxes, interest and penalties assessed.

What if I Didn’t File a Tax Return?

Due to a busy schedule or situations beyond their control, such as deployment or a prolonged illness, many taxpayers forget to file their tax returns on time. As with failing to pay the balance on time, failing to file a return on time will result in penalties. The IRS can issue a penalty of five percent of the tax due for each month that it is late. Before you tackle this penalty on your own, talk to a tax consultant and get expert advice on your next steps.

Wall & Associates has a stellar track record of helping taxpayers resolve problems such as penalties, back taxes, wage garnishments, and many more. If you need help with back taxes or you’ve been informed of tax penalties, call one of our friendly tax consultants today for a confidential consultation. You can reach us at (800) 337-6699.

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Are You Entitled To An OIC?

For some individuals with an IRS tax problem, seeking offers in compromise is the only solution to resolving significant amounts of tax debt. An offer in compromise enables taxpayers to pay a portion of their total tax debt, which will settle the entirety of their debt. There are basic eligibility requirements, however.

By working with experienced tax consultants like Wall and Associates, Inc., you can increase the chances that your offer in compromise will be accepted by the IRS. The IRS will evaluate multiple factors when deciding whether or not to accept the offer, such as the amount it might collect from your assets, from third parties, or from present and future income. The IRS will also consider your ability to pay the full amount of your back taxes.

The experts at Wall & Associates, Inc. have extensive experience helping taxpayers obtain a favorable offer in compromise from the IRS. Give us a call today at (800) 337-6699 to set up your free initial consultation.

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Do You Know the Taxpayer Bill of Rights?

In 2014, the IRS announced that it had adopted a Taxpayer Bill of Rights. This document did not establish new rights for taxpayers, but rather it reworded existing rights from the tax code to make them more accessible to taxpayers. While this is a step in the right direction, the existence of these rights will not necessarily help taxpayers resolve back taxes or deal with their specific IRS tax problem. To resolve issues with the IRS, it’s best to turn to a professional tax consultant who has a keen understanding of IRS negotiations.

The Right to Obtain Representation

One of the most important rights afforded to taxpayers is the right to obtain the help of a tax consultant to represent their interests. Individuals have the right to choose their own representative and to authorize that person to negotiate with the IRS on their behalf.

The Right to Raise Objections

Taxpayers often feel that any notice they receive from the IRS is final and binding. In fact, they have the right to raise objections regarding the position of the IRS. A tax consultant can help an individual submit additional documentation to object to IRS actions or proposed actions. The IRS is expected to consider these objections and to respond.

The Right to Appeal Decisions

Most decisions made by the IRS can be subject to an appeal by the taxpayer and his or her tax consultant. The administrative appeal must be fair and impartial. Furthermore, taxpayers have the right to receive a written response from the Office of Appeals.

Despite the Taxpayer Bill of Rights, many individuals feel intimidated or coerced when dealing with the IRS, with good reason. However, there’s no need to be a victim of the aggressive tactics used by the IRS; by working with a tax consultant at Wall & Associates, Inc., you can resolve your IRS tax problem and be on your way to financial security. For help with back taxes, call our consultants at (800) 337-6699.

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When Can Wage Garnishments Occur?

cutting down wages

To most people, wage garnishment comes as an unwelcome surprise. If you have failed to pay any amount of your income taxes, however, the IRS will eventually take the funds directly out of your paycheck. According to the Consumer Credit Protection Act, you cannot have all of your paycheck garnished. The IRS cannot touch your earnings that have to be deducted for Social Security, unemployment insurance, retirement (if you are a state employee), and federal and state taxes.

Over and above taking money directly from your paycheck, and all the pain and inconvenience that can cause, the IRS can also levy your commission income, your retirement accounts, your bank accounts, and even the cash value of your life insurance!

If you owe money to the IRS, contact the tax negotiation specialists at Wall & Associates, Inc. Our tax experts have helped numerous people stop wage garnishment, prevent wage levies, and resolve their tax problems. To schedule a free consultation, call us today at (800) 337-6699.

Not a solicitation for legal services.

What You Need to Know About Bank Account Levies

Close-up Of Hand Filling Cheque

If you owe money to the IRS, money may be taken out of your bank account in order to satisfy the debt. This is known as a bank levy.  However, the IRS does have to provide you with timely notice of their intent to take money from your account in order to give you a chance to resolve the debt first. A bank account levy should not be confused with wage garnishment, which involves taking funds out of your paycheck.

Are you in trouble with the IRS? The tax relief experts at Wall & Associates have extensive experience negotiating directly with the IRS to prevent bank account levies. To set up a consultation to discuss your tax problems, call (800) 337-6699 today.

Not a solicitation for legal services. 

What Property Can the IRS Seize?

If the IRS believes that you have unpaid tax debt, it has a number of effective collection tools in its arsenal. The IRS can file a tax lien against your property, which does not actually seize the property. If the tax lien does not resolve the tax debt, the IRS can issue a levy, which is a direct seizure of property to satisfy tax debt. Levies can cause significant financial hardship for individuals. If you have received a notice of intent to levy, contact a tax relief specialist right away to learn about your options.

motor yacht in navigation

Real and Personal Property
If a taxpayer is suspected of failing to meet his or her tax obligations or failing to make arrangements to pay, the IRS can seize various types of personal property that the taxpayer either owns or has an interest in. If your name is on the title to a house, vehicle, or boat, the IRS can seize it and sell it at auction to satisfy the tax debt. However, a tax relief specialist can negotiate with the IRS. For example, the expert might convince the IRS not to seize your car because you need it to get to work.

Financial Accounts
The IRS routinely places levies on financial accounts to collect unpaid taxes. For instance, the IRS can place a levy on your checking or savings account, even if you need that money to pay bills and living expenses. The agency can also issue a levy through your employer to collect money directly from your paycheck. Other financial accounts that may be subject to seizure include retirement accounts, dividends, rental income, accounts receivable, commissions, and even the cash value of your life insurance policy.

You have the right to representation if you have received a notice of intent to levy. You can call Wall & Associates, Inc. for a free, confidential consultation to discuss your tax debt. Individuals across the country can reach us at (800) 337-6699 or via our website.

Not a solicitation for legal services.

Understanding Innocent Spouse Relief

If your spouse or former spouse improperly reported income on a joint tax return, you could be eligible for innocent spouse relief. If granted, you won’t be obligated to pay tax debt resulting from your spouse’s errors. However, the IRS can still collect tax debt, penalties, and interest that do not qualify for relief. To learn whether you might qualify for innocent spouse relief, contact a tax relief specialist today.

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Conditions for Eligibility
Since it’s in the best interests of the IRS to recover as much money as possible with collection efforts, it’s in your best interests to consult a tax specialist about your eligibility for relief. There are four conditions for innocent spouse relief and you must meet all of them. First, you must have filed a joint tax return that showed an understatement of tax debt due to erroneous items. Second, you must not have known about the understatement when you signed the return. Third, it must be considered unfair to hold you liable for the tax debt. And fourth, you must not be found to have engaged in a fraudulent property transfer scheme.

Definition of Erroneous Items
The first condition for innocent spouse relief eligibility involves erroneous items. The IRS defines erroneous items as any unreported income earned by your spouse or former spouse. Incorrect credits, deductions, or property basis that were claimed by your spouse or ex-spouse also qualify as erroneous items.

Establishment of a Reason to Know
If it is determined that you knew of the erroneous items, you do not qualify for innocent spouse relief. The same is true if the IRS determines you had a reason to know. The IRS considers many different factors to determine this, including your financial situation, business experience, educational background, nature of the erroneous item, and your participation in the preparation of the tax return.

At Wall & Associates, Inc., our tax relief experts have helped many people obtain innocent spouse relief. We will negotiate directly with the IRS to resolve your situation and help you get your finances back on track. To talk with a tax relief specialist today, give us a call at (800) 337-6699.

Not a solicitation for legal services.

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