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

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?

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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

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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.

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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.

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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.

Factors Considered When You Apply for an OIC

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It’s all too common for taxpayers to find themselves owing more in back taxes, penalties, and interest than they can afford to pay, even with an installment agreement.  In fact, according to the IRS, more than 90% of installment agreements with them default before completion.  This is why tax relief specialists often recommend applying for an offer in compromise (OIC), which can enable taxpayers to pay a reduced amount as a final payment to settle all of their tax liabilities.

A tax specialist can help you determine if you could be eligible for an OIC. Among the steps you’ll need to take, with professional advice and assistance, is to file all of your tax returns. You’ll also have to disclose all of your assets, such as bank accounts, real estate, vehicles, etc.

Wall & Associates, Inc. assists taxpayers across the nation with tax negotiations, including arranging for offers in compromise. Stop the endless cycle of debt by calling us at (800) 337-6699.

Not a solicitation for legal services.

Understanding the Risks of Unfiled Tax Returns

There are many reasons why taxpayers might neglect to file tax returns on time. Sometimes, failure to file is because of a death in the family or because the taxpayer is an active duty service member who was deployed at the time taxes were due. Regardless of why you failed to file your tax returns on time, it’s imperative to fix that situation right away. As a tax relief specialist Like Wall and Associates, Inc. can tell you, the IRS will aggressively pursue individuals who fail to file on time. You’ll likely need the help of a tax debt consultant to get back on track.

Tax Forms for the IRS with Schedules

Substitute Tax Returns
If the IRS thinks you failed to file one or more tax returns, it can file a substitute tax return on your behalf.  Since the IRS is filing this document on your behalf, it will not give you credit for any exemptions, business deductions, or tax credits. The IRS will not claim your children on your behalf, nor will it give you credit for your mortgage interest or the cost of your stock sales. A substitute tax return only involves one standard deduction and one personal exemption. This means you’ll end up owing far more in tax debt than what you could have owed if you had filed your tax return yourself. Even if the IRS has already filed a substitute tax return, a tax relief specialist can still help you with this challenging situation.

Collection Actions
After the IRS files a substitute tax return, it will begin collection actions against your tax debt. This could take the form of a lien placed personal property, for example, preventing you from selling or refinancing your home. Or, the IRS can legally seize your property and cash in back accounts with a levy, or even hit you with a wage garnishment.

Have you been contacted by the IRS about unfiled tax returns or tax debt? Even if you haven’t yet, but you have unfiled returns, the time is now to contact the tax relief specialists at Wall & Associates, Inc. right away. You can reach us at (800) 337-6699 or visit our website to learn how our tax relief consultants can help you resolve your tax debt.

Not a solicitation for legal services.

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