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    Understanding Innocent Spouse Relief

    Last updated 1 day 6 hours ago

    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.

    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 (888) 702-1523.

    Not a solicitation for legal services.

    Another Happy Client | Wall & Associates, Inc

    Last updated 13 days ago

    • on Client Review
    • Dear Melanie, 

      I would like to take this opportunity to taken you and your co-workers for your knowledgeable and courteous assistance in helping me bring my case before the Internal Revenue Service to an amicable conclusion.  


    Factors Considered When You Apply for an OIC

    Last updated 21 days ago

    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.

    Client Review | Wall & Associates, Inc

    Last updated 23 days ago

    • on Client Review
    • We are greatly appreciative of all the time and effort Wall and Associates, Inc put into helping us with the awful tax mess our son was in.

      We had several teams to work with. They were all very courteous and helpful.

      All the liens were taken off all properties - mine and his. 

      Thank you to all, starting with... More


    Understanding the Risks of Unfiled Tax Returns

    Last updated 28 days ago

    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.

    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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