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    Factors Considered When You Apply for an OIC

    Last updated 2 days 2 hours 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 4 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

      Kathy

    Understanding the Risks of Unfiled Tax Returns

    Last updated 9 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.

    A Look at How Tax Issues Can Impact Your Credit

    Last updated 15 days ago

    Tax debt and intimidation by the IRS can affect your life in many ways. Unless you work with a tax relief specialist, you might find yourself losing the cash in your bank account and perhaps even losing your home. But did you know that tax debt can affect you for years to come—even after it’s resolved—by impacting your credit history?  Liens show up on your credit reports as a debt, FYI. 

    Debt Obligations
    Owing money to the IRS is a serious matter, given the aggressive collection actions they have at their disposal. Many taxpayers who owe tax debt give the IRS money that they really can’t afford to pay. This can create significant problems when it’s time to pay other bills, such as personal loan payments, mortgage payments, and credit card bills. If those bills are paid late, that may affect the taxpayer’s credit history.

    Wage Garnishments
    If the IRS decides to directly garnish your wages for the payment of back taxes, it can severely impact your financial life, too.  Without sufficient monthly cash flow, you may well fall behind on all your bills, adversely affecting your credit score if those bills become past due and delinquent.

    Tax Liens
    The IRS can issue a tax lien against your assets if it feels you have not made satisfactory arrangements for your tax debt. Tax liens are reported to the credit agencies and they will have a significant effect on your credit history.

    Don’t let tax debt control your world. The tax relief specialists at Wall & Associates, Inc. have helped countless people resolve their tax debt, stop wage levies, release tax liens and bank levies, and straighten out their credit problems related to tax issues. Call the experts at Wall and Associates, Inc. right away at 1-800-337-669 for your free consultation.

    Not a solicitation for legal services.

    Tax Vocabulary: Levy

    Last updated 23 days ago

    The IRS can use aggressive methods of collecting tax debt, including issuing levies. Levies and liens are terms that are often used interchangeably. In fact, a lien is filed against property that you owe. A levy is the act of seizing property to pay a tax debt. If the IRS believes you owe back taxes and you have not yet contacted a tax specialist to make arrangements for a payment plan, the IRS can legally seize various types of property.

    The IRS can issue a levy on your bank accounts, wages, retirement accounts, dividends, and the cash loan value of any life insurance policies you hold. The IRS can also seize physical property, such as your car, house, or boat. If you receive a notice from the IRS that announces its intent to levy your assets, it’s imperative to contact a tax relief specialist right away. A tax relief expert can negotiate with the IRS to lift the levy and to make arrangements for satisfying your tax debt.

    The tax relief team at Wall & Associates, Inc. has extensive experience in negotiating with the IRS to release levies and liens. Give us a call at (888) 702-1523 and let us know how we can help you.

    Not a solicitation for legal services.

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