Our firm is standing by, ready to help you today

Highly Experienced Nashville Tax Lawyer

So you do not have to pay, an Installment Agreement can spread out your payments over time

The IRS Installment Agreement is a means for taxpayers in Nashville when they can’t pay it in full with their tax return to pay their tax debt. So long as the citizen pays their tax debt in full under this particular Agreement, they are able to reduce or eliminate the payment of interest and penalties and prevent the payment of the fee that’s connected with creating the Arrangement. Creating an IRS Installment Agreement requires that all necessary tax returns have been filed before applying for the Arrangement. The taxpayer cannot have some unreported income. Individual citizens who owe $50,000 or less in combined individual income tax including penalties and receive can interest 72 months to pay the amount of tax owed . In some instances, a citizen may ask for a longer span than 72 months to pay back a tax debt of $50,000 or less.

Benefits of an Payment Plan

The agreement will bring about some important benefits for the taxpayer. While an agreement is in effect enforced set action will never be taken. Life will be free of IRS letters and notices. There will be more financial independence when the taxpayer can count on paying a set payment each month rather than needing to be concerned about getting lump sum amounts on the tax debt. The taxpayer will remove interest and continuing IRS penalties. The Internal Revenue Service will assist in the event the taxpayer defaults on a payment providing the IRS is notified promptly, the citizen keep the arrangement in force.

Problems with the Installment Agreement

Some obligations include the Installment Agreement. When due, the minimum monthly payment should be made. The income of an individual taxpayer or the incomes of combined citizens should be disclosed when putting in an application for an Installment Agreement. In some cases, a financial statement must be provided. All future returns have to be submitted when due and all of the taxes owed with these returns should be paid when due. This method of making monthly payments enable the citizen to request that the lien notice be removed. If the taxpayer defaults on the Installment Agreement, however, the lien can be reinstated.

An Installment Agreement can be negotiated by the citizen with the Internal Revenue Service. Nevertheless, specific advice must be provided and any advice may be subject to affirmation. For taxpayers a financial statement will be required.

How to Get Ready to Apply for an Installment Agreement

While taxpayers can make an application for an IRS Installment Agreement, there are several precautions that should be considered. Although the IRS attempts to make applying for an Installment Agreement a relatively simple process, there are some position which can make this a challenging task. It is essential to get it right the first time the application is made since many problems can be eliminated by an Installment Agreement with the Internal Revenue Service.

We’re the BBB A+ rated law firm serving all of Nashville and Tennessee, that can provide expert assistance to you. Our many years of expertise working on behalf of citizens who have problems paying their tax debt with the IRS qualifies us to ensure acceptance of your application for an Installment Agreement.

Do not get scammed by a tax relief company with no track record - call our BBB A business now rated.

Most people are law abiding Nashville citizens and they fear the threats of IRS action. These companies entice innocent people in their scams and commit consumer fraud and even theft! Thus, you should exercise care when you are attempting to locate a tax resolution business for yourself.

What Tax Relief Scams will do

Not all Tennessee tax relief companies who promise to negotiate together with the IRS for you’re trustworthy. Because there are so many deceptive companies out there, therefore, preventing IRS tax relief scams is vitally important. It is possible to avoid being taken advantage of, all you have to do to follow a number of useful tips and would be to prepare yourself in this aspect! First things first, never pay in full upfront whether the tax resolution firm blatantly asks for it in an obscure manner at some point of time or in the beginning. A genuine tax resolution company will consistently folow a mutually acceptable financial arrangement wherein the payments could be made on a weekly, bi-weekly monthly or basis.

Second, it’s advisable to be somewhat attentive when you are choosing a particular tax resolution firm to work with. Should they guarantee you the desired results or state that you qualify for any IRS program without going through a complete financial analysis of your current situation then chances are the company is fallacious. Thus, do not fall for their sugar coated promises and hunt for other authentic businesses instead.

How to research the firm

The internet is a storehouse of info, but you have to be careful about using such advice. For handling your tax associated difficulties don’t just hire any haphazard firm with good advertisements or promotional efforts. In order to pick the right firm, it is best to research about the same in the Better Business Bureau site and see their ratings or reviews. So, doing your homework and investing time in research is definitely a wise move here.

A website with an excellent evaluation on BBB is unquestionably one which you can place your trust in. We are a BBB A+ rated Nashville company, we help people by alleviating their IRS back tax debts. Our tax options are reasonable, we don’t only negotiate for your benefit together with the IRS, but rather develop a practical strategy in order to make sure that your tax debts are eliminated. Because of our vast experience and expertise in the area, you can rest assured your tax problems would be resolved effectively and promptly when you turn for help to us.

Tax liens can get rather problematic if you are buying or selling your home or property. Let our Nashville team help you today

What is a lien?

The lien cushions the authority’s claim to all your present property, inclusive of personal financial and real estate assets. Liens usually record the exact amount owed to IRS in the precise time that it is imposed in a public document called the Notice of Federal Tax Lien. The file notifies lenders that the government has a right to seize your property at any given time. Different credit reporting agencies conventionally acquire this particular info therefore tax liens ultimately reflect in your credit reports.

Federal tax liens can easily be avoided from being lodged by paying all your tax dues up before the IRS choose to levy a lien on your own assets, and also. Through establishing payment deals which adequately match the requirements of the IRS as not to file a lien, they can be evaded. A federal tax lien can’t be filed if a citizen decided to prepare a streamlined or guaranteed payment treaty. Such arrangements require the taxpayer maintain a balance of less than or an amount $10,000 that for the guaranteed payment and for that is treaty the streamlined agreement it that is, should be $25,000 or less. In a situation where the citizen owes more than $25, 000, a tax lien can be avoided if he/she tries their best to reduce that special outstanding balance to exactly $25,000 or less and alternatively lays out a streamlined treaty. There are just two methods of removing tax liens: withdrawal and release.

What can I do to get my lien wiped away?

Drawing federal tax liens is like it never existed when the lien to being revoked by the IRS resort. Lien withdrawals generally take place the lien is filled. In a case where the tax lien is mistakenly filed, contact the IRS when possible. In order to substantiate that you have no tax arrears then take the essential measures in withdrawing the lien, the IRS representatives will assess your account.

Releasing a federal or Tennessee state tax lien normally means that your assets are no longer constrained by the imposed lien. Promptly after lien releasing, the county records will instantly be brought up to date to show that is has been released. Nonetheless,the presence of a federal tax lien once will be displayed in your credit reports for 10 years. Liens are usually released within a month of clearing the outstanding tax arrears or upon creating the deals that were bonded and streamlined.

What to Do Next

You can instantly cut your tax debt in half by using our fee abatement system.

Once the IRS strike you or your Tennessee company with a tax bill, it usually adds penalties and interest costs. Some penalties, like late payments, they can be included automatically by IRS computers.

Should you not whine once fees are inflicted, the Internal Revenue Service assumes you admit them. Luckily, the IRS can confiscate a penalty just as simple as it contained one. The key to the domain of the tax penalty relief is demonstrating a reasonable reason behind your letdown to obey with tax law.

The total amount of different tax code fines is staggering. Here are a few of the penalties that IRS will tack on to the debts of individuals who have not filed their tax debts that are overdue.

Incorrectness:

The Internal Revenue Service will impose a 20 % penalty on you if you were unreasonably negligent or greatly minimized your taxes. This precision-linked fine is implemented when you are unable to set a tax write-off in a review, or you didn’t submit all of your income and also the IRS learns it.

Civil deception:

In case the Internal Revenue Service discovers that you were not reported your income with a deceptive aim, a fee 75% may be attached.

Delayed Payment:

Normally, the Internal Revenue Service will add a fee from 0.25 % to 1% for each month to an income tax statement, which is not paid punctually. Fines for failing to make payroll tax deposits punctually are considerably elevated.

Not Filing on time:

The IRS can fine you an additional 5% per month on any outstanding balance, if you didn’t file your return punctually. But this punishment can be used just for the first five months after the due date of the return, equal to a 25% higher cost. The IRS can nevertheless visit lesser punishments if there’s no outstanding balance.

Once you know the reason and also the way the IRS hit fines against you, you can need that they be abridged or removed. The IRS name for this procedure is called an abatement. Approximately one-third of all tax penalties are ultimately abated, and it’ll not be less should you know the approaches to fight them.

Merely advising the IRS that you do not like a fee, or cannot manage to compensate it, will not work. You need to show reasonable cause, which means an excellent supplication. According to the IRS, any sound cause advanced as the reason for postponement by a taxpayer in paying tax when owed will be carefully examined, filing a return, or making deposits.

Methods to request for interest abatement and an IRS penalty

Submit your request for abatement in writing, following a filled up form, once you get a tax notice with tax penalties, but be brief and clear-cut.

Enclose the following documents with your written request.

• Letter from a registered medical practitioner, describing your state that prevented you from filing your tax return on time.
• Death certificate substantiating the bereavement of close connections or your blood.
• A detailed report from the fire division if your property is damaged due to fire.

What to Do Now

Should you have been imposed fees by the IRS, there are several productive and easy ways to get your tax fines or interest condensed or removed entirely. We’ve really been in the business for a long time and we’re devoted to offer our customers a professional IRS fee and interest abatement service in a legal manner. Contact us today to resolve your tax problems all and the related fees imposed by the IRS on your Nashville company or on you.

Has your company run into difficulties with company taxes or outstanding payroll? Our Nashville firm can help.

The Internal Revenue Service is a formidable money making machine for the government, and when your Nashville company has dropped into IRS or Tennessee business tax debt, they will accumulate. So, if your company has delinquent taxes such as payroll tax debts there is no need to scurry for cover (and remember – never hide) even in the event that you know little or nothing about coping with IRS company tax debts. There are seasoned professionals prepared to assist.

Un-Paid Payroll Tax Returns

The IRS looks at payroll tax – taxes imposed on employers and workers – from two views:

• (a) Taxes an employer pays the IRS predicated on the wages paid to the worker (known as withholding tax’ and is paid out of the employers own funds) and
• (b) A percentage of wages the company deducts from an employee’s wages and pays it to the Internal Revenue Service.

The employer ends up footing the bill for both the types of taxes as the withholding tax results in lower wages.

Repayment Timeline

Employment or Payroll taxes are collected by the IRS through the Electronic Federal Tax Payment System (EFTPS). This payment program could be monthly or semiweekly.

If you’re a business that is new and did not have any employees during your look back period’ or in case your overall tax liability is up to USD 50,000 for your look back interval’, you must follow a monthly schedule.

In case your payroll tax liability is less than USD 50,000 you’ll have to follow a semiweekly deposit program. These taxes should be deposited by Sunday, Monday, Tuesday or Wednesday following the Friday payday. You may fall into a payroll tax debt, in the event that you don’t pay your taxes on these days. You need to seek the services of tax professionals to guide you through this maze of processes and keep from falling into payroll tax debt and steer clear of significant fees.

Dealing With Unpaid Tax Debts

Revenue collected through taxes for example payroll tax are spent on funding programs such as; healthcare, social security, unemployment compensation, worker’s compensation and at times to improve local transfer that carries many workers to and from work.

When you need to take care of IRS tax debts, it truly is extreme important to keep in touch by means of your IRS officials – never avert or conceal from them. Most IRS penalties include a compounded interest rate of 14% this can turn a business turtle in an exceedingly brief time dealing with IRS company tax debt it predominant.

How a Seasoned Nashville Tax Pro Can Assist

Being in an IRS company debt situation is serious. You may have time on your side since the IRS is slow to start processing your account, but when they gain momentum things get worse for you. Nevertheless, you aren’t helpless. There are processes you may be eligible for that a Tennessee professional can use his good offices with the Internal Revenue Service to help you over come your business debts.

Amongst others, you need a professional’s help for those who haven’t learned of an Offer in Compromise, Tax Lien Span, Uncollectible Status and Insolvency. Waste no more time, get in touch with us today to get out of business tax debt and save your business from close.

Other Cities Around Nashville We Serve

Memphis

Morristown

Clarksville

Kingsport

Jackson

Knoxville

Cleveland

Johnson City

Chattanooga