tax relief company

Tax Relief Companies – Why Do I Need Them?

by Louis Meeks on November 26, 2014 in Blog

TAX RELIEF COMPANIES – WHY DO I NEED THEM AND WHO SHOULD I CHOOSE?

Let’s say you’ve just received your first letter from the Internal Revenue Service.  You may or may not have known it was coming, but you certainly had no idea that the bottom line was going to be this much!  Estimated balances, penalties on top of penalties, and interest going back months, sometimes years – the IRS is telling you that you now owe thousands of dollars, and that you need to contact them RIGHT NOW.  You don’t believe that you owe all this money, and you certainly know that there is no way that you can make the payment they are asking for, so what should you do?

When the federal or state governing tax authority gives you that notice to indicate that they are seeking unpaid taxes, are looking to adjust your past years’ filed tax information, or have filed your missing tax returns and assessed balances against you as a result, a critical first step in dealing with this situation is contacting a reputable and effective tax relief company.

Upon first contact, a good tax relief company will help you understand why the IRS or state is claiming you owe the amounts they say you owe, and can give you an idea of the best way to combat those situations where you believe that the government is mistaken or not in full knowledge of the circumstances.  If it turns out that you do owe back taxes or other tax-related debts, a tax relief company understands the payment programs that are available to you and can assist you in finding a payment plan that will work for your budget.  Perhaps most importantly, a tax relief company provides a barrier between you and the IRS or state government, handling all of the contacts and negotiations with the taxing authority, allowing you some relief from the stress and aggravation that often accompanies tax debt collection practices.

As shown above, it is obvious that finding a good tax relief company is important to satisfactorily settle your tax debt matter.  But how do you know if a tax relief company is good?

After all, a quick internet search will reveal hundreds of different tax relief companies, each one espousing their own attributes and credentials.  Nevertheless, there are ways to find out whether that tax relief company you are looking at is truly as good as they say.  For instance, is the company accredited through watchdog associations like the Better Business Bureau?  Does the company have a long history of complaints or unsatisfied customers on sites such as Ripoff Report?  Finally, can the tax relief company provide real-life success stories from actual clients?

At Victory Tax Solutions, we have the personnel and the reputation to capably demonstrate that we are the tax relief company you should choose.  We are a BBB-accredited company.  We are a Ripoff Report Verified Company, meaning we have been identified by Ripoff Report as a trustworthy business with a high satisfaction rate.  Indeed, our clients have indicated a 99% satisfaction rate.  More than that, our website contains dozens of independently-verified testimonials from our past clients, expressing their satisfaction and gratitude on a variety of tax debt issues.

We are ready to help you with your tax problem today.  Give us a call or chat online with one of our account executives today, and allow us to show you that we are the only tax relief company you will need to know.

Please feel free to call us at any time.  Our toll free number is 877-772-0123.

©2014VictoryTaxSolutions.com
Publishing Rights: You may republish this article in your web site, newsletter, or ebook, on the condition that you agree to leave the article, author’s signature, and all links completely intact.

Installment Agreement

by Louis Meeks on November 26, 2014 in Blog

What is an Installment Agreement with the IRS?

Installment agreements are monthly payment plans with the IRS, where an agreed upon amount of money is paid toward back taxes. There are several types of installment agreements available to taxpayers, depending on his or her individual situation. Installment agreements are also available for corporations; however, the terms of those installment agreements are different than what is described below.

The various types of installment agreements are:

  • The Streamlined Installment Agreement: Streamlined Installment Agreements are the most common type of installment agreements. Under the IRS’ relatively new “Fresh Start Program,” taxpayers with $50,000.00 of tax debt or less can pay back their liabilities over a 72 month period, at a flat monthly rate. During those 72 months, penalties and interest will continue to accrue, but generally, the monthly payment amount should take care of everything by the seventy-second month.

It is important to note, if the tax debt exceeds $25,000.00, the taxpayer will likely have to set up a Direct Debit Installment Agreement, where he or she agrees to allow the IRS to directly debit the monthly installment amount directly from their employer or bank account. As a general rule, Direct Debit Installment Agreements are preferred by the IRS, and often benefit the taxpayer as well. Taking the human element out of the payment arrangement means nothing is late, and all payments are traceable.

  • Partial Payment Installment Agreements: If a taxpayer does not have enough disposable income (e.g. gross income, minus reasonable expenses) to pay off his or her debt under a Streamlined Installment Agreement, the IRS will consider a smaller monthly payment. Determining the amount of the smaller monthly payment can become complex, especially where the taxpayer’s finances are not clear cut. Depending on the complexity of your situation, it is usually advantageous to consult with a professional on how to determine your monthly Partial Payment Installment Agreement amount, to ensure you have accounted for everything and have met the requirements set out by the IRS.

At Victory Tax, our attorneys have extensive experience helping taxpayers compile the necessary records, analyze their contents, and work with the IRS to set up the most beneficial payment arrangements.

  • Installment Agreement: When a taxpayer is not eligible for the above types of installment agreements, their remaining option is a standard installment agreement. Typically, a taxpayer falls in this category when their tax debt exceeds $50,000.00. Like with a partial payment installment agreement, a complex calculation of what the taxpayer can afford to pay on a monthly basis must be made, and whatever that amount is, the IRS will expect the Taxpayer to make such payments until either the debt is paid in full, the Taxpayer demonstrates that they are no longer able to pay that amount (upon review and within reason), or the IRS period for collection has expired.

Because of the variety of installment agreements available to taxpayers, whether under the Fresh Start Program or through other regulations, it is often advantageous for taxpayers to talk with a tax professional before making their move. If you are interested in an installment agreement, our experienced staff and attorneys are always available to discuss what options might be available to you.

Please feel free to call us at any time.  Our toll free number is 877-772-0123.

©2014VictoryTaxSolutions.com
Publishing Rights: You may republish this article in your web site, newsletter, or ebook, on the condition that you agree to leave the article, author’s signature, and all links completely intact.

Tax Relief Companies

by Louis Meeks on November 11, 2014 in Blog

Let’s say you’ve just received your first letter from the Internal Revenue Service.  You may or may not have known it was coming, but you certainly had no idea that the bottom line was going to be this much!  Estimated balances, penalties on top of penalties, and interest going back months, sometimes years – the IRS is telling you that you now owe thousands of dollars, and that you need to contact them RIGHT NOW.  You don’t believe that you owe all this money, and you certainly know that there is no way that you can make the payment they are asking for, so what should you do?

When the federal or state governing tax authority gives you that notice to indicate that they are seeking unpaid taxes, are looking to adjust your past years’ filed tax information, or have filed your missing tax returns and assessed balances against you as a result, a critical first step in dealing with this situation is contacting a reputable and effective tax relief company.  Upon first contact, a good tax relief company will help you understand why the IRS or state is claiming you owe the amounts they say you owe, and can give you an idea of the best way to combat those situations where you believe that the government is mistaken or not in full knowledge of the circumstances.  If it turns out that you do owe back taxes or other tax-related debts, a tax relief company understands the payment programs that are available to you and can assist you in finding a payment plan that will work for your budget.  Perhaps most importantly, a tax relief company provides a barrier between you and the IRS or state government, handling all of the contacts and negotiations with the taxing authority, allowing you some relief from the stress and aggravation that often accompanies tax debt collection practices.

As shown above, it is obvious that finding a good tax relief company is important to satisfactorily settle your tax debt matter.  But how do you know if a tax relief company is good?  After all, a quick internet search will reveal hundreds of different tax relief companies, each one espousing their own attributes and credentials.  Nevertheless, there are ways to find out whether that tax relief company you are looking at is truly as good as they say.  For instance, is the company accredited through watchdog associations like the Better Business Bureau?  Does the company have a long history of complaints or unsatisfied customers on sites such as Ripoff Report?  Finally, can the tax relief company provide real-life success stories from actual clients?

At Victory Tax Solutions, we have the personnel and the reputation to capably demonstrate that we are the tax relief company you should choose.  We are a BBB-accredited company.  We are a Ripoff Report Verified Company, meaning we have been identified by Ripoff Report as a trustworthy business with a high satisfaction rate.  Indeed, our clients have indicated a 99% satisfaction rate.  More than that, our website contains dozens of independently-verified testimonials from our past clients, expressing their satisfaction and gratitude on a variety of tax debt issues.

We are ready to help you with your tax problem today.  Give us a call or chat online with one of our account executives today, and allow us to show you that we are the only tax relief company you will need to know.

©2014 victorytaxsolutions.com
Publishing Rights: You may republish this article in your web site, newsletter, or ebook, on the condition that you agree to leave the article, author’s signature, and all links completely intact.

Fiscal Cliff

by Victory Tax Solutions on March 4, 2013 in Blog

The Victory Tax Solutions team loves America. We have and love the entrepreneurial spirit that is the foundation of this great country. However, we are very concerned about the financial well being of our country and the vast majority of Americans. Consider the fact that mortgage debt has doubled since 2000, student loan debt is up 4.6% since last year and 19% of Americans owe back taxes

We are very pleased to witness and play a small role in America and Americans clawing their way out of the massive recession that almost took down our entire financial system. However, we continue to be concerned about the incredible debt levels we are burdened with. We hope you gain some insight and enjoy the infographic illustrating our concerns.

©2014 victorytaxsolutions.com
Publishing Rights: You may republish this article in your web site, newsletter, or ebook, on the condition that you agree to leave the article, author’s signature, and all links completely intact.

So you received an IRS collection notice…

by Victory Tax Solutions on October 9, 2013 in Blog

If you owe money on unpaid federal taxes the IRS will mail you various notices outlining (1) the issue, (2) required response, and (3) how much time you have to respond. Below I have outlined some of the most common IRS notices for collecting unpaid taxes.

Keep in mind that depending on the IRS Agent, these notices may appear in different orders or as different notice numbers.
 

CP14 Notice (You Owe Federal Taxes)

IssueYou have an outstanding tax liability.

ResponseContact the IRS to pay the amount in full or enter into a tax debt resolution.

How much timeDeadline to pay the amount or to make payment arrangements is listed on Notice.
 

CP503 Notice

IssueThe IRS has not received your response to a prior notice and you still owe money to the IRS.

ResponseContact the IRS to pay the amount in full or enter into a tax debt resolution.

How much time: You have 10 days from the Notice date to avoid additional penalties and interest.

Note!!!!: The IRS has authority to file a notice of tax lien if (1) you fail to pay in full, or (2) enter into a tax debt resolution that will not achieve full pay of the debt in a specified amount of time. 
 

CP504 Notice (State Tax Refund Levy; Intent to Levy Other Property)

IssueThe IRS has not received your response to a prior notice and you still owe money. The IRS will issue a levy against your state tax refund. The IRS will also start searching for your other assets to levy.

ResponseContact the IRS to pay the amount in full or enter into a tax debt resolution.

How much timeDeadline to pay the amount or to make payment arrangements is listed on Notice.

Note!!!!After your state tax refund is seized and if you still have a tax liability, the IRS has authority to initiate a levy on your other property (wages & other income, SSI,  bank accounts, home, car etc). The IRS can also file a notice of tax lien.
 

LT 11 (Letter 1058)  (Final Notice Prior to Levy)

Issue: The IRS has not received a response to a prior notice and you still owe money. The IRS intends to levy your assets.

Response: Contact the IRS to (1) pay amount in full, (2) enter into a tax debt resolution, or (3) request an appeal

How much time: 30 days after the date of this letter.


For more information, please visit the IRS website:

http://www.irs.gov/Individuals/Understanding-Your-IRS-Notice-or-Letter

©2014 victorytaxsolutions.com
Publishing Rights: You may republish this article in your web site, newsletter, or ebook, on the condition that you agree to leave the article, author’s signature, and all links completely intact.