Tax Services Terms
Offer in Compromise:
An offer in compromise (OIC) is an agreement between you and the Internal Revenue Service (IRS)/Department of Revenue (State) that settles your tax liabilities for less than the full amount owed. Tax debt reduction program under federal and state law provide real relief, but they can be very complex to navigate. If you’re experiencing hardship paying your tax debt, now is the time to learn about your options to protect yourself and resolve your tax burden. Don’t go at it alone. We can help.
An installment agreement, or payment plan, may be requested and made with the IRS/State to pay your taxes you owe within an extended timeframe. If you qualify and are approved for a payment plan, you are allowed to pay the tax you owe in monthly installments instead of immediately paying the amount in full. In return, you agree to make your monthly payments on time. You also agree to meet all your future tax liabilities. IRS requires a taxpayer to pay the tax debt within 72 months and State requires the debt be paid within 36-60 months. If you’re experiencing hardship paying your tax debt in full, now is the time to learn about your options to protect yourself and resolve your tax burden We are here to help.
An IRS/State bank levy permits the legal seizure of your property to satisfy a tax debt. A tax levy gives the IRS/state the right to garnish wages, take money from your bank or other financial account, seize and sell your vehicle(s), real estate and other personal property. A levy is different from a lien. A levy actually takes the property to satisfy the tax debt while a tax lien is a legal claim against your property to secure payment of your tax debt. If the IRS/State has threat to levy your property or has levied your property, we can help you remove the levy or protect your property from being levied.
The IRS/State has a right to file a Notice of Federal Tax Lien (NFTL) or State Execution against you, business or individual, who owes a tax debt. A tax lien is different from a tax levy. A tax lien is to protect the government interest. A tax lien is a legal claim against your property to secure payment of your tax debt, while a levy actually takes the property to satisfy the tax debt. If you owe the IRS/State taxes, and you have been assessed with a tax lien, it might be worth checking to see if you are subject to the tax lien and if the lien can be removed or discharged. We can help.
Currently Not Collectible Status (CNC):
A Currently Not Collectible (CNC) status is the decision the IRS/State takes in concluding that a taxpayer has no ability to pay and cannot afford to make payments on their tax debt. To qualify for a CNC, you must prove that tax payments would cause a significant hardship on the you. A CNC status isn’t permanent; it will be reviewed periodically and if your situation changes, you may be required to start making payments. Let the Walton Firm see if you meet the requirements to be placed in a CNC status.
An IRS/State tax audit is a review/examination of a company’s or individual’s tax returns, documents, and financial information to ensure information is reported correctly, according to the tax laws, and to verify the reported amount of tax is correct. The IRS/State audits approximately six (6) percent of individuals and 9.7% of corporations per year. In 2019, the IRS collected 17.3 billion in additional taxes through audits. You may also be audited if you do not report wages, self-employment income, bonuses, and other income contributes. The IRS/State receives copies of the same income reporting forms you do, from copies of your W-2 to Form 1099. If your tax returns are examined by the IRS/State, it does not have to be scary. We can help you through the audit and help prevent future audits.
Taxpayers have the right to a fair administrative appeal of most IRS/State decisions. If the IRS/State sends a notice proposing that the taxpayer owes more money, the taxpayer may want to dispute it through an administrative appeal. Appeals is separate from the IRS/State and strives to resolve tax disputes in a fair and impartial way to both parties. If you disagree with a notice of proposed tax, let us help you navigate through the administrative appeal process.
Mediation, also known as Alternative Dispute Resolution (ADR), can help you if you have an unresolved issue with the IRS/State or disagree with an IRS/State decision or action. It’s an informal, confidential, non-binding and voluntary process used to help avoid lengthy appeals and costly litigation and to identify possible settlement terms when all issues are fully resolved except the issue for which mediation is requested. An Appeals Officer who is trained in mediation techniques works with the taxpayer and the IRS to resolve the issue. If you are required to attend a mediation/negotiations with the IRS/State, the Walton Firm is here to help you navigate through the alternative dispute resolution procedures.
Innocent and Injured Spouse:
You may be eligible for innocent or injured spouse provisions, if you file a joint tax return and all or part of your portion of the overpayment was applied or offset to your spouse’s legally enforceable past-due federal tax, state income tax, child or spousal support, or a federal nontax debt such as a student loan. By requesting innocent or injured spouse relief, you can be relieved of responsibility for paying tax, interest and penalties, state income tax, child or spousal support, or student loan debt if your spouse (or former spouse) improperly reported items or omitted items on your tax return without your consent or owed government debt. If your tax refund has been offset because of your spouse owes a tax debt or federal nontax debt, let us see if you qualify for injured or innocent spouse relief.
Payroll & Trust Funds Tax Penalties:
If you are responsible for your companies’ payroll and you did not pay the required payroll taxes, not only can your company be subject to penalties for no paying the payroll taxes or paying those taxes on time, you could also be subject to a trust fund penalty. A trust fund tax is money withheld from an employee’s wages (income tax, Social Security and Medicare taxes) by an employer and held in trust until paid to the Treasury. If you, as the responsible party, did not submit those taxes to the IRS/State, you could personally be subject to the trust fund penalty. About 70% of the annual revenue collected by the IRS/State comes from payroll taxes. According to the IRS/State, employers who don’t follow employment tax laws are subject to civil and criminal penalties. If your company has been assessed with past due payroll taxes or you have been assessed a trust fund penalty, let us help you or your company negotiate with the IRS/State to resolve your payroll issue and avoid a trust fund penalty.
Tax Preparer’s Due Diligence Penalties:
In an effort to reduce inaccurately filed tax returns, the IRS/State also examines a percentage of tax returns related to Earned Income Credit (EIC), Child Tax Credit (CTC), Additional Child Tax Credit (ACTC), American Opportunity Tax Credit (AOTC) and Head of Household filing status. If the IRS/State can prove that a tax preparer did not perform the due diligence to verify if a taxpayer was should receive those credit, the IRS/State can assess a due diligence penalty against the tax preparer for not meeting the requirements. The IRS penalty is $530(as of 2020) per occurrence per tax return per year. If you as a tax preparer has been audited by the IRS/State or you are subject to a tax preparer’s penalty, we can help you navigate through the audit process and help you avoid the tax preparer’s penalties in the future.
United States Tax Court:
The US Tax Court is a federal court that Congress established to provide a judicial forum where an entity could contest a tax deficiency determined by the Internal Revenue Service (IRS) before paying the disputed amount. If the taxpayer receives a notice of deficiency from the IRS, the taxpayer has 90 days to petition the Tax Court or lose their option to do so. If you received a notice of deficiency from the IRS and want to dispute the notice, you will need expert tax attorneys who understands how to navigate through the Tax Court litigation procedures. We are here to help.
Georgia Tax Tribunal:
The Georgia Tax Tribunal (GTT) is a specialized court which was established as an autonomous division within the Office of State Administrative Hearings. The GTT conducts trials of contested cases involving the Georgia Department of Revenue and handles state tax disputes that cannot be resolved informally. GTT is separate from and independent of the Department of Revenue. If you receive a notice of tax assessment or notice of state tax execution from the Georgia Department of Revenue and want to dispute notice, you will need expert tax attorneys who understands how to navigate through the Tax Tribunal litigation procedures. We are here to help.
Conservation Easement Audit and Litigation:
Conservation Easement were named on the IRS’ 2019 “dirty dozen” tax scams. A conservation easement, which permits hefty tax deductions for taxpayers who donate easements for conservation purposes. It can qualify as a tax- deductible charitable donation that is four to four and a half time the taxpayer’s investment. This deduction can reduce your state and federal income tax liability. Conservation Easement is a tax contribution of qualified real property to a government or non-profit organization for the purposes of exclusive conservation purposes. The IRS is auditing and litigating a large number of these cases. If your conservation easement transaction has been subject to an audit or litigation, we are here to help.
US District Court Cases and Court of Federal Claims (Civil):
The US District Court Cases and Court of Federal Claims are Federal Courts that hears tax cases when the taxpayer has paid the tax debt and requested a refund from the IRS and the IRS has denied the refund. The procedure can be difficult to navigate. If you have paid the tax debt and are requesting a refund, you will need an expert tax attorney to help navigate through filing a refund with the IRS and/or filing a petition with the US District Court or Court of Federal Claims. We are here to help.
US District Court Cases (Criminal):
The IRS initiates criminal investigations against taxpayers and tax preparers for tax fraud and evasion, such as unreported income, a false statement, the use of an impermissible accounting or banking service, or declaring too many deductions. Even though the IRS may file a criminal investigation against a taxpayer, they hold the tax preparers to a higher standard, so the IRS mostly initiates a criminal investigation against a tax preparer. IRS agents are trained to recognize signs of criminal tax fraud and evasion, which could then rise to the level of an IRS criminal investigation process. If you find yourself being investigated for a criminal matter with the IRS, due to the complexity of criminal and tax law, you need a tax attorney who is skilled and competent in handling these cases. The Walton firm specializes in these complex matters and we are here to help.
The role of in-house legal counsel is to understand the pressure points, strategies and objectives of the business and effectively communicate the risks and legal issues involved in any decision to management. This enables management to make informed strategic choices within an acceptable legal risk profile and possibly avoid future litigation and business issues. The Walton Firm represent businesses as their Corporate and Tax Counsel.
As corporate counsel, we provide our clients with contract review. We review and examine our clients’ legal agreements to ensure that everything stated in the document is clear and accurate, and that our client is comfortable moving forward according to the terms of the agreement. This process includes: a rational analysis, clarifying of contract related facts, measure of the feasibility of contract, and forecast of contract risks. Our qualified attorneys can review any contract, agreement or document you choose, including those that don’t require your signature.
As corporate counsel, we provide our clients with contract preparation. The goal of contract drafting, and preparation is to create a legally binding document in writing that is clear, concise, and as close to the parties’ intentions as possible with the basic elements required for the agreement to be a legally enforceable contract. The parties to a contract may go through several drafts and negotiation sessions before the official contract is finalized. Our qualified attorney ensures our clients documents are drafted and prepared to meet their business needs.
As corporate counsel, we provide our client with a thorough review of their formation and governance to ensure that company is properly and within legal adherence. A company formation determines a company’s legal responsibility and their tax implications. It is very important to have an attorney who understand your business, tax strategies, and entity structuring. The expert attorneys at the Walton Firm provides our clients with corporation formation/governance that fit their business needs and expectation.
Business Litigation and Dispute Resolution:
As corporate counsel, we provide our client with business litigation. Like individuals, businesses sometimes find themselves in litigation and business disputes. We represent our corporate clients in a variety of disputes, whether their issue is resolved through litigation, mediation or arbitration.
Mergers & Acquisition:
As corporate counsel, we handle our clients’ merger and acquisition transactions. We are involved from start to finish whether the client is merging multiple companies or acquiring a new company. This includes all planning, research, due diligence, valuation analysis, contract creation, negotiations between parties, financing, merger or acquisition closing and implementation activities and tax implications. Our expert attorneys understand the complexity of mergers and acquisitions.
Corporate Tax Planning/Disputes:
As corporate counsel, we help our client reduce their tax liabilities if needed. Through the various tax deductions, exemptions, and credits, a company can substantially reduce its tax burden legally. We provide our clients proper legal guidance and planning, including analysis of income, expenses, and assets, capital gain planning, maximizing low-taxed assets and business structuring to reduce income tax liabilities. We also work with our clients if the corporation is involved in an IRS/State tax dispute. We do it all.
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The Walton Firm offers a large array of Corporate Law and Tax services to suit your needs.