TAX RESOLUTION

• 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 programs 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.

• The IRS/State has a right to file a Notice of Federal Tax Lien (NFTL) or State Execution against you, a business, or an individual, who owes a tax debt. A tax lien is different from a tax levy. A tax lien is to protect the government's interest. A tax lien is a legal claim against your property to secure payment of your tax debt, while a levy 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.

• 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.

• 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.

• 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 non-tax 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 non-tax debt, let us see if you qualify for injured or innocent spouse relief.