Frequently Asked Questions

1) What can I do if the IRS informs me of a collection action?

If you can afford to pay the taxes in question, do so. If you cannot pay the taxes within the timeframe the IRS is requesting, you need to protect your assets from collection and then negotiate a payment arrangement, an Offer in Compromise, or an uncollectible status.

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2) What's the best way to take control of my tax liability?

Do not avoid the problem. Call the IRS before they call you, or have a tax professional represent you.

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3) Do I need professional help?

If you are experienced with the IRS or state collection divisions, you may be able to resolve the issue yourself. If not, professional advice will help you determine the best tax resolution strategy for your situation.  Taxes are not a good "do-it-yourself" project.

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4) Can Larson Financial find out how much I owe?

Larson Financial can order your account transcripts from the IRS and state taxing authorities, or help you understand a transcript that you have ordered.  Our experienced staff can break down the file into an easy-to-understand document that clarifies your principal liability, along with any penalties and interest.

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5) How can I find out if I have deadlines?

Contact the appropriate person in the tax office managing your case, which unfortunately is easier than it sounds.

Three things are certain with the government:  paperwork, procedures and deadlines.  But it's tough to know who to contact and how to ask the right questions.  Larson Financial makes it simple by handling the paperwork, understanding the procedures and clarifying deadlines.  We will proactively contact the IRS to determine where you stand in the collection process.

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6) Can you negotiate down my taxes?

Yes.  In many instances Larson Financial can lessen a tax burden through penalty abatements or possibly an Offer in Compromise.

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7) Can you help release a wage garnishment?

Yes,  Larson Financial can help release wage garnishments executed by states or the IRS, often effective immediately.

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8) What is the difference between a levy and a lien?

A lien is a claim on an asset that the government uses to secure a debt. A levy, or bank levy, is when the government actually takes money out of your bank account. They may also levy a business's accounts-receivable.

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10) Can I go to jail for owing taxes?

The federal government eliminated debtor's prison long ago.  Currently, people go to jail only for tax evasion, or the willful exercise of not paying taxes on money earned.

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11) Can my accountant or attorney do this for me?

In theory, accountants and attorneys may represent you in state or federal tax issues.  In reality, it depends upon their specific area of practice.  Unless your accountant or attorney regularly works with collection authorities, they may not have the practical understanding of someone who works exclusively with the collection divisions of the IRS and states, as Larson Financial does.

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12) How does Larson Financial operate nationally?

Our approach saves clients valuable time and money. Because of our expertise in collection procedures, we can effectively communicate with revenue officers across the U.S. via fax, email and phone.  In fact, revenue officers prefer such contact because it eliminates the need for time-consuming and uncomfortable face-to-face visits.

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To resolve your tax problems, please contact Larson Financial today.

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