Tax resolution can come in many forms and combinations. It depends upon the type of taxes owed, amount owed, and ability to pay.
Depending upon your unique situation, there may be one or more options available for resolving your tax issue.
Aggressive Enforcement
Bank Levies: Seizing of funds from your bank accounts is very common, and Larson Financial is well versed in preventing, releasing and reversing these actions.
Wage Garnishments: This is the most common aggressive collection tactic for personal income tax debtors. Larson Financial can typically prevent these actions.
Receivables Levies: Taxing authorities often go after the money that your customers owe to you. If they succeed, it can be crippling to a business. Larson Financial takes aggressive actions to prevent or stop these activities.
Tax resolution services may include the following:
Installment Agreements: Most of our clients can't pay all of their debt all at once, or even in a few payments, even though they would like to if they could. Our Firm has years of experience in negotiating installment arrangements with Taxing Authorities that fit your budget. When negotiating these arrangements, we examine your financial situation to determine what we will offer to the government, thus achieving something that is truly affordable on a monthly basis.
Offer in Compromise: Depending on your asset and income situation, a settlement offer may be the best solution to solve your tax debt issues. Not everyone qualifies, so be careful of companies that promise the "pennies on the dollar" solution without first performing an extensive analysis of your financial picture. The OIC program does exist, however we only attempt this solution if your limited assets and income indicate that you are a valid OIC candidate. If you qualify, Larson Financial is very successful in getting these settlements approved. Our on-staff Tax Consultants can help you to determine if you are a valid candidate for this program.
Partial Pay Installment Agreement: This can be viewed as a hybrid between the Installment Arrangement and Offer in Compromise options. Many types of taxes have a statute of limitations where government Taxing Authorities have a limited time to collect the debt before they lose their ability to collect them at all. Larson Financial has been an industry leader in achieving arrangements with the government that allow our clients to pay what they can afford on a monthly basis until the statute of limitations runs out on their debt. This can result in large savings for many of our clients. Our Associates are experienced and well versed in achieving this result. Not every client qualifies, however, this option can be a great solution that can be discussed with any of our on-staff Tax Consultants.
Compliance: Many Larson Financial clients come on board without having made recent deposits or without submitting many missing tax forms. It can be very confusing trying to figure out what to file, when to do it, and where to send it. "Should I pay an old quarter of taxes before your current deposits are made? If I am going to file missing returns, should I start with the newest or oldest ones first?" These are common questions. Sometimes the information given to you by government Taxing Authorities and the Revenue Agents can be confusing, and even incorrect. Our Associates can hold your hand through what to do first, and how to do it. This is part of the hand-holding that we do for every client that comes on board. You don't have to have all of your tax forms submitted to the government in order for us to start providing benefits to you. We can guide and assist in making sure you tie up any loose ends while you are a client of Larson Financial.
Currently Not Collectible Status: Many of our clients do not presently have the funds for an installment arrangement, while their assets or income dictate that they are not a good candidate for an Offer in Compromise. For these clients, Larson Financial is very successful in achieving a "CNC" status, where the IRS will not aggressively pursue the client for a full year. Also known as a Status 53, this can provide a business or individual with the time they need to get their feet under them before they begin an installment arrangement with the IRS. Our Tax Consultants can help you determine if this is a viable option for you.
Corporate Shut Down: The closure of a company can sometimes be very beneficial, and save our clients substantial amounts of money. Depending on the type of tax, how much penalty has been assessed, and even the age of a tax, it may be the best solution to have Larson Financial assist in dissolving the entity altogether. This is a process that the Associates at Larson Financial are well versed in performing. This process requires knowledge of tax code, policy, and procedure. That's why Larson Financial can be a very valuable resource in ensuring that it is done right. Contact an Larson Financial Consultant as soon as you can to see if this option may benefit you and your tax situation.
Corporate Formation: There's nothing better than getting a fresh start! Starting a new corporation with a new identity, tax ID number, and even a new customer base may be just what you need. Our associates are capable of guiding and assisting in the formation of a new entity for you. Depending on the type of company you have, the type of corporate structure you choose may provide you with future tax benefits. We can help you decide what may be best structure for your new company, whether it be an S-Corporation, C-Corporation, LLC, PLLC, Partnership, P.C., Sole-Proprietorship, and even 501(c)(3) (non-profit) organizations.
We strive to save our clients money, time and stress. Just as there are many different tax related problems, there are many options for
tax resolution. Call us at 888-902-0778 for a free consultation. In a few minutes we will help you to better assess what options are best
for your unique situation.
