Behind On Taxes?
Don't know where to start? Don't let your back taxes weigh you down. Let us be your guide to resolving your tax issues and getting back on track.
We Can Help With...
Offer In Compromise (OIC)
Are you struggling to pay your outstanding tax balance? The Offer in Compromise program offered by the Internal Revenue Service (IRS) may be the solution you've been looking for. This highly sought-after program allows you to settle your tax liability for less than what you owe, providing you with much-needed relief. In fact, you may be able to settle for as little as 1% of your total tax debt!
The Offer in Compromise program, often referred to as a "pennies on the dollar" settlement, is designed to help individuals who are unable to fully pay their tax debt due to their current financial situation. If you qualify, this program can significantly reduce the amount you owe, allowing you to resolve your tax issues and regain financial stability.
Penalty Abatement
When it comes to taxes, it's crucial to file and pay on time to avoid penalties imposed by the government. These penalties can be quite costly and can accumulate rapidly. There are two types of penalties;
Failure to File (FTF) Penalty
If you fail to file your taxes on time, the Internal Revenue Service (IRS) imposes a penalty known as the Failure to File (FTF) penalty. This penalty amounts to 5% of the unpaid tax for each month you fail to file, up to a maximum of 25%.
Failure to Pay (FTP) Penalty
The Failure to Pay (FTP) penalty is charged by the IRS when you fail to pay your taxes on time. This penalty ranges from 0.5% to 1% per month of the unpaid tax amount until the taxes are fully paid.
Penalty Abatement for Financial Hardship and Reasonable Cause
If you believe you qualify for penalty abatement, it is crucial to present your case effectively to the IRS. One way to do this is by preparing a personal story that explains what happened and why you were unable to meet your tax obligations. Providing supporting documentation and evidence can strengthen your case.
At Cardinal Tax Resolution, we understand the complexities of tax penalties and the importance of resolving them effectively. Our team of experts can assist you in preparing your penalty abatement request, ensuring that your side of the story is effectively communicated to the IRS.
Formalized Installment Agreements
When facing a significant tax burden, it's crucial to understand your options for repayment. If your total tax burden exceeds $50,000 personally or $25,000 as a business, you are required to complete a financial statement to determine your monthly payment amount. The Internal Revenue Service (IRS) offers various Collections Information Statements, and selecting the appropriate one can be challenging. It's important to note that some plans can be advantageous, while others may prolong your pay off date with high penalties and interest.
At CTR, we specialize in negotiating principal-driven Installment Agreements that enable you to pay off your taxes in the shortest time possible while saving money. Our team of experts is here to make the process easy and hassle-free. By contacting us today, we can help you determine which type of Installment Agreement is right for your specific situation.
Our goal is to provide you with a personalized solution that aligns with your financial needs. We understand that every taxpayer's circumstances are unique, and we take the time to assess your situation thoroughly. By analyzing your financial statement and considering factors such as your income, expenses, and assets, we can develop a tailored Installment Agreement that works in your favor.
Partial Pay Installment Agreement
When it comes to outstanding tax liabilities, the Internal Revenue Service (IRS) operates under a strict 10-year collection period from the date of assessment. However, there is a potential solution for taxpayers facing financial hardships - the Partial Pay Installment Agreement.
At our organization, we understand the importance of putting our clients' needs first. Our dedicated team is committed to negotiating the most favorable Installment Agreement based on your financial circumstances, rather than the total amount owed.
The Partial Pay Installment Agreement is a powerful tool that allows taxpayers to settle their tax liabilities without fully paying off the debt by the end of the statute. This program is specifically designed to provide relief to individuals who are experiencing financial difficulties.
Our team of experts will work closely with you to assess your financial situation and determine the most appropriate course of action. We will negotiate with the IRS on your behalf, aiming to secure the lowest possible Installment Agreement that aligns with your ability to pay.
*It's important to note that the Partial Pay Installment Agreement is only available through the IRS. State revenue departments do not offer this particular program.
Currently Not Collectible
Life can be unpredictable, and sometimes we find ourselves facing unexpected challenges. Whether it's medical expenses or job loss, these situations can leave us feeling overwhelmed, especially when it comes to our finances. At CTR, we understand the difficulties that can arise, which is why we offer a Temporary Relief Program to provide some breathing room during these tough times.
According to a study conducted by Harvard University, the top two causes of financial strain are medical expenses and job loss. Surprisingly, 78% of individuals facing back taxes due to medical expenses had medical insurance. If you're currently struggling to make ends meet or have recently experienced a job loss, our program is specifically designed to assist you.
Our Temporary Relief Program allows you to temporarily suspend your account within the collections division for a period of 6-12 months. This means that during this time, you won't be required to make any payments towards your outstanding balance. We understand that it's crucial to have the time and space to regain stability and focus on getting back on your feet.
At CTR, we prioritize the well-being of our customers and aim to provide support beyond just our products and services. Our Temporary Relief Program is just one way we demonstrate our commitment to helping individuals during challenging times.
Collections Hold & Extensions
When dealing with tax issues, it is not uncommon to find yourself facing tight deadlines set by the IRS. These deadlines may not always allow you enough time to gather all the necessary documentation to present your case effectively. At CTR, we understand the importance of having ample time to build a strong resolution strategy and gather supporting documents. That is why we offer a service that can help negotiate an extension on your account, providing you with the extra time you need.
Our team of experts is well-versed in navigating the complexities of the IRS system. We have the knowledge and experience to communicate with the IRS on your behalf and negotiate an extension that suits your specific circumstances. By securing an extension, you can gain valuable time to gather all the required documents and ensure that your case is presented in the best possible light.
At CTR, we believe that every taxpayer deserves a fair chance to resolve their tax issues. We understand that rushing through the process can lead to mistakes and potentially unfavorable outcomes. By availing our collections hold and extension service, you can take control of your situation and work towards a successful resolution.
Our process is straightforward and efficient. Once you reach out to us, our team will assess your situation and determine the best course of action. We will then initiate contact with the IRS and request an extension on your behalf. Throughout the process, we will keep you informed and updated on the progress, ensuring transparency and peace of mind.
By choosing CTR for your collections hold and extension needs, you can benefit from:
- Expert negotiation skills: Our team knows how to effectively communicate with the IRS and negotiate favorable extensions.
- Additional time: An extension will provide you with the necessary time to gather all the required documentation.
- Peace of mind: We will handle the communication with the IRS, allowing you to focus on preparing your case.
- Increased chances of success: With more time and a well-prepared strategy, you can improve your chances of achieving a favorable resolution.
Don't let tight deadlines hinder your ability to present your case effectively. Contact CTR today and let us help you negotiate an extension on your account. With our expertise and dedication, we will work towards a resolution that meets your needs and ensures a fair outcome.
Levy Garnishment Release
If you are unable to settle your tax liability in a timely manner, the taxing authorities may impose a garnishment on wages or a levy in an attempt to collect. The IRS is allowed to collect on:
- Wages, real estate commissions, and other income
- Bank accounts
- Business assets
- Personal assets (including your car and home)
- Social Security benefits
If you are experiencing a levy, wage garnishment, or property seizure, your next move needs to count. Please call our tax experts now so that we may protect you before it’s too late.
Fresh Start Program
Are you burdened by tax debt and worried about facing a tax lien? The Fresh Start Program, designed by the IRS, offers a solution to help you pay off your taxes and avoid the negative consequences of a tax lien. At CTR, we make participating in the Fresh Start Program easy and hassle-free, requiring minimal effort on your part. Read on to learn more about the program and how you can qualify.
To be eligible for the Fresh Start Program, you must meet the following requirements:
- Filing All Tax Returns: Ensure that you have filed all your tax returns. This requirement is essential for program participation.
- Personal or Business Liability: Your personal tax liability should be below $50,000, or your business tax liability should be below $25,000. If you meet this criterion, you are one step closer to resolving your tax debt.
- Full Payment within 72 Months: You should be able to pay off the entire amount owed within 72 months (6 years) or less. This timeframe ensures a manageable repayment plan.
- Automatic Withdrawals: Having a bank account and allowing automatic withdrawals is a requirement for participating in the Fresh Start Program. This ensures a seamless payment process.
- Withdrawal of Notice of Federal Tax Lien: You may even apply for a withdrawal of the Notice of Federal Tax Lien before paying your total liability. This option provides additional flexibility in resolving your tax debt.
Don't worry about navigating complex paperwork or filling out numerous forms. Our team of experts will handle all negotiations and set up your Fresh Start Program within as little as 30 days. We understand the urgency of resolving your tax debt and work efficiently to provide you with a fresh financial start.
