If you owe back taxes, there is no better time than now to settle the debt. The longer you wait to resolve your IRS debt, the more you put yourself at risk. At Rocky Mountain Tax Solutions, we analyze your total amount owed and what the IRS considers your Reasonable Collection Potential (RCP) to determine the best solution available for you.
The Offer in Compromise is a great program that allows taxpayers, who could otherwise never repay their taxes in full, to settle their tax debt for less than the total amount owed. Our tax professionals can determine if you qualify for this program and submit your offer for the lowest amount possible.
Currently Not Collectible puts your IRS account on a temporary collection hold. Although the tax debt does not go away and penalties and interest continue to accrue, it can be very helpful to taxpayers who are facing short-term financial difficulties or when tax expiration dates are nearing. Let us determine, if currently not collectible status is right for your situation.
Has your tax debt be lingering for years? Does it seem like it will never go away? Many people don’t know that tax debts do expire. But knowing when they expire is the tricky part. Generally, the IRS has ten years after the tax is assessed to collect the balance. The statutes can be tolled by various actions, such as, audits, bankruptcy, and submitting offers in compromise. Our transcript analysis can determine your collection statute expiration dates.
Owing payroll taxes is probably one of the most stressful of tax problems. The IRS does not take past due payroll tax liabilities lightly. The IRS will assign revenue officers, shut down your business and/or assess the tax to you personally. Our tax professionals will help you resolve this tax issue before it gets worse.
An IRS levy can be devastating to many taxpayers. If the IRS can take a large percentage of your income, leaving you with very little money to live on. If you are about to have your wages levied or if they are already being levied, contact our office immediately. We can get levies released the same day you meet with us.
Once a tax debt goes unpaid for a certain amount of time, the IRS will file liens on your property and credit to secure their interests. These liens can create hardship by preventing you from buying or selling a home or getting personal or business loans. Contact our office to find out how we can remove your tax liens.