At Foltz & Associates, we are uniquely qualified to assist you with resolving tax issues with the IRS and providing peace of mind through account resolution for issues such as:
Failure to file tax returns can result in the IRS seizure of asset and/or criminal charges. We can assist you with this process and get you in compliance with the law. Filing overdue tax returns is the first step in tax resolution with the IRS, as well as the state governments. Voluntarily filing tax returns helps to avoid and/or minimize late fees, interest charges, liens and levies of assets.
Analysis of the tax records is the first step in analyzing the options available to resolve your tax liabilities owed currently and for prior tax years. We will review the IRS records and ensure the tax information on file is accurate. We will also calculate the IRS penalties assessed to ensure these penalties have not been overstated. We can also file for reversal of penalties through the abatement process.
We can assist you with setting up a reasonable payment plan to meet the tax obligations you currently have with the IRS. This will not avoid penalties and interest charges, but allows you time to pay off amounts owed in prior years and avoid liens and levies on personal assets by the IRS. Currently, there are programs for which setting up an Installment Agreement is a fairly simple process, through the IRS Fresh Start Program, for amounts owed less than $50,000. When Installment Agreements are set up and honored, and current tax years’ obligations are met, taxpayers do not have to worry about the IRS seizing personal taxes for prior tax years’ amounts owed.
For those who have tax debts and do not have enough income to meet payments required to meet these obligations, the IRS has Offers in Compromise. Tax debts can be settled for as little as pennies on the dollar in some cases where the taxpayer’s current and future expected income is not sufficient to pay tax liabilities owed to the IRS.
If you have received a wage garnishment for taxes owed, we can assist you with reducing and/or eliminating these wage garnishments through the above services.
If you have received liens or levies from the IRS, we can review those liens and levies to investigate whether they can be removed or reversed through the above programs.
Do I still have enough to itemize?
Since before I can remember, taxpayers have had the option of reducing their income (to arrive at taxable income) by using either the standard deduction or itemized deductions. It was the one place on the tax return where most folks felt like the IRS granted them a little bit of favor…because you got to deduct whichever...
What’s going on with my exemptions under the Tax Cuts and Jobs Act (TCJA)?
Under the former law, which of course applies to the tax returns being filed for 2017, taxpayers can claim a personal exemption for themselves, their spouse (if filing jointly) and each qualifying child or relative. Each of these exemptions allowed taxpayers to reduce their taxable income by...
As we all know (if you don’t, I’m not sure what rock you’ve been sleeping under), Congress presented and the President signed in to law the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. This law amends the Internal Revenue Code of 1986.
This new law affects us all. No taxpaying person in the United States will escape these changes. For some of...