Oklem CPA Group
It can be unnerving to receive an IRS or state audit letter in the mail. Audits require you to gather all your records and substantiate the financial information reported on your tax returns and subject you to potentially invasive scrutiny.
With federal and state government deficits soaring, the IRS and state tax authorities leave no stone unturned in its mission to determine the accuracy of your tax return. Auditors are trained to extract more information from you than you have a legal obligation to provide and know that most people fear them and are ignorant of their rights.
Using our firm as your IRS representative will make the process substantially less overwhelming as we have a complete understanding of IRS procedures and the entire audit process. We will anticipate what the IRS or state agency will exam during your audit and we will develop a comprehensive strategy prior to our first meeting with the auditor.
In most cases, you are not required, nor is it encouraged for you to attend the audit. Rarely do our clients even have to talk to the IRS. We handle it all for you so that you need not take time off from your business or job to handle the bureaucracy of the IRS.
Non Filed Tax Returns
Every day the massive computer center at the IRS is getting more sophisticated, it's just a matter of time before they catch up with individuals or businesses that have not filed their prior year returns. This is not a situation to take lightly, failing to file your tax returns is a criminal offense. Let us give you the peace of mind you deserve by helping you get in compliance with the law by preparing your unfiled tax returns. If you voluntarily file your delinquent returns you'll likely avoid further problems as well as minimizing penalties and interest.
If you wait for the IRS to file your returns for you, they are filed in the best interest of the government, usually with little or none of the deductions you are entitled to.
Before anything can be done to extract you from this predicament all the returns must be filed. You must be current. In most cases, you will likely owe taxes, interest, and penalties after the returns are filed. Once we see how much is owed, we'll set a course of action to get you into compliance and back in good standing. We will also determine whether the unfiled returns were do to reasonable cause and not willful neglect, which could help us prepare a case for penalty abatement on your behalf, depending on your individual circumstances.
Sometimes, clients are pleasantly surprised to find they are due a refund after filing the late returns. If this is the case, we will make sure that the returns are prepared and filed timely so that potential refunds are not lost. Generally, a taxpayer that is due a refund must file the return within three years of the original due date of the returns or two years after the taxes were paid, whichever is later.
Please contact us for a free consultation to find out how we can help you become compliant with the IRS or state tax agencies by preparing your unfiled returns.
Back Taxes Owed
You have filed your returns but didn't have the money to pay what was owed. You may think, "Oh well---I will catch up next year." Before you know it you find yourself several years in arrears and suddenly there is a notice from the IRS, stating that you owe three or four times the original amount. It's truly amazing how fast tax penalties and interest add up. Luckily, we offer several options when it comes to resolving unpaid taxes.
Please contact us for a free consultation to help you reasonably manage your back taxes owed to the IRS or a state tax agency.
Payroll Tax Problems
The IRS views failing to pay payroll taxes as the cardinal sin of tax delinquency because a large portion of the payroll taxes are your employees' withholdings. Not paying your company's payroll taxes is tantamount to stealing your employees' money in the eyes of the IRS. As a result, penalties for failing to pay your payroll taxes and filing your payroll tax returns on time are much more severe than other types of penalties. They can drastically multiply the amount you owe in a very short time. The IRS is extremely aggressive pursuing collection of this type of tax. They would rather seize your business assets, close you down, sell your assets at auction, and put you out of business than allow you to continue amassing additional payroll tax liabilities.
If you are behind on your payroll taxes, DO NOT meet with the IRS on your own. How you answer their initial questions can set the tone for how aggressive they will become with their collection activities. It is critical you hire a professional representative who knows how the IRS operates.
Please contact us immediately if you have received a letter or assessment of payroll or employment taxes from the IRS or a state tax agency.
Offer In Compromise
The Offer In Compromise (OIC) program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay. The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122).
In certain situations it is possible to reduce or eliminate the taxes you owe, including penalties and interest. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done "right." If done correctly your debt may be settled for substantially less than what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer.
Please contact us for a free consultation if you have been assessed tax liabilities by the IRS or state tax agencies that you cannot afford to pay. We will evaluate your financial situation and condition and determine whether the Offer In Compromise program is right for you.
If you don't qualify for the Offer In Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS or state tax agency gives you more time and flexibility to pay off your tax debts. We will help you determine a monthly amount that you can afford to make and negotiate on your behalf with the IRS or state tax agency.
If you are struggling or are behind in paying your tax liabilities, please contact us for a free consultation so that we can evaluate your viability for a payment plan.
Obtaining Your IRS Transcripts and Prior Tax Returns
Did you know that you can obtain a copy of your IRS transcripts? Most people would be surprised to learn how much the IRS knows about them. Obtaining a copy of your IRS file is critical in analyzing the options available to resolve your tax problems.
Requesting copies of your IRS file is best done by a professional who understands how to obtain them without raising any red flags as well as how to interpret the information in your file. We can help you obtain a copy of your IRS file and analyze your options.
Please contact us to help you obtain your IRS files.
Multi State Tax Filings
For clients who have businesses and financial interests in more than one state, we can help determine residency and tax filing and payment requirements in each of the 50 states throughout the U.S. Utilizing our sophisticated multi-state tax research and preparation software, we are able to stay on top of the tax laws and developments in all 50 states, as well as file all necessary state income tax returns. Additionally, we can help you resolve disputes with any of the state tax authorities.
Please contact us if you require tax expertise in any of the 50 states.