Advanced Tax ServicesTax PreparationWhen it comes to taxes, our firm goes beyond the standard 1040. We also prepare and e-file all of the following Federal, State, and Local tax returns for: Partnerships/ LLC's C Corporations S CorporationsNon-Profit OrganizationsEstate/Trust Income tax Gift Tax ReturnsEstate Tax ReturnsApplication for Quick RefundNeed To Amend Your Tax Return?We specialize in correcting tax returns that have errors and/or omissions.Amending a tax return goes beyond just filing a corrected tax return - we look for legal strategies to abating any penalties that may arise and help you navigate toward compliance. Does the IRS owe you money? Did you forget to include a deduction or take a credit?Not to worry. We can discuss amending your previously filed tax returns to get you your refund. Haven't Filed a Tax Return in Years?We can help you avoid the traps and navigate you into compliance with the IRS. Don't just file all your missing returns without speaking to a tax professional. Improper action could result in avoidable additions to your tax bill! Please review our Tax Relief section below for a review of the most common IRS tax debt resolution options available.Tax PlanningDid you ever prepare your tax return only to find out you have a surprisingly high tax bill? Were you disappointed by the mediocre explanation your accountant provided you with?True tax advisors proactively discuss their clients tax matters year round to help them avoid these unnecessary and surprise tax bills.Whether you are looking for a simple consultation or a full blown professionally implemented plan with a side by side analysis of your current situation and the tax savings you could enjoy, we can help!Many effective tax planning strategies involve careful review over your income as well as your investments and savings. For most taxpayers, using the wrong business entities or financial products are a leading cause of unnecessary tax bills and financial strain. Most of the time many of the issues we encounter were avoidable had the individual been given the right advice. It is often said that good advice does not come cheap, however bad advice can almost always be expensive - this certainly holds true for taxes. Our firm has the technical expertise in both taxes and financial planning which makes us a key differentiator from other advisors and a great addition to your team. Having one individual handling both your tax and financial situation is not only smart, it provides you with a trusted resource that can lookout for pitfalls on both sides of the tax planning equation. TAX RELIEFHave you fallen behind on your tax debt? Has the IRS informed you that they intend to levy your bank accounts or garnish your wages?We can help! Owing money to the IRS can be very intimidating, but don’t worry – there is relief available. Using proven strategies, we can assist you through tax audits, help reduce your tax debt, and stop wage garnishments and bank levies from happening. We represent taxpayers throughout all offices of the IRS. If you are currently under an audit examination, having a licensed and knowledgeable professional represent you can make a substantial difference in the outcome of your case. Most Common Types of ReliefPenalty AbatementA penalty abatement is one of the simplest forms of tax relief available, yet one of the most overlooked. This is unfortunate as the penalties assessed by the IRS could be a significant portion of your overall tax debt. Most taxpayers never realize that their particular situation, certain life events, natural disasters, etc., can be used to justify an abatement. In addition, most taxpayers that have a history of remaining in compliance can usually request a First Time Abatement (FTA). Remember, the IRS is not in the business of collecting penalties; they just use them to enforce compliance with tax filings. Installment Agreement (IA)An IRS Installment Agreement (IA) is when you repay your tax debt in full, with interest, in regular monthly payments. Most Installment Agreements must be completed within seven years or by the Collection Statute Expiration Date (the day your tax debt expires), whichever comes first. This is usually the most common tax relief option available to most IRS issues. Partial Payment Installment Agreement (PPIA)The Partial Payment Installment Agreement (PPIA) is similar to a regular installment agreement where you make regular monthly payments to the IRS for taxes owed. However, you will only be paying back part of the taxes you owe. To qualify, a full financial disclosure, including details about your income, expenses. assets, and debts, need to be submitted. The Partial Payment Installment Agreement is harder to obtain than a simple Installment Agreement but is significantly simpler than obtaining an Office in Compromise (OIC) (discussed next). Offer In Compromise (OIC)The Offer in Compromise (OIC) is an IRS program designed to provide a fresh start to taxpayers who would experience a substantial hardship if they had to settle their tax debt in full. To qualify, a full financial disclosure, including details about your income, expenses. assets, and debts need to be submitted. Although the Offer In Compromise (OIC) has been frequently advertised in the media, it is not for everyone; particularly if you are close to the Collection Statute Expiration Date (CSED). The OIC is one of the most difficult types of relief to get from the IRS and the entire process can take 6-9 months in total. Currently Not Collectible (CNC)The Currently Not Collectible status (CNC) is a little known strategy that can help you temporarily alleviate collection activity by the IRS. CNC status occurs when the IRS agrees that you cannot afford to repay your tax debt, and doing so would put you through an economic hardship. To qualify, a full financial disclosure, including details about your income, expenses. assets, and debts need to be submitted. CNC status, although simpler to achieve than an Offer in Compromise, is still difficult to obtain because in most cases your expenses should be greater than your income with very little equity in your assets. One particular issue with Currently Not Collectible status is that the IRS may revisit your case, usually within 2 years, to see if your ability to pay has changed. Therefore, we typically recommend this strategy for taxpayers that are close to the Collection Statute Expiration Date (CSED). Have a Question? Need a Quote? 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