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FAQ

1. Can the IRS really take my assets?

Yes. The IRS has the legal right to seize assets in the form of wages, bank accounts, investments and in rare instances, even your home to settle an outstanding tax debt.

2. If I hire your firm, will you guarantee me a savings of “pennies on the dollar” on my tax debt?

Absolutely not (and NO company can guarantee that). Any firm that makes blanket guarantees of pennies on the dollar savings on their client’s tax debt is not only grossly misleading the client, but is borderline operating illegally. We do guarantee full tax resolution which may include negotiated settlements which will allow for some taxpayers to pay less than the original amount owed to the IRS.

3. Could I go to jail if I don’t resolve my tax problem?

Technically yes….. HOWEVER, since we take a serious and aggressive approach to resolving all of our client’s tax matters, then we can virtually guarantee you that you will never have to worry about going to federal prison.

4. Do you guarantee your services?

Yes. We guarantee that we will not stop working your case until full tax resolution is reached in the form of a customized resolution program that is most appropriate to your particular situation.

5. How long does the resolutions process take?

Reaching tax resolution can range anywhere from 30 days to over a year based on the complexities of each individual case. Keep in mind, we are dealing with the monstrosity of the federal government and even WE have to play their waiting game at times.

6. How soon will you begin working on my case?

We will begin working on your case immediately upon retaining our services… The collections division of the IRS is extremely aggressive so therefore we fight fire with fire by matching their aggressive nature in terms pursuing resolution for our clients.

7. How will this affect my credit?

By hiring our firm, it will potentially improve your credit rating being that we will work to ultimately have all levies and liens discharged. Discharge of federal tax liens from your credit report will ultimately improve your credit scores.

8. Are you a law firm?

No. We are a full service, nationwide Tax Resolution Firm which employs Tax Attorneys, CPA’s, Tax Analysts, Enrolled Agents, and other tax professionals.

9. Do you handle State tax matters?

Yes. We specialize in resolving IRS and all State tax matters. For tax purposes, our attorneys and enrolled agents have the authority to be a power of attorney with state regardless of where you reside.

10. Do you handle business tax matters also?

Yes. We specialize in all tax matters relating to personal and business tax issues including corporate return filing, payroll tax issues (940′s and 941′s), audit representation, audit appeal, etc…

Useful Terms Offer in Compromise:

An offer in compromise is an IRS tax debt settlement. This allows you to pay a lower figure than the full amount of your tax debt liability. The IRS Offer in Compromise (OIC) program provides taxpayers who owe the IRS more than they could ever afford the chance to pay a small amount as a full and final settlement. The offer in Compromise program allows taxpayers a fresh start. All back tax liabilities are settled with the amount of the offer All federal tax liens are released upon IRS acceptance of an offer in compromise and payment of the amount offered. If the OIC is based on your inability to pay, the IRS reviews your current financial position and considers your ability to pay, as well as your equity in assets. You must meet the following minimum rules:
You must have filed all tax returns. It’s alright to owe money but you must have filed your returns
You will need to disclose all assets owned including all cash and bank accounts.
You must not have adequate cash available in checking, savings, money market,or brokerage account to pay IRS.

Installment Agreement:

An installment agreement is a contract between the IRS and the taxpayer. This binding contract requires the taxpayer to pay the debt in a set amount of time. This means with an installment agreement, it’s possible to pay your debt in affordable monthly payments. An installment agreement with the IRS allows taxpayers who are not able to pay their back taxes in full the option to pay through monthly installments. To be able to qualify for an installment agreement, the taxpayer has to be compliant with all past tax filings. Having an installment agreement will cease IRS collection actions such as wage garnishments, bank levies, sending notices, and making harassing phone calls. It is possible that the IRS will file a Federal Tax Lien to protect their interest. Once a taxpayer has established an installment agreement, it is crucial that they remain compliant with future tax filings and payments. An installment agreement can be a strong solution to those who do not qualify for an offer in compromise or a currently non collectible status.

Penalty Abatement:

A reasonable tax debt can become astronomical when you include IRS penalties and interest. However, it is possible to remove IRS penalties and greatly reduce the tax debt amount. To get penalties abated you will have to show that you had a good reason for not paying your taxes. Common reasons include:
Death of a family member

Serious health problems

Bad or erroneous financial advice

Victim of a natural disaster

Lost or destroyed records

Theft of funds, including embezzlement

Divorce that caused extreme stress and deteriorated your financial condition

Extended length of unemployment

Retired or living on a fixed income

Acting as a caregiver causing financial strain

Currently Non-collectable:

The IRS will place a taxpayer’s account on a currently non-collectable status (CNC) when they have accessed his financial status and determined that the IRS is unable to collect taxes. Once the account is placed on CNC status, the taxpayer is protected under the statute of limitations on the tax liabilities and the IRS does not pursue collection activity against the taxpayer. Thetaxpayer’s account will remain on a CNC status until the tax liabilities expire or his situation improves.

Tax Filing:

You have to file your taxes every year on time. It is illegal to not file your taxes. Even if you are going to end up owing money to the IRS or State you still must file your taxes on time. The IRS may construe your failure to file as tax evasion which is a criminal act punishable by a prison sentence for each year a return is not filed. The IRS can file a Substitute For Return (SFR) on your behalf without your approval. An SFR is the IRS version of an unfiled return. Because SFR’s are filed in the best interest of the government, the only deductions you will see are standard deductions and one personal exemption.
You will not get credit for any other deductions you may be entitled to. Notwithstanding action by the IRS and regardless of how late your filing may be, you have the right to file your original tax return with proper deductions. Even if a taxpayer cannot pay taxes that may be due he should still file to avoid additional penalties. Platinum Tax Defenders can assist in finding a solution to the problem.

Payroll Taxes:

The IRS is required by law to give employees the benefit of all taxes withheld by their employers whether or not such taxes were remitted to the government. In short, when an employer fails to turn over withheld taxes the IRS loses money. One of the worst tax violations (in the eyes of the IRS) is the failure for an employer to remit payroll taxes it has withheld from its employees pay. Despite its gravity. It is one of the most frequent tax problems we encounter.
The payroll taxes an employer withholds from an employee are held in a constructive trust for the Federal government. They never belong to the employer. Every employer is a trustee whose sole beneficiary is the United States. As a trustee, the employer has a fiduciary duty to properly report and turn over all withheld taxes. If you don’t do it, it is considered by the Fed’s to be theft of government funds.
Employers who are behind in their payroll taxes can count on immediate and aggressive action by the IRS. Fortunately, there is a solution: Platinum Tax Defenders can help you enter into a resolution plan that will allow you to stay in business and out of prison.You will need to show that the business has corrected the problem and is now keeping current with payroll tax deposits. With some corrective action it is possible to enter into an installment plan with the IRS on back taxes.
The IRS often assesses the trust fund penalty against people within an organization who are neither shareholders or officers. The trust fund penalty may be assessed against more than one individual. Failing to properly file and pay payroll taxesis a serious matter. Not only can the IRS go after the companiy’s assets, but in certain circumstances it can also go after owners, officers, and certain employees. This means that if you or someone else within your business are found to be willfully responsible for the failure to pay payroll taxes you could be held personally liable. Penalties could include very stiff fines and even a prison sentence. The urgency in this matter cannot be exaggerated. In order to keep yourself protected it is imperative that you call Platinum Tax Defenders right now!

Revenue Officers:

Revenue officers work for the collection division of the IRS and are often referred to as bounty hunters. The requirements for this entry level position are very low and promotions rarely occur. There is no private sector market for revenue officers so they generally stay with the IRS until retirement. They generally prefer easy targets such as unsophisticated tax payers who try to resolve their matter without proper representation. Tax defense is a deeply complicated matter and for the best possible resolution to your case it is imperative that you hire a resolution firm who will serve to protect your interest against the IRS. Call us today for a free no obligation consultation at 1-800-991-3242 or email us for more information. You can also stay in the loop by connecting with us on twitter and Facebook.