Offer in Compromise
When you owe an exorbitant amount of tax debt, your liability may be more than you are able to pay off in a lifetime! With an Offer in Compromise, you may be able to enter into a tax settlement that will allow you to pay mere pennies on the dollar for the amount owed. An Offer in Compromise may be an ideal solution for tax relief if you have doubts surrounding your individual liability, or the collectability of the full amount owed. In order to qualify for an Offer in Compromise, your situation must fall within one of three categories:
- Exceptional circumstances (demonstrating that collection of the debt will cause hardship or be unfair to the taxpayer);
- The existence of doubt regarding liability of the back taxes owed;
- The existence of doubt regarding the collectability of the full amount owed (due to comparison of the tax debt with the taxpayer’s income and assets).
At the Firm of Ronald A. Muscarella, CPA, our skilled tax consultants are well versed in Offers in Compromise, and we can help to determine whether or not you qualify. If we determine that you are eligible to file an Offer in Compromise, we will negotiate with the tax authorities on your behalf so that you are free to focus on your other responsibilities. To learn more about whether an Offer in Compromise may help you find tax relief, contact the Firm of Ronald A. Muscarella, CPA for a free consultation.
When you are struggling with tax issues, the penalties and fees can be overwhelming. If the sum of what you owe seems unmanageable, don’t stress. The Team of experienced tax resolution specialists at Ronald A. Muscarella, CPA can help you develop an installment agreement that will allow you to pay off your tax debt in gradual increments based on your income. In addition, our tax consultants will handle all correspondence with the IRS on your behalf, so you can relax and focus on remaining debt-free.
IRS Tax Penalties
Did you know that there are over 140 different tax penalties that the IRS can charge a taxpayer? A tax penalty is designed to encourage compliance, as well as to punish those who fail to comply with the tax code. Of the hundreds of penalties, only a handful are commonly used. These federal tax penalties fall within five categories:
- Accuracy-related penalties
- Fraud-related penalties
- Underpayment penalties (including failure to pay taxes and underpaying estimated taxes)
- Late return/failure to file penalties
- Combined penalties
These income tax penalties can be very harsh, as they are designed to encourage people to pay their taxes in full and on time. Unfortunately, there are times when a taxpayer has a legitimate reason for filing a late tax return, or being unable to pay their tax debt. In these cases, some tax penalties can be especially crippling. For example, the “failure to file” penalty begins at 5% the day after a tax return is due, and tops out at 25% after 5 months. If the taxes are not filed within 60 days of the due date, then the penalty will be $135, or 100% of the unpaid tax amount, whichever is less. If the IRS determines that you intentionally did not file your taxes in an attempt to defraud the agency, the penalty will increase drastically to 15% per month, with a max of 75%. Considering that a number of other penalties can be applied on top of this, it is easy to see how overwhelming tax penalties can become. In fact, federal tax penalties can account for up to 90% of the total amount owed!
IRS Tax Penalties
Given how crippling a tax penalty can become, it’s important to call a professional accountant or tax attorney as soon as possible for immediate guidance. If you find yourself struggling with debt due to steep tax penalties, call the Firm of Ronald A. Muscarella, CPA. We are here to help you mitigate your penalties, avoid skyrocketing interest rates and keep your finances on track. Call us for a free consultation today.
At Ronald A. Muscarella, CPA, we’re capable of providing you with IRS tax relief from the tax authority’s most common penalties. In order to collect tax debt from delinquent taxpayers, the IRS relies on a variety of methods, and it’s up to Ronald A. Muscarella, CPA to provide you with a resolution for these problems.
IRS tax penalties may come in the form of:
Tax Liens— A federal tax lien is filed against your personal property or real estate in order to secure payment for your tax debt. The consequences of an IRS tax lien can be severe, as the lien will become public record, and you may not be able to sell or refinance your property until the lien is removed. An IRS tax lien can also extend to any property you may acquire while you are still repaying the debt. Our Team of professionals has the skills and expertise necessary to advise you on the best strategy to resolve your tax liens, and to avoid financial disaster. In fact, in some cases, we are able to negotiate with tax officials on behalf of the taxpayer to have the tax liens withdrawn completely!
IRS Wage Garnishment— When you owe a tax debt, the IRS is authorized to facilitate an automatic withdrawal of funds from your paycheck in order to cover payments toward the amount owed. The wage garnishment can continue until the debt is entirely paid off. In the case of large tax debts, this can mean years of a reduced income. For someone who is already experiencing financial hardship, IRS wage garnishments can have a devastating effect. If you’re struggling with the effects of an IRS wage garnishment, contact us! Our Team of CPAs will review your financial situation and negotiate with the tax officials on your behalf in order to avoid wage garnishment. In addition, we will develop a strategy for IRS tax relief based on your personal needs so that you can repay your tax debt without causing yourself undue stress or hardship.
IRS Summons and Seizures—A summons refers to the notice received by the taxpayer indicating an impending IRS tax levy, or the seizure of property in order to cover the tax debt owed. An IRS tax levy can be implemented against anything from personal property, such as your car or home, to your earned wages and bank accounts. If you have received a summons or threat of an IRS tax levy, it is essential that you act immediately in order to protect your assets. Contact us as soon as possible, so that our certified accountants can act on your behalf and negotiate an agreement for IRS tax settlement that will satisfy all involved parties without jeopardizing your property.
When faced with steep tax penalties, IRS wage garnishment, tax levies, and other strategies designed to punish non-compliant taxpayers, don’t be overcome with stress and panic. Chances are you have a legitimate excuse and mitigating circumstances surrounding why you underpaid or failed to pay your taxes. If that’s the case, let the professionals at Ronald A. Muscarella, CPA help you find comprehensive IRS tax relief. Contact us today for your free consultation to see how we can best help resolve your tax penalty.
IRS Tax Settlement
The anxiety and stress that come with owning a back tax liability can be all-encompassing, so it is important to resolve your tax problems as soon as possible. At Ronald A. Muscarella, CPA, we understand that entering into a tax settlement can be overwhelming from the taxpayer’s perspective. That is why we offer our tax advocate services for the residents and business owners in Fort Lauderdale and the surrounding communities. With over 25 years in the industry, our Team of CPAs are well versed in all types of tax settlements and equipped with the knowledge and skills necessary to help you determine which IRS settlement is best for your particular situation.
Navigating the complicated legal channels of a tax settlement can be very difficult for those without professional tax experience. However, with Ronald A. Muscarella, CPA on your side, you can rest easy while we take care of the necessary tax codes, form submission and other documentation required in obtaining a tax settlement. There are many options available to those looking for a tax settlement, and Ronald A. Muscarella, CPA will put our extensive experience to work for you, determining which type of IRS settlement is best, and helping you build the strongest possible case. As your personal tax advocate, we will handle all correspondence and negotiations with the tax officials so that you can focus on other important aspects of your personal and professional life.
At Ronald A. Muscarella, CPA, obtaining tax debt reduction and keeping your best interests in mind are our main priorities. Our Team of tax relief specialists will discuss the details of your case with you in order to determine the best possible approach. Regardless of whether we help you apply for an Offer in Compromise, or assist you in drafting an installment agreement, you can rely on us to communicate with you each step of the way. We’ll even make expert recommendations that will extend beyond your tax settlement, helping you remain debt-free well into the future.
Offer in Compromise
Of the various options for tax settlements, an Offer in Compromise is probably the most common. This tax settlement program allows an indebted taxpayer to submit an alternate amount for payment, and can possibly result in a drastic tax debt reduction, with many individuals paying mere pennies on the dollar toward the amount owed. While an Offer in Compromise may be appealing due to the possibility of IRS debt forgiveness, it is also one of the most difficult tax settlement programs to qualify for. As a result, it is particularly important that you enlist the help of a professional when applying for an Offer in Compromise. At Ronald A. Muscarella, CPA, we have the knowledge and expertise to determine whether your case falls within the taxes settlement guidelines for an Offer in Compromise. If we find that you are eligible for this type of IRS tax settlement, we will act as your unwavering tax advocate, compiling the necessary documentation to support your case and handling all negotiations with the tax officials on your behalf. For more information on what an Offer in Compromise entails, or to learn about how Ronald A. Muscarella, CPA can help with your tax settlements, call or e-mail us today.
IRS Back Taxes
Don’t let back taxes take control of your life! Ever-increasing back taxes can cause your tax debt and financial woes to spiral out of control fast. Taking the form of monetary penalties or property liens and levies, IRS back taxes can become a seriously overwhelming problem. If you find yourself owing a great deal of money to the IRS, you need immediate tax assistance from Ronald A. Muscarella, CPA. Offering all forms of tax resolution available, our Team of professionals can help you eradicate all of your IRS back tax problems with ease. Our team of experienced CPAs has over 25 years of experience working in back tax resolution, and we can you overcome your tax issues. Your life shouldn’t be taken over by back taxes and unfiled tax returns—call Ronald A. Muscarella, CPA, and let our back tax return specialists help you.
Your tax problems may seem insurmountable, but believe us when we tell you that back taxes can be resolved. At Ronald A. Muscarella, CPA, we’ll put our extensive knowledge and experience to work for you as we review your financial history and develop a strategy to help you pay back taxes. Our Team of accountants will evaluate your back tax issues, review your mitigating circumstances and then develop a personalized plan for helping you settle with the tax authorities. No two situations are the same, but in the vast majority of cases, we can help you pay your back tax returns for mere pennies on the dollar!
From filing IRS back tax returns to putting an end to wage garnishment and property liens, there’s a list of things that we can do to help resolve your back taxes. At Ronald A. Muscarella, CPA, our accountants will see you through all of your tax troubles and offer guidance when you need it most. We will use our in-depth understanding of the government tax system to give you the most affordable, effective solution possible. Depending on the amount of tax owed and your specific situation, some tax resolution options may include:
Current Uncollectable Status
Innocent Spouse Relief
Offer in Compromise
When you’re seeking relief from IRS back taxes and dependable customer service, look no further than the Firm of Ronald A. Muscarella, CPA. Owing back taxes can grow to be a seriously debilitating problem, and we’re dedicated to relieving all of your stresses—both financial and emotional. We are available 6 days a week, offering emergency support services and guidance, and the tax relief you deserve. From the start, you’ll get a free, no-obligation consultation for your IRS back tax return so that you can begin eliminating your debt without any extra charges. We’ll help you understand your options for affordable tax debt relief, and make certain you get the best outcome possible. If you want to settle your IRS back taxes once and for all, contact us today!