Don’t risk facing harsh IRS penalties. Take decisive action with Focus CPA. Our team can help you address and resolve these issues, providing expert help filing back taxes and ensuring a more stable financial future. Take control of your finances with Focus CPA by your side.
The IRS is stepping up its efforts to catch millionaires and billionaires who avoid paying taxes, dodging over $150 billion each year. With new funding from Congress, the IRS will intensify its crackdown on wealthy taxpayers and large companies.
Don’t Get Caught in the Crossfire
If you owe back taxes, now is the time to act. The IRS is becoming more aggressive in collecting unpaid taxes. Plus, the penalties for non-compliance are severe. Focus CPA can help you set up payment plans, apply for hardship extensions, and find other solutions to help with back taxes, ensuring you stay ahead of IRS enforcement.
If you owe the IRS for back taxes, understanding your options can help you create a plan. Here are some common back tax services we use to help you address your tax debt if you can't pay it all at once:
We can help you set up a payment plan with the IRS, depending on how much you owe and your payment timeline. This reduces the penalty on your unpaid balance to 0.25% per month. Interest is charged at the federal rate plus 3%. We can assist you in completing an online payment agreement or Form 9465. For balances over $50,000, you'll need Form 433-A or Form 433-F. There is an application fee, but it's reduced for low-income taxpayers.
We can help you request up to 120 days to pay your full tax balance. While the IRS does not charge a fee for this extension, a penalty of 0.5% per month on the unpaid balance still applies. We can assist you in making this request online or by calling the IRS at (800) 829-1040.
If paying your taxes would cause financial hardship, we can help you apply for an extension or other hardship options. We will assist you in filing IRS Form 1127, which includes a statement of your assets and liabilities. There is no fee for this, but interest is charged at the federal rate plus 3%.
We can advise you on asking a close individual or family member for a loan to pay your taxes. This can be an inexpensive option if the terms are favorable. The costs and benefits will depend on your agreement with the lender.
If your 401(k) plan allows, we can guide you through borrowing up to 50% of your balance, with a maximum of $50,000, to be repaid within five years. This can be a ready source of cash, but it may impact your retirement savings and carry penalties if not repaid.
Our team of experts is here to help you resolve your tax debt efficiently and effectively. We understand the stress that tax problems can cause. That's why we provide personalized strategies to address your specific situation, ensuring the best possible outcome. Let our extensive experience and in-depth knowledge of IRS procedures work for you.
Get Tax Help for Back Taxes Now and Secure Your Financial Future!
When you owe back taxes to the IRS, having a clear plan can make all the difference. Here’s how Focus CPA provides IRS back taxes help tackle your tax debt effectively:
Start with a Free Consultation
We begin with a complimentary consultation to understand your financial situation and tax issues. This initial discussion helps us determine the best approach to resolve your back taxes.
Develop a Personalized Plan
Based on your needs, we develop a comprehensive plan. This may involve setting up installment agreements, requesting short-term extensions, or applying for hardship extensions to ease your financial burden.
Assist with Accurate Form Completion
We fill out necessary forms and applications, such as Form 9465 for installment agreements, Form 1127 for hardship extensions, and other relevant documents. This is to ensure complete accuracy and compliance.
Provide Ongoing Support and Guidance
Our team provides continuous support to keep you on track with your payments, addressing any complications promptly. We are always available to answer your questions and offer guidance throughout the process.
Decades of Experience
We help you choose the right IRS payment plan, whether short-term or long-term, to suit your financial situation. This avoids the stress of immediate full payment and manages your finances better. Plus, it protects you from IRS actions like wage garnishments, bank levies, and property liens, ensuring peace of mind.
Comprehensive Expertise
We help you make an installment agreement plan that can help prevent the IRS from seizing funds from your bank account. This gives you more control over your finances and helps avoid unexpected disruptions.
Year-Round Support
We help you choose the right IRS payment plan, whether short-term or long-term, to suit your financial situation. This avoids the stress of immediate full payment and manages your finances better. Plus, it protects you from IRS actions like wage garnishments, bank levies, and property liens, ensuring peace of mind.
In-Depth Knowledge of Tax Laws
We help you make an installment agreement plan that can help prevent the IRS from seizing funds from your bank account. This gives you more control over your finances and helps avoid unexpected disruptions.
Year-Round Support
We help you choose the right IRS payment plan, whether short-term or long-term, to suit your financial situation. This avoids the stress of immediate full payment and manages your finances better. Plus, it protects you from IRS actions like wage garnishments, bank levies, and property liens, ensuring peace of mind.
Frequently Asked Questions
You can check your IRS account online, review past tax notices, or contact the IRS directly. Focus CPA will also help you determine if you owe back taxes and provide guidance on the best steps to take.
If you can't pay your back taxes in full, you can set up a payment plan with the IRS. Options include installment agreements, where you make monthly payments until your debt is paid off. Focus CPA will assist you in setting up a payment plan that suits your financial situation.
Yes, you might be able to reduce your back taxes through an Offer in Compromise, which allows you to settle your tax debt for less than the full amount owed. Eligibility depends on your financial situation. Focus CPA will help you determine if you qualify and guide you through the application process.
Ignoring back taxes can lead to severe consequences, including penalties, interest, wage garnishments, bank levies, and liens on your property. The IRS can also take legal action to collect the debt. Focus CPA will help you address your back taxes before it reaches this point.
You can apply for a payment plan online through the IRS website or by submitting Form 9465. Focus CPA will assist you in setting up the best plan for your situation and ensure all forms are correctly completed.
Currently Not Collectible (CNC) status is when the IRS temporarily pauses collection efforts due to your inability to pay. You must provide financial information proving that paying your debt would cause significant hardship. Focus CPA will help you gather the necessary documentation and apply for CNC status.
Yes, the IRS can garnish your wages if you owe back taxes. They can take a portion of your paycheck until the debt is paid. Setting up a payment plan can help avoid this. Focus CPA will assist you in negotiating a payment plan to prevent wage garnishment.
The penalty for not filing back taxes includes a failure-to-file penalty, which can be up to 5% of the unpaid taxes for each month the return is late, and a failure-to-pay penalty, which can be up to 0.5% per month. Focus CPA will help you file your back taxes to minimize penalties.
You can get help with your back taxes by consulting Focus CPA, who will guide you through your options, help you negotiate with the IRS, and create a plan to resolve your tax debt. Focus CPA offers expert assistance in handling back taxes, ensuring you receive the best possible outcome.
To resolve your back taxes, you will need past tax returns, IRS notices, financial statements, and proof of income and expenses. Focus CPA will help you gather and organize these documents, making the process smoother and more efficient.
The IRS generally has 10 years from the date of assessment to collect back taxes. This period can be extended in certain situations, such as when you file for bankruptcy or enter into an installment agreement. Focus CPA will help you understand your specific timeline and options.