And each step of the way, you’ll feel at ease knowing what to expect, which is one reason more people trust us for tax relief. You’ll be represented by a team of tax debt experts known for caring, transparency and negotiating outstanding outcomes. Highly available and responsive, knowledgeable in complex business tax issues, proactive, strong value for services provided, pleasure to do business with. Under all other circumstances you can be charged a late filing penalty. For every month or partial month past the filing deadline, the IRS adds a late penalty equal to 5% of the back taxes due, up to 25% of the total tax bill.

Efficient and accurate bookkeeping is the backbone of financial stability. At Precision Accounting & Tax Services, we understand the importance of maintaining organized and precise financial records. Our dedicated team is here to provide comprehensive bookkeeping solutions for individuals and businesses alike. The statute of limitations for the IRS on criminal charges is six years; if the unfiled tax return was due more than six years ago, you cannot be charged. If you owe the IRS for past tax years, there are several ways to pay back taxes. If you can’t pay in full, we can help you negotiate a payment plan or a reduced overall IRS tax debt.

TAX CONSULTATION

Our client-centric approach means that your satisfaction is our top priority. We work closely with you to address your bookkeeping needs effectively. We generate detailed financial reports, including income statements and balance sheets, giving you a clear snapshot of your financial standing. Our team conducts regular bank reconciliations to match your records with your bank statements, identifying and addressing any discrepancies.

• [2] Statistics are based on prior results for clients that filed an IRS Offer in Compromise.
• Our dedicated team is here to provide comprehensive bookkeeping solutions for individuals and businesses alike.
• Initial get acquainted meetings are always free and without obligation.
• Whether or not the IRS has already filed your taxes in substitution, our back tax experts can help.
• When a business owes back payroll taxes, often the IRS will assign a Revenue Officer to collect.

We only charge transparent, flat-rate fees and always offer affordable payment plans. The IRS applies interest and penalties to back tax debt, increasing the total amount owed. While interest is unavoidable, penalty relief or abatement can be negotiated. Our team of licensed professionals and our attorney deal with payroll tax debt cases routinely and we can expertly resolve your liability.

Financial Reporting

Determining your Collection Statute Expiration Date (CSED) is not always straightforward. Our team can calculate your debt expiration date and give you expert advice on how to use the IRS statute of limitations to your advantage. The IRS commonly will try to garnish your wages to satisfy a back tax debt.

IRS Tax Settlements (OIC)

Choosing the right tax relief company to help you through this very stressful time can be confusing. If you owe the IRS, worrying about wage garnishments, tax liens, bank levies and https://accounting-services.net/bookkeeping-garland/ collection attempts can weigh you down. In more than 1000 reviews with a 98% satisfaction rating, customers say time and time again that Precision Tax Relief came to their rescue.

Precision Tax Relief Services

She is a Certified Public Accountant who has more than fifteen years of experience in the financial industry and public accounting field. When Star is not mentoring the Team or preparing taxes, she enjoys camping and other outdoor activities with her family. Michele has led Precision’s people strategy, the key to our growth, since joining the team in 2018. In 2021, Michele accepted the role of COO, responsible for firm growth and strategic initiatives. We are excited to see how Precision will grow under her “people first” style of leadership.

If you have unfiled tax returns and owe money, the IRS is more likely to impose penalties than a criminal charge. However, by law you can face up to one year in prison and $25,000 in fines for each year of unfiled taxes. Many people aren’t aware that you can file taxes for as many previous years as necessary. However, the IRS is most concerned with unfiled tax returns from the past six years. Filing past years’ tax returns can often reduce the balance that the IRS claims you owe.

Federal Tax Lien Release

Based on their substitute filing, the IRS can bill you for back taxes, plus failure-to-file penalty fees. The penalties and interest stack up if you are late in paying the amount they have assessed as due. Most tax debt agreements with the IRS require that you file annual tax returns to avoid default. And if you don’t have a current tax debt with the IRS, filing promptly is the best way to avoid IRS problems. We also offer monthly and quarterly payroll tax reporting for employers who prefer to prepare their own paychecks. We specialize in providing our clients income tax, bookkeeping, and payroll solutions, that uniquely enhance their abilities to achieve their business and financial goals.

Precision Tax Solutions LLC allows you to do what you do best, so we thrive on what we do best. We give you peace of mind that your taxes are done right the first time. If there is doubt, however, the IRS may file taxes on your behalf and (accurately or inaccurately) determine that you do owe taxes. The chances of criminal prosecution for non-filing are small; for most, the real concern is compounding penalties and interest on back taxes owed.