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Among the worst things you can do with IRS back tax debt is continue to fail it for decades at a time. The IRS likes to add on additional penalties and interest charges to the total amount you owe, and certainly will stop at nothing to collect that money.
They are the largest collection agency on the planet, and we steadfastly believe that no one should have to face them by themselves.
For many people, having a huge government agency continuously harassing them with revenue officers and letters, notices is a horrible thought.
That’s why our Lowell team is here to assist you. You will have someone in your corner to help negotiate for you, and no longer have to face the Internal Revenue Service on your own.
With only 15 minutes on the telephone with our experts, you’ll learn precisely what you will qualify for, and what to do next.
Give our office a call today!
Has your business run into issues with business taxes or unpaid payroll? Our Lowell firm can help.
The IRS is a formidable money making machine for the government, and they are going to gather when your business has dropped into IRS business tax debt. So, if your business has overdue taxes such as payroll tax debts there isn’t any need to scurry for cover (and remember – never hide) even in the event that you know little or nothing about coping with IRS business tax debts. There are experienced professionals ready to help.
Un-Paid PayRoll Tax Debts
The IRS looks at payroll tax – taxes levied on employees and companies – from two views:
- (a) Taxes a company pays the IRS predicated on the wages paid to the worker (known as withholding tax’ and is paid out of the companies own funds) and
- (b) A percentage of wages the company deducts from an employee’s wages and pays it to the IRS.
Tax Repayment Schedule
Employment or Payroll taxes are collected by the IRS through the Electronic Federal Tax Payment System (EFTPS). This payment schedule may be monthly or semiweekly.
If you are a company that is new and did not have some employees during your look back period’ or if your entire tax liability is up to USD 50,000 for your appearance back period’, you must follow a monthly program. Your payroll taxes should be deposited by the 15th of the month following the last payday.
If your payroll tax liability is less than USD 50,000 you will have to follow a semiweekly deposit program. If you fail to pay your taxes on these days you’ll fall into a payroll tax debt. You must seek the professional services of tax professionals to guide you through this labyrinth of procedures and keep from falling into payroll tax debt and give a wide berth to substantial fees.
How To Deal With Unpaid Tax Debts
Revenue collected through taxes such as payroll tax are spent on capital programs for example; health care, social security, unemployment compensation, worker’s compensation and at times to enhance local transfer that takes many workers to and from work.
When you have to deal with IRS tax debts, it truly is utmost important to keep in touch with your IRS officials – never avert or hide from them. Most IRS penalties contain a compounded rate of interest of 14% this can turn a company turtle in a very brief time dealing with IRS business tax debt it predominant.
How a Seasoned Lowell Tax Expert Can Assist You
Being in an IRS business debt situation is serious. You may have time on your own side since the IRS is slow to begin processing your account, but when they gain momentum things get worse for you. However, you are not helpless. There are processes you may be qualified for that a Massachusetts professional can use his good offices with the IRS to assist you over come your company debts.
Among others, you desire a professional’s help for those who haven’t learned of an Offer in Compromise, Tax Lien Interval, Uncollectible Status and Bankruptcy. Waste no more time, get in touch with us now to get out of business tax debt and save your business from closing.
Unfortunately the Massachusetts tax relief business is filled with tricks and scams, so you have to find out the best way to avoid them.
A lot of people are law-abiding Lowell citizens and they fear the threats of IRS action. Seeing this as a good opportunity, a lot of tax resolution companies out there set out like vultures circling on these victims that were weakened. Innocent people are lured by these companies in their scams and commit consumer fraud and even theft! Therefore, you must exercise caution when you’re attempting to locate a tax resolution firm for yourself.
What Tax Relief Scams can do
Not all Massachusetts tax relief companies who guarantee to negotiate with the IRS for you are trustworthy. Hence, averting IRS tax help scams is very significant since there are all those deceitful businesses out there. It’s likely to prevent being taken advantage of, all you need to do is to educate yourself in this aspect and to follow a few tricks that are useful! A tax resolution company that is authentic will constantly folow a mutually acceptable financial arrangement wherein the payments may be made on a weekly, bi-weekly or monthly basis.
Secondly, it’s advisable to be quite attentive when you’re selecting a specific tax resolution company to work with. If they guarantee you the desired outcomes or state that you qualify for any IRS plan without even going through a complete financial analysis of your present scenario then chances are the business is fallacious. Thus, do not fall for their sugar coated promises and hunt for other genuine companies instead.
How to research the tax relief company
The internet is a storehouse of info, but you should be cautious about using such advice. For handling your tax related issues, don’t just hire any haphazard company with great advertisements or promotional campaigns. In order to select the right firm, it is advisable to research about the same in the Better Business Bureau site and see their ratings or reviews. So, doing your assignments and investing time in research is certainly a sensible move here.
A website with an excellent rating on BBB is definitely one you could put your trust in. We are a BBB A+ rated Lowell firm, we help people by alleviating their IRS back tax debts. Our tax alternatives are reasonable, to be able to make sure that your tax debts are removed, we do not only negotiate for your benefit with the Internal Revenue Service, but instead produce a practical strategy. We do all the hard work for you while you concentrate on other important elements of your own life. Because of our vast experience and expertise in the area, you may rest assured your tax problems would be resolved quickly and efficiently when you turn to us for help.
Ultimately put a stop to the letters and notices the IRS has been sending to you, and let our Lowell team help.
Notices and IRS Letters are sent to individuals in Lowell who haven’t paid all of their tax obligation or haven’t filed their tax returns. The Internal Revenue Service is to blame for collecting taxes due from citizens to make sure the Federal Government has the money to run its business. The IRS assumes that taxpayers who are delinquent in filing their tax returns and who fail to pay their taxes are ignoring the reason taxes are important. The Internal Revenue Service also supposes that taxpayers do not have a great reason for not meeting their tax obligations. Competitive pursuit of these taxpayers is the reason IRS letters and notices are sent. Those who have filed their tax returns but have not paid all of the taxes that are due, may also get IRS letters and notices. Delinquent citizens are on the IRS radar for executing collection actions that is fleet. Citizens have to recall the IRS does not need to initiate any court action to impose wages, bank accounts and property. Even pension income can be attached.
Many IRS letters and notices are sent to impose a penalty on the citizen. Fees are prolific now. In 1988, there were just 17 penalties the IRS could impose, but now the different of penalties is 10 times that number. Some of these can surely become serious problems for the citizen.
Some Examples of Letters
Low-Reported Tax Debts
A notice that maintains a taxpayer has under reported their income is a serious matter. Frequently, this can be accommodated readily, but the citizen will be evaluated a fee and interest in the event the IRS claim is valid. Then the taxpayer might be accused of filing a fraudulent return, if this notice spans more than one year of tax filings. The interest and also the fees will amount to an impossible sum of money regardless of the perceived purpose.
A notice that threatens to attach a taxpayer’s wages, bank account or property is serious. Letters which have been sent to the taxpayer in an attempt to resolve the delinquency before it achieves the collection actions are followed by this notice.
A notice stating the IRS has filed a lien on the taxpayer’s property also follows this actions to be taken by letters of intent. The notice will contain the total amount of the governmental agency along with the lien where it was recorded. This lien will avoid the citizen from selling the property until the lien is filled, or the lien amount will be deducted from the profits of a sale. The Internal Revenue Service may also drive the selling of the property to obtain satisfaction of the lien. If a sale is planned, a notice will be issued.
What you should do because of a notice
The taxpayer should never disregard IRS letters and notices. Rather, they need to immediately seek help with these possible dangers to their financial security. Contacting our BBB A+ Lowell law firm is even more significant if a letter or notice has been received. We’ve got many years of successful experience in working with the IRS and state of Massachusetts to resolve taxpayer problems.
So you do not have to pay all at once, an Installment Agreement can spread out your payments over time
As long as the taxpayer pays their tax debt in full under this particular Arrangement, they could reduce or get rid of the payment of interest and fees and avoid the payment of the fee that is connected with creating the Agreement. Establishing an IRS Installment Agreement requires that all necessary tax returns have been filed prior to applying for the Understanding. The taxpayer cannot have any unreported income.
Benefits of an Installment Agreement
The agreement will bring about some important gains for the citizen. Enforced group activity will not be taken while an agreement is in effect. There’ll be more financial independence when the citizen can count on paying a set payment every month rather than having to worry about putting lump sum amounts on the tax debt. The taxpayer will remove interest and continuing IRS penalties. The IRS will help in the event the taxpayer defaults on a payment providing the IRS is notified promptly, the citizen keep the arrangement in force.
Obligations of the Installment Agreement
Some duties come with the Installment Agreement. When due, the minimum payment must be made. The income of the incomes of joint taxpayers or an individual taxpayer must be disclosed when putting in an application for an Installment Agreement. Sometimes, a financial statement should be provided. All future returns have to be submitted when due and all of the taxes should be paid when due. Citizens paying their tax debt under an Installment Agreement may have to authorize direct debit of their checking account. This method of making monthly payments enable the taxpayer to request that the lien notice be removed. However, the lien may be reinstated if the taxpayer defaults on the Installment Agreement.
An Installment Agreement can be negotiated by the citizen with the IRS. Nevertheless, specific information must be supplied and any advice might be subject to verification. For taxpayers a financial statement will be required.
How to Get Ready to Apply
There are several precautions that should be considered while citizens can make an application for an IRS Installment Agreement. There are some condition which can make this a challenging undertaking though the IRS tries to make applying for an Installment Agreement a relatively simple procedure. It is crucial to get it right the first time the application is made, since many issues can be eliminated by an Installment Agreement with the IRS.
We’re the BBB A+ rated law firm serving all of Lowell and Massachusetts, which may offer you skilled assistance. Our many years of expertise working on behalf of citizens who have difficulties paying their tax debt with the IRS qualifies us to ensure approval of your application for an Installment Agreement.
The IRS so keep it before it occurs can legally steal property or your home and let our Lowell team fight for you.
Bank levies are charges levied on your own Lowell bank account when you’ve got outstanding tax debt. The law allows the IRS to seize funds in your bank account for clearing your tax obligations. Regrettably, the process is not always smooth. Typically, the association ends up freezing all the cash that is available in a given account for a period of 21 days to handle a person’s or a business’ tax obligation. During the halt, it’s impossible to get your money. The sole possibility of getting them at this phase is when the period lapses, when they’re unfrozen. Preventing the levy lets you get your capital for fulfilling other expenses.
Why and When Levies Get Applied
The IRS bank levies are applied to your account as a final resort for you to pay taxes. It happens to people in Massachusetts that receive demands and many evaluations of the taxes they owe the revenue bureau. Failure leaves the IRS with no choice other than to go for your bank account. This occurs through communication between the Internal Revenue Service as well as your bank. You’ll find that on a certain day in the event you are not aware. A closing notice is followed by bank levies for intending to levy along with a notification about your legal right to a hearing. In short, the Internal Revenue Service notifies you of the bank levies that are pending. The IRS can only take cash that was in your bank on the date a levy is applied when applied.
How to Have Your Levy Removed in Lowell
There is a window of opportunity for you to use to get rid from your account of bank levies. As you take measures to safeguard your bank assets, getting professional help is a sensible move that you ought to take. By being a step ahead of the IRS you do away with the bank levies. With a professional service it’s going to be easy for you to understand when to take your money out of the bank. You additionally have to enter into a payment arrangement with the IRS to stop future bank levies besides removing your funds before the bank levy occurs. You can certainly do it by getting into an installment agreement. Finally, you can go for ‘offer in compromise’ as a method to get tax forgiveness.
They can be quite complex to execute, while the solution seem simple. You need to act fast, have the resources to do so, comprehend every facet of the law and deal with related bureaucracies levied by banks along with the IRS. The smart move would be to call us for professional help with your IRS situation. We have experience and skills that have made us a number one pick for a lot of individuals. For more information and help, contact us for partnered tax professional assistance.
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|Services / Problems|
Removing Wage Garnishments
Getting Rid of Tax Liens
Removing Bank Levies
Filing Back Tax Returns
Stopping IRS Letters
Stopping Revenue Officers
Solving IRS Back Tax Problems
Ironing out Payroll Tax Issues
Relief from Past Tax Issues
Negotiating Offer in Compromise Agreements
Negotiating Innocent Spouse Relief Arrangements
Penalty Abatement Negotiations
Assessing Currently Not Collectible Claims
Real Estate Planning
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