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Tax Resolutions - Emil Estafanous, CPA : Emil Estafanous, CPA

Tax Resolutions

Tax Resolutions are based on a per client basis, due to the wide variety of situations that arise. Every individual or business tax problem presented has different factors involved. Therefore, it is important to have a tax specialist professional analyze your tax problem situation thoroughly to find the best tax resolution for you. Many individuals and businesses have benefited from our services.

Offer in Compromise (OIC)

We can negotiate a  settlement and you will pay a smaller fraction of the tax owed from your tax debt. However, to successfully accomplish this you must demonstrate that  you cannot afford to pay the total tax amount due. Only qualified individuals can benefit from this tax resolution. To  qualify the IRS will review your financial situation and assess the collect-ability of tax debts and whether or not an Offer in Compromise is acceptable.  Individuals who qualify for this tax resolution can save money in taxes, penalties, and interest charges.

In addition, an Offer in Compromise might be accepted if there is a legitimate disbelieve that the tax liability charges are not correct (or if there is no doubt that the tax is correct and there is no potential to collect the full amount of the tax owed), but an exceptional circumstance exists that would allow the IRS to consider an Offer in Compromise.

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Installment Agreement

Many times when a taxpayer is unable to pay their tax liability in full, a payment option to consider is arranging an installment agreement. An installment agreement will avoid a wage garnishment to be filed against you. Additionally, a wage garnishment possesses higher interest and penalty charges than an installment agreement, which results in you having to pay more money. Levies and liens can also be prevented through the setting of an installment agreement.

To avoid missing a payment we can assist you in arranging a voluntary payroll deduction. This will assure that payments are made and no additional interest or penalty charges are added to your tax debt.

This tax resolution should be a short-term solution and should be taken into consideration if there is no other alternative or to buy you time until your OIC is accepted.  Many times the taxpayer is unaware that he or she is paying interest and penalties charges while making monthly payments and can result costing you more money.

To set up an installment agreement you must:

  • Have filed all tax returns.
  • Disclose all assets owned including all cash and bank accounts.
  • Must  have an insufficient amount of cash available in a checking, savings, money market, or brokerage account to pay your tax liability.
  • Must have the incapacity to borrow the amount owed to the IRS from other sources (i.e., credit cards, bank loans, 401K, IRA, a second mortgage on your home).

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Penalty Abatement

Penalty abatement refers to the complete or partial removal of the the penalty fees being charged.  Depending on your situation and reasoning, we can request for you to receive a penalty abatement. Proceedings differ for each taxpayer, due to each circumstance. We will assess your penalty fees and advice whether or not you can benefit from this tax resolution.

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Delinquent or Unfiled Tax Returns

There are many taxpayers that fail to file their tax returns and ignore that this is a criminal act. Furthermore, failure to file a tax return can be result in a relentless tax debt, so seeking a professional  accountant who specializes in tax is highly recommended.

Before we can begin to seek for a tax resolution, you must not have any deliquent tax returns. Therefore, if you do have any unfiled returns we can file them for you and get you the lowest tax bill possible. If the Internal Revenue Service (IRS) has filed a Substitute For Return (SFR) Tax Return, we can file an amended tax return for you to assure that you have received all of the deductions and credits to which you are entitled. An amended tax return can be filed to take advantage of the statue of limitations, so it is important to always file a tax return even if you cannot pay the amount that is due.

A Substitute For Return (SFR) tax return is usually not beneficial to a taxpayer since you will only receive standard deductions and one personal exemption. Deductions such as exemptions for children and spousal, interest and taxes on your home, cost of stock or real estate sold costs you have incurred, charity and business expenses among others are not applied.

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Tax Relief

There are several tax reliefs for spouses who filed joint returns:

  1. Innocent Spouse Relief provides you relief from additional tax you owe if your spouse or former spouse failed to report income, reported income improperly or claimed improper deductions or credits.
  2. Separation of Liability Relief provides for the allocation of additional tax owed between you and your spouse or former spouse because an item was not reported properly on a joint return. The tax allocated to you is the amount for which you are responsible.
  3. Equitable Relief may apply when you do not qualify for innocent spouse relief or separation of liability relief for something not reported properly on a joint return. You may also qualify for equitable relief if the correct amount of tax was reported on your joint return but the tax remains unpaid.

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Appeals is a petition to review a decision by the Internal Revenue Service (IRS) in which you disagree. The process of appeals can be a difficult procedure and it is important for you to get advise from a tax specialist. A CPA tax specialist can assist you in getting a favorable decision during your appeal and avoid having to inquire a formal trial.

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State Tax

Tax problems resulting from state taxes are extremely similar to those dealing with the Internal Revenue Service (IRS). We can provide you with tax resolutions for state taxes as well and help you achieve your goals in clearing all your tax liabilities.

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Our clients are located throughout Southern California in cities such as Los Angeles, CPA: Whittier, Santa Fe Springs Accounting, Artesia, Cerritos CPA, Bellflower: Tax Preparation, Payroll: Downey, La Palma, Accountant: La Mirada, IRS Representation: Lakewood , Gardena, La Habra, Brea, Rancho Dominguez, Hacienda Heights, Torrance, Diamond Bar, South Bay, Pomona, Carson, Buena Park, La Puente, Orange, Anaheim, Fullerton, Seal Beach, Costa Mesa, Irvine, Garden Grove, Huntington Beach, Santa Ana, Hawthorne, Santa Monica, Montebello, Pico Rivera, Newport Beach, Hollywood, and many more.