Tax
Resolution
Customized strategies and with the IRS and all 50 states.
At Xinancial, we specialize in providing comprehensive tax resolution services. Our team of skilled and licensed professionals is dedicated to designing tailored tax debt relief strategies for a diverse range of clients.
Let A Licensed Tax Practitioner Help You Resolve Your Tax Problems!
Past Due Tax Returns
If you have accumulated years of unfiled tax returns, the best time to catch up is right now. If left unresolved, the IRS will take aggressive action to collect any unpaid taxes, including garnishing your wages or issuing levies against your bank account or Social Security benefits. We will help you get those unfiled tax returns properly filed and then collaborate with you to identify the best way to help resolve your IRS tax problems.
Amended Tax Returns
The decision to amend past tax returns should be based on a careful evaluation of your specific tax situation. While overlooked deductions or tax credits could potentially result in a refund or a reduction in the amount of tax owed, underreported income or overclaimed deductions and credits could lead to additional taxes owed. We can provide guidance on the pros and cons of amending your returns and proceed with amending the returns if decided.
Installment Agreements
If you are unable to pay current or back tax bills, an installment agreement may be a good option for you to get back into full compliance with the IRS or state taxation authorities. If you meet your obligation of the agreement, the IRS and State will not try to collect the tax debt through more aggressive means such as liens, levies, and wage garnishment. We can negotiate terms on your behalf and navigate through the complexities of these agreements.
Partial Payment Installments
The PPIA is a payment option for taxpayers who cannot afford to pay their entire tax debt by the Collection Statute Expiration Date (CSED). The PPIA allows you to pay a monthly amount that you can afford until the CSED expires. Under a PPIA, the remaining debt may be written off if it's not fully paid by the CSED. Taxpayers following this plan must disclose all financial information and documents to the IRS to be accepted. We can negotiate terms on your behalf and navigate through the complexities of these agreements.
Currently Not Collectible
If you're struggling with financial hardship, you may be able to be completely relieved of your IRS debt. If the IRS agrees you cannot both pay your taxes and your basic living expenses, they may place your account in Currently Not Collectible (CNC) status. Once in this status, the 10-year statute of limitations on collecting the tax debt is still running (with certain exceptions). If your financial situation does not improve at this time, the tax debts owed will expire. A Collection Information Statement is required to be considered.
Offers In Compromise
An OIC allows you to settle your debt for less than the full amount owed. To be considered, the IRS will look at the taxpayer's unique circumstances, including their income, ability to pay, expenses, and any assets the taxpayer owns. Generally, the IRS will accept an OIC when the amount offered represents the most that they can reasonably expect to collect within the statute of limitations. Only about 40% of the Offers in Compromise submitted to the IRS are accepted. Taxpayers following this plan must disclose all financial information and documents to the IRS to be accepted.
IRS Audits and Appeals
Most disputed IRS audits can be settled without the need for legal escalation. The IRS would actually prefer to avoid litigation due to lost time, heavy expenses, and the risk of unfavorable results. We can assist with an appeal to an agent-adjusted tax return once the audit is completed. We may also be able to help you if you’re coming up against the end of that 30-day window without any plan, as it may be possible for you to request a 30-day or 60-day extension.
Penalty and Interest Abatement
The IRS and State taxation authorities charge a variety of tax penalties and interest on overdue tax bills. The severity of tax penalties and interest assessed depends on the violations. If left unpaid, the penalties and interest totals could wind up higher than the dollar amount of the back taxes that are owed. If you have had a penalty and interest added to your overdue tax bill, we may be able to get it reduced or removed.
Levy and Garnishment Releases
If you currently owe back taxes, both the IRS and state taxation authorities have the authority to seize (levy) your things and/or garnish your wages to offset your debt. We can help release the levy and garnishment and form a plan for you to pay back the tax debt. Once entered into an acceptable arrangement with the IRS and/or state taxation authorities, they will not try to collect the tax debt through more aggressive means such as liens, levies, and wage garnishment.
…and so much more!
Working with Xinancial’s tax resolution services helps the safeguarding of your rights throughout the tax resolution process.
We Evaluate Your Situation
We get to know your situation more in-depth
In this initial phase, our primary focus is to gain a thorough understanding of your unique tax situation. We delve into the details of your case, examining all relevant documentation and financial records. This in-depth evaluation allows us to fully grasp the scope of your tax issues, including any potential liabilities or discrepancies. By understanding your specific circumstances, we can tailor our approach to best suit your needs.
We Create a Defense Plan
We create a strategy for the best outcome
We Create a Defense Plan
We create a strategy for the best outcome
Armed with the knowledge gained from our evaluation, we proceed to develop a robust defense strategy. This plan is crafted to achieve the best possible outcome for your situation. We consider all available options, from negotiating payment plans and settlements with the IRS to challenging discrepancies and advocating on your behalf. Our strategic planning is aimed at resolving your tax issues in a manner that is both efficient and effective, minimizing your liabilities and protecting your interests.
We Act As the Go-Between
This increases the likelihood of an outcome in your favor
In the final step, we take on the role of your representative, acting as the go-between you and the tax authorities. Our experienced professionals handle all communications and negotiations, leveraging our expertise to increase the likelihood of a favorable outcome. We stand as your advocate, ensuring that your case is presented clearly and persuasively. This representation not only eases the stress of dealing with tax authorities but also enhances the chances of a successful resolution.