Instant Tax Solutions Speaks About Unpaid Business Taxes

October 23, 2012 By Leave a Comment

As specialists in tax debt relief, Instant Tax Solutions sees business owners who run into trouble with the IRS due to back payroll taxes or other payroll tax related issues. Recently Information Nation spoke with Instant Tax Solutions about this very important issue.

Information Nation:Thank you for speaking with us today.

Instant Tax Solutions:Our pleasure.

Information Nation:What happens when businesses fail to pay their taxes?

Instant Tax Solutions:The IRS comes in and the business owner can find himself or herself in deep trouble.

Information Nation:Lots of fines and penalties, right?

Instant Tax Solutions:Yes, but it can be much more than that. It may be considered a Federal crime.

Information Nation: That sounds serious.

Instant Tax Solutions:Yes. Since the IRS sees it as a Trust Tax, they take swift and severe action when it appears payments have been missed.

Information Nation:So, simply failing to file one form can be that devastating?

Instant Tax Solutions:Absolutely. Failure to report leads the IRS to believe that the business has failed to set aside the funds. It’s considered theft on a grand scale.

Information Nation:Well, what happens to companies that continually fail to file?

Instant Tax Solutions:They can get shut down, for one. The IRS generally doesn’t wait around for them to get even further behind.

Information Nation:What should a business owner do if they have failed to remit the form and/or pay the taxes?

Instant Tax Solutions:Immediately call an experienced tax attorney. At Instant Tax Solutions, we help businesses every day keep from having to close due to a single snafu on their tax record.

Information Nation:Business owners have the same rights as an individual though, right?

Instant Tax Solutions:For the most part, yes. They may be entitled to repay the amount owed through an installment agreement or in the case of a firm with very few assets, an Offer in Compromise.

Information Nation:Those sound confusing.

Instant Tax Solutions:Not really. Not if you know what you are doing, anyway. Here at Instant Tax Solutions, we deal with this daily. Our attorneys, enrolled agents, as well as our large staff of IRS-knowledgeable tax pros are on top of all the legalities involved with settling past-due tax debt.

Information Nation:Very good to know! Hopefully, we’ll never have this issue but of we do, we’ll have your number on speed dial! What is that number again?

Instant Tax Solutions: 888.946.2999, and you can also visit us online at www.InstantTaxSolutions.com

 

Instant Tax Solutions is a nationally respected tax debt relief firm based in Post Falls, Idaho. Their 40 plus tax professionals are knowledgeable in all areas of IRS delinquency and procedure. They aim to aid and educate their clients and ensure an open line of communication throughout the term of their service. Founded in the mid 2000s by Byron Pedersen and Ian Woodman, Instant Tax Solutions was built on the belief that sometimes, good people find themselves in bad situations and that they deserve the same respect they enjoyed prior to their hardship.

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Ian Woodman Discusses the Most Common Tax Issues

March 26, 2012 By 10 Comments
Ian Woodman

Ian Woodman

Ian Woodman co-founded Instant Tax Solutions with one mission in mind: to help others. And with an experienced team of legal counsel, accountants, and former IRS agents, Ian Woodman says that Instant Tax Solutions has seen that goal come true. As part of the company’s day-to-day operations, Ian Woodman’s Instant Tax Solutions sees a number of common issues with its clients. Today Ian Woodman answers some of their questions.

Q: Thank you for talking to us today, Ian Woodman. You have said that one of the most common tax problems Instant Tax Solutions sees is failure to pay taxes. How can taxpayers avoid having to pay penalties?

Ian Woodman: Each year, Instant Tax Solutions finds itself filing past due tax returns for multiple years on many clients. While we certainly can take care of overdue returns, taxpayers end up paying penalties if they owe money for these past taxes. The best way to avoid paying penalties is to pay on time every single year. Bring your tax information to Instant Tax Solutions and let our staff take care of things for you.

Q: Can you have these penalties removed, Ian Woodman?

Ian Woodman: Yes, at times. We have former IRS agents on our staff, as well as IRS enrolled agents. Both are able to negotiate with the IRS to work out an agreement that is amenable to both parties. There are times when the IRS is willing to lower penalties and even remove them if hardship can be proven.

Q: Are there times when Instant Tax Solutions can help lower the amount a taxpayer owes?

Ian Woodman: This is one of the services Instant Tax Solutions provides. The IRS has a form called an Offer in Compromise. ITS can work with the taxpayer to get the information necessary to make such an agreement go through. We can help ensure the forms are properly filled out and talk to the IRS to answer any questions they have.

Q: Can ITS do anything to release liens and wage garnishments when a taxpayer has gotten him or herself in too deep, Ian Woodman?

Ian Woodman: Instant Tax Solutions can assist in that regard as well. Since Instant Tax Solutions offers a free consultation, taxpayers simply need to call ITS for a consultation to determine if we can help.

Ian Woodman encourages beleaguered taxpayers to visit Instant Tax Solutions and consult with a member the ITS qualified team to discuss any tax-related problems from which they are suffering. In many instances, Ian Woodman’s staff can work with the IRS to reduce the debt and help restore credit. For more information, contact Ian Woodman or Instant Tax Solutions at www.instanttaxsolutions.com

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Byron Pedersen of Instant Tax Solutions Reviews IRS Requirements for Common Tax Debt Resolution Options

March 26, 2012 By 10 Comments
Instant Tax Solutions Reviews

Instant Tax Solutions Reviews

Founder Byron Pedersen and the Instant Tax Solutions Reviews Team discuss the most common tactics that taxpayers may use when trying to find relief from back taxes.

Information Nation: Good morning, Mr. Pedersen. We want to thank you and the entire Instant Tax Solutions Reviews Team for speaking with us today.

Instant Tax Solutions Reviews Team: It’s no problem at all, we are always glad to offer consumers information.

Information Nation: Let’s get started, shall we? Can you tell us, what are some of the most common tax debt resolution tactics?

Instant Tax Solutions Reviews Team: There are three that are fairly common to reduce the amount of money owed to the IRS: Offer in Compromise, Penalty Abatement, and Interest Abatement. Instant Tax Solutions reviews each client situation and offers them an honest opinion about which, if any, method is applicable to their case.

Information Nation: Let’s start with an Offer in Compromise. Can you explain it to us?

Instant Tax Solutions Reviews Team: An OIC is an offer to the IRS that is lower than the amount owed. It must represent the largest amount of money that the agency could reasonably expect to recover from the taxpayer.

Information Nation: Do all taxpayers qualify?

Instant Tax Solutions Reviews Team: No, most definitely do not. The IRS has very strict requirements that must be met before they will even consider an offer.

Information Nation: Are there any required conditions associated with an OIC?

Instant Tax Solutions Reviews Team: Taxpayers are advised that the IRS will have them sign an agreement to possibly relinquish all of their current assets and possibly even their future income.

Information Nation: Does this remove the tax debt completely from the taxpayer’s record?

Instant Tax Solutions Reviews Team: Not immediately. All of the terms and conditions must be met to the IRS’s satisfaction before they will effectively “wipe the slate clean.”

Information Nation: You mentioned Penalty Abatement previously. Can you tell us about that?

Instant Tax Solutions Reviews Team: This is where the IRS removes or diminishes penalties and fees that have been incurred by the taxpayer for failure to pay on time or other infractions.

Information Nation: In other words, if the taxpayer has been careless?

Instant Tax Solutions Reviews Team: A taxpayer must prove that he or she has tried to comply with the IRS. There are certain situations, including casualty, death, or a serious medical illness that may qualify a taxpayer for Penalty Abatement.

Information Nation: Those sound like dire circumstances. Are those the only reasons for the taxpayer to obtain a Penalty Abatement?

Instant Tax Solutions Reviews Team: Less extreme reasons may include an unintentional inability to gather records, bad advice from a tax professional or legitimate ignorance of business or personal tax law.

Information Nation: If the taxpayer applies for Penalty Abatement, do they qualify automatically?

Instant Tax Solutions Reviews Team: No. Once again, the IRS has very strict policies and requirements that must be satisfied before the taxpayer qualifies.

Information Nation: And what about Interest Abatement?

Instant Tax Solutions Reviews Team: Interest Abatement is even harder to qualify for than an Offer in Compromise or Penalties Abatement.

Information Nation: Why is that?

Instant Tax Solutions Reviews Team: Because in order for a taxpayer to qualify for Interest Abatement, the IRS must have made an error.

Information Nation: This is all very interesting. As a tax debt resolution agency, are these methods that Instant Tax Solutions helps clients with?

Instant Tax Solutions Reviews Team: Yes, these and more. Instant Tax Solutions reviews IRS policies and procedures regularly in order to maintain up-to-date information on what situations qualify for tax relief.

Information Nation: Thank you all very much for speaking with us today, this has been very informative.

Instant Tax Solutions Reviews Team: We look forward to speaking with you again on additional tax topics.

Instant Tax Solutions reviews IRS information for taxpayer information only. The information contain herein is not intended to replace the advice of a tax professional and is not a guarantee of future outcome.

Instant Tax Solutions, LLC | 1700 E. Schneidmiller Ave. Post Falls, ID 83854 | Phone: 1-888-387-4071

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Instant Tax Solutions Explains How Taxpayers Can Pay in Installments

November 16, 2011 By Leave a Comment
Instant Tax Solutions

Instant Tax Solutions

As with any debt you owe, your tax debt can be negotiated. Instant Tax Solutions has a staff of former IRS agents, tax attorneys, and accountants ready to work with the IRS on your behalf. As Instant Tax Solutions explains, it is to the IRS’s benefit to work out a payment plan with taxpayers. By allowing the taxpayer to pay off tax debt in installments, the IRS is able to get the money over time [Read more...]

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Instant Tax Solutions Explains the IRS’s Currently Not Collectible Status

November 16, 2011 By Leave a Comment
Instant Tax Solutions

Instant Tax Solutions

In today’s tough economy, more taxpayers than ever are seeking relief from back tax debt. Instant Tax Solutions co-founder Byron Pedersen recently explained to Information Nation what happens when a taxpayer is given Currently Not Collectible status [Read more...]

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