Tax Information | newhorizons

Have you tried everything to resolve a tax

problem with the IRS but are still experiencing delays?

Are you facing what you consider to be an economic burden

or hardship due to IRS collection or other actions? Are any of the situations below of concern?

Let us help you.

IRS Debt Settlement

IRS debt settlement is the process in which a taxpayer, either an individual or a business who owes the federal government back taxes, is able to settle their debt. There are four main tax settlement plans that the IRS offers taxpayers; installment agreements, offer in compromise, currently not-collectible status and paying the debt in full. When a taxpayer owes IRS debt, the federal government will add penalties and interest to the debt until it is paid off. The fastest way to handle IRS debt is to pay it in full, however some taxpayers cannot afford to pay the full amount of their back taxes; in which our analysts help you get the debt resolved.

IRS Audit Defense

Every year, the IRS audits about 2% of the population. These audits are chosen via random selection, mismatching information received by the IRS that indicates discrepancies with a taxpayer's income tax returns, or because of other circumstances that require the need for an audit. When the IRS audits an individual, they may do so through mail or by sending an agent to a taxpayer's home. In some cases, the IRS only requires the taxpayer to conduct an interview at an IRS field office. Taxpayers have a right to hire a tax professional to represent them before the IRS. New Horizon Tax Solutions can greatly improve a taxpayer's odds of having the audit process go smoothly and no surprises to cause problems. Experienced tax professionals can help taxpayers file un-filed income tax returns and find the necessary financial paperwork to present to the IRS to ensure that the audit does not continue for too long.

Offer in Compromise

An IRS Offer in Compromise is a tax resolution program offered by the IRS for taxpayers who owe back taxes. If a taxpayer qualifies and the IRS accepts the Offer in Compromise, the taxpayer will be able to pay back the debt for a fraction of the total amount owed. This amount is determined by using financial information submitted to the IRS to calculate the ”Reasonable Collection Potential” of the taxpayer. Should a taxpayer qualify for an Offer in Compromise, the IRS will require them to pay back the agreed upon amount within six months in full, or else the offer will expire and the full debt will be owed. Filing an Offer in Compromise proposal can be complex, and using the assistance of New Horizon Tax Solutions can greatly improve a taxpayer's likelihood of having their offer accepted.

Tax Resolutions

Tax resolutions are for delinquent taxpayers who need to pay back the IRS but cannot afford the full amount of the debt they owe. The IRS offers tax resolution programs for these taxpayers as a way to ensure that the debt is collected and also relieves any hardship that the tax debt will cause taxpayers who have extremely hard financial circumstances. There are three general types of tax resolution, the offer in compromise, installment agreements and currently non-collectible status. A tax company that specializes in IRS income tax resolution like New Horizon Tax Solutions can help a taxpayer get the resolution they need and qualify for before the IRS places a lien against them or begins levy actions. Taxpayers can avoid collection actions by taking steps to enter into a tax resolution. Contact New Horizon Tax Solutions for a free consultation and more information about these types of tax resolutions.

Stop Wage Garnishment

Taxpayers who have wage garnishment problems owe the IRS back taxes and have ignored multiple notices from the federal government to enter into a tax resolution program to resolve their issues. An IRS levy is the collection of tax debts from a delinquent taxpayer and can include wage garnishment, bank account garnishment, and even seizure of assets like homes and vehicles. Certain taxpayers may be able to have their wage garnishment lifted if their levy has just begun and if they can show that the IRS is causing undue financial hardship by collecting. Some taxpayers can avoid wage garnishment by entering into a tax resolution program. New Horizon Tax Solutions can help clarify your options if you need to stop wage garnishment.

Tax Lien Help

Taxpayers who need tax lien help have received notice from the IRS that a lien has been placed on their assets. These assets could be bank accounts, income, or assets. The IRS can collect an owed debt from a taxpayer by levying them after a period of 30 days has passed after a lien is placed.

To have a lien lifted, a taxpayer must first pay back the IRS debt, but in rare cases, may be able to have it lifted if they can enter a tax resolution plan and show that the lien is hurting their ability to pay back their tax debt. New Horizon Tax Solutions can assist you with understanding how to get tax lien help. Tax lien notice should not be ignored. Failing to handle an IRS lien notice will mean the inevitable seizure of homes, assets, bank accounts and even wage garnishment.

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