Tax Resolution

Efficient Tax Resolution Services in Safety Harbor

calculator displaying tax helpWhether you are filing as a business or an individual, preparing taxes can be a confusing process, and innocent mistakes can happen. If you find yourself in trouble with the IRS and owe them a tax debt or are under audit, Cola & Cola CPAs is here to help you. Our experienced CPAs can represent you before the IRS and guide you through the different avenues for tax resolution. We are experts at handling back taxes, audits, and other common IRS problems.

We proudly serve communities across Safety Harbor, Clearwater, Oldsmar, and nearby locations. Call today and schedule your free consultation.

Call Us: (727)797-3905 Book a Consultation

What is an IRS Audit?

If the IRS found any discrepancies or just wanted to confirm the numbers in your tax account, they will request an audit. During an audit, they will carefully review your tax account to ensure it does not have anomalies. The IRS agents will examine your financial documents and tax returns to certify compliance with tax laws. They may request a correspondence audit, a field audit, or an office audit.

A correspondence audit is a letter requesting clarifications regarding specific numbers in your tax returns. You may have to correct a mistake in your returns or send relevant financial documents to answer the IRS questions.

A field audit involves sending an IRS agent to your office to ensure that the documentation you provided matches facts on the ground. Cola & Cola CPAs has the required expertise to represent you during such audits.

An office audit will be required if the IRS needed more clarification. This audit is held at the IRS office, and you will be required to show documentation and answer all of their questions. Our skilled team will represent you and are happy to help you prepare all the necessary documents for this visit.

Understanding Tax Problems in Safety Harbor

IRS tax auditorIt is essential to understand that an audit is not an assumption of guilt. It could result from a random selection, or the IRS has some questions they need answers for. For example, the IRS automatically compares your returns to the average figures for businesses in your tax bracket. If your numbers go against the norm, the IRS could seek clarification to understand the reason behind these discrepancies.

How to Settle Your IRS Debt 

If you have not filed in some time or owe back taxes, our team can help you settle with the IRS. Based on your situation, we use various approaches to help you agree with the IRS and pay less than what you owe. These ways include:

  • Offer in Compromise (OIC) - This method is used to settle unemployment, income, and payroll taxes. If you own an LLC, a corporation, or a partnership, you can apply for a business OIC. Before applying, our CPAs will calculate your RCP (reasonable collection potential). Offering to pay the IRS an OIC amount higher than your RCP but lower than what you owe could get you a settlement with the IRS.
  • Payment Plans - You can pay off your tax debt by developing an IRS installment agreement that allows you to pay in installments over a set period. After starting a payment plan with the IRS, you will be sent an annual installment agreement statement.

Helping You with Wage Garnishments & Levies

If you have not been responding to the IRS summons, they may enforce payment in various ways. Our team can help you stop this process by filing a request for a "Collection Due Process" or "Equivalent Hearing." This will allow you to present the IRS with a payment offer or attend a hearing and defend yourself. It may also be helpful in addressing:

  • Wage garnishments: If you disagree with the amounts collected by the IRS from your wages, you have the right to dispute it. Our accountants can help you explain your specific reasons and list all supporting background information.
  • IRS levies: A levy is the legal seizure of your property to settle for your tax debt. Our Safety Harbor CPAs can file a levy release for you. Then, we help you find a suitable tax resolution option that fits your situation.

How to Resolve IRS Tax Liens

Human Hand Holding Magnifying Glass Over Wooden Cork With IRS TextThe tax agency may put a lien on your assets, a legal claim on your properties to pay your tax debt. A lien makes it hard to liquidate your assets or even access your credit. If you do not pay your taxes at the set time, the tax agency can legally control your assets to settle any taxes you owe.

We can help you resolve a lien through one of the following ways:

  1. Monthly Garnishments: Send monthly payments using direct debit. These can be automatically withdrawn from your bank.
  2. Proving Malpractice: If you can prove IRS malpractice, they must release your tax lien.
  3. Expiration of Lien: If you work with the IRS and fail to reach an agreement within the deadline, the lien expires.

What is a Financial Disclosure?

Certain government employees whose positions are classified are required to file a public financial disclosure report. If you are required to file such a report, it must be filed annually by May 15th, as well as within 30 days of entering or terminating a covered position. In addition to helping you prepare and file this report, our team can assist you in requesting an extension of time if needed.

We Are Here to Help Safety Harbor Businesses & Individuals

At Cola & Cola CPAs, our skilled team makes you a priority. We offer solutions to every tax problem you have. If you live or work in Safety Harbor or any of the neighboring communities, contact us today and book your consultation.

Call Us: (727)797-3905 Book a Consultation

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