Offer In Compromise Generates $199,500 in Savings!!

We recently had a client who settled with the IRS for $500. Total savings on your IRS tax bill in the amount of $199,500 doesn't happen very often. However, this particular taxpayer owed a large liability stemming from an old corporation he was involved in. He also doesn't have much in the way of assets or income. The IRS tax assessed was in the neighborhood of $200,000 at one point in time. The business owed closer to $400,000 in IRS tax liability. The liability he owed was civil penalties stemming from employment taxes accrued in his old business. For those of you not familiar with civil penalties or the trust fund recovery process it is a process the IRS uses to assess a penalty for the accrual of employment taxes in a corporation. The IRS looks at . . . Feel Free to Read More Below! 

Read the rest of our post at http://highlandtaxresolution.com/offer-in-compromise/offer-in-compromise-generates-199500-in-tax-savings

5 Reasons to E-File Your Tax Return!

We thought this would be a great post considering it is now tax season. However, just be to clear, Highland Tax Group, Inc. does not prepare or file tax returns. We can however, pair you up with the appropriate resource to do so. Highland Tax Group, Inc. prides itself on developing relationships within the community and has a deep well when it comes to tax preparer resources, business resources, and other financial needs.

Below are five good reasons to E-file your return:

1. Your return will be more accurate and more complete - an e-filed return is rejected if it isn't accurate for some reason, therefore, it is best to e-file as it helps reduce errors on the actual tax return.
2. It is an absolute free service. The IRS does not charge to e-file your return.  Therefore, you can log in, create an account, and file (and pay if you owe) your return online.
3. It is a much more secure way to file your return, transmitting data over the internet can be scary, however, the IT professionals who contract with IRS know encryption methods to keep your data safe and sound.
4. There are more payment options if you e-file (providing you owe) and therefore you can set up a credit card payment (get the points!) debit card, or electronic check to pay your liability timely and secure.
5. Of course last and not least is obtaining your refund much faster. Within 21 days according to the article below.

http://www.irs.gov/uac/Newsroom/Five-Good-Reasons-to-Efile-Your-Tax-Return

If you owe money to the IRS and aren't sure what to do, can't afford to pay it, feel free to contact Highland Tax Group, Inc. by calling us at 720-398-6088. We will be happy to take a look at your situation and give you guidance to help move forward toward tax resolution. Happy Filing!

Currently Non – Collectible Agreed to on $80,000!

We recently were able to get a client into currently-non collectible status. It wasn't an easy feat whatsoever. However, the client can now focus on rebuilding his business, rebuilding his financial livelihood, and all the while not having to worry about paying his IRS debts back. Currently non-collectible status is obtained by using the following steps:

• Remitting a full financial form 433-A Collection Information Statement for Individuals
• Discussing goals and options with Highland Tax Group, Inc.
• Negotiating with the IRS (and appeals if necessary) to obtain currently non-collectible
• Ensuring the IRS has all documents needed to prove all expenses listed on the 433-A
• In this particular case the client has a property with equity, showing he can full pay the tax debt, however, is unable to obtain a line of credit or refinance. Thus we provided 3 loan turn down letters to prove to the IRS the taxpayer has done all he could to attempt to borrow to pay the tax debt down or completely in full

Please contact us if you feel you cannot pay the IRS at this time. We would be happy to look at your situation to see if you qualify for currently non-collectible. We can be reached at 720-398-6088 or on our website at www.highlandtaxresolution.com.

IRS Tax Problem? Confused By What You Owe?

A lot of people we come across with IRS Tax Problems are confused about what they owe. They (both businesses and individuals) even have existing representation in place and are actively working on their IRS Tax Problem. However, their current representative, CPA, attorney, or bookkeeper either hasn't informed the taxpayer as to what they owe, or maybe they have in the past but the balance dues have changed.

The balance due amounts and subsequent transcripts on a taxpayer's account, are the most important pieces of information both the taxpayer needs to have, as well as the representative. Without the knowledge of what is owed, what might be missing, what the statutes are, and what the tax, penalty, and interest is, there really isn't a starting point to resolving one's IRS Tax Problems. There are a few key elements to obtaining this information:

• If you have IRS Tax Problems and you don't know what you owe call Highland Tax Group, Inc. immediately and we will gather this information free of charge
• If you have IRS Tax Problems we will ask you to fill out a 1 page form so we have authorization to gather the information necessary to begin resolving your IRS tax issues
• Our free investigation includes finding out tax balance due amounts, missing return information and data, transcript data, and statute data should it be necessary, as well as a status report on your account
• We will inform you of the results in writing so you can begin tackling your IRS Tax Problems head on in 2014!

We are more than pleased to offer the investigation, a $300 value, for absolutely free. Confused by what you owe? Not sure where your situation stands with the IRS? Not sure how exactly your IRS Tax Problems will be resolved in 2014? Call us at 720-398-6088 or at www.highlandtaxresolution.com for more information. We are looking forward to assisting you with resolving your IRS Tax Problems!

How to File an Offer In Compromise - A 5 Step Process

We filed an Offer in Compromise for a client in the beginning of February 2013.  His balance dues were less than $32,000 at the time. However, he had a few missing returns needing to be filed first. Once the returns were filed we could proceed with the financial form, collecting of supporting documentation, and subsequently the filing of an Offer in Compromise. After several months of waiting, and very close follow up once the Offer in Compromise was assigned, we were able to settle for $1,500 on $32,000.  Our client was very pleased with the results and is now in the process of paying the Offer in Compromise within the required 5 month time frame.

How did we get to the point of settling you ask? Very detailed layout, structure, preparation and follow up. The steps below outline the brief but detailed process behind filing an Offer In Compromise:

1. First and foremost conduct a compliance check to insure all tax returns are on record, find out all balance dues you will be compromising and ensure the taxpayer is compliant with estimated tax deposits. Make sure you get a collection hold to obtain enough time to file the Offer in Compromise.
2. Secondly, once the compliance check has been completed, fill out form the applicable financial form (business and/or personal) as well as the Offer in Compromise form. All attachments relative to the form must be furnished. Do not leave anything off the forms no matter how large or small financially. 
3. Third, don't forget about the fee, the 20% down payment, or down payment and monthly payments thereafter depending on the Offer in Compromise. The taxpayer may not have to furnish a fee or down payment based on their financial condition. 
4. Forth step, contact the IRS and advise them you are filing the Offer In Compromise prior to the due date initiated in step one.  Once filed, get the appropriate follow up to make sure the IRS has the Offer In Compromise in their system and has designated your case as such. 
5. Final step, negotiate the offer. Almost 90% of all Offers come back rejected, returned, or are declined for one reason or another. The IRS doesn't give much follow time once the process has been started. The offer can be negotiated with close and appropriate follow up. 

There are several other things to think about such as the filing of an appeal, negotiating the offer, etc. Those steps will be covered in another article.

Best of luck. The Offer in Compromise process is tricky and it is a privilege to file an offer rather than a right.  One must remember to cross all T's and dot all I's. As the IRS will decline the Offer in Compromise if it comes over incorrectly, incomplete, or there are compliance issues to be dealt with. Call us at 720-398-6088 for more information concerning the Offer in Compromise process as we would be happy to help. You may also find out more information regarding the Offer In Compromise on our website at www.highlandtaxresolution.com. 

Tax Resolution Testimonial!

Mike Wallen with Highland Tax Group helped me challenge amounts I owed for two tax years. I was not sure if that was even an option before I spoke with Mike, and after several attempts to reach the IRS by phone myself (which is impossible, the number provided on the notices only sent me to a message with no option to talk to the IRS), I reached out to Highland Tax. Not only did the amounts I owed for two years get reduced after working with Mike due to sending in  proof of interest paid on my mortgage, but he obtained extensions on my behalf to get me more time to send the IRS the information as I was having a difficult time getting a hold of the mortgage company.He took care of the issue right before Thanksgiving to ensure the IRS deadline was not missed. Mike is very knowledgeable about tax issues and I appreciated his help greatly.

http://highlandtaxresolution.com/testimonial/alex-k-colorado

Tax Resolution Services Offer Easy 4 Step Process!

http://highlandtaxresolution.com/tax-resolution-services/tax-resolution-service-offers-easy-4-step-process