Tax Problems

  

Jeremy S Sweet, LLC. can help resolve your tax problems. If you owe the IRS, you have a very worrisome problem and we recognize that. We pride ourselves on being very effective, affordable, and extremely discrete. IRS problems can get worse with penalties and interest added each day. 


Unfiled Tax Returns

Did you not file tax returns in previous years? 


Therefore, you are worried about also filing this year? You thought it would draw more attention for the current year because of previous years being missing. Thus, you decide to yet again not file the next year. This is how back taxes can snowball and become overwhelming. 

If the IRS discovers you received income in those years, they will file a tax return for you called a “Substitute for Return” or “SFR.” It will more than likely say you owe more tax, penalties, and interest than if you filed the return because the IRS does not have to take into account you have any deductions or exemptions, or that what you sold cost you anything to buy.


Let Jeremy S. Sweet, LLC resolve all of your missed tax returns. We recognize how to file back taxes, to work with you to gather and organize the information you need to complete the filings. We have experience with personal tax returns (Forms 1040), corporate tax returns (Form 1120 for C and S Corps), partnership or LLC tax returns (Form 1065), Estate tax returns (Form 1041) and the income tax returns of all states that require them.


Wage Garnishment

Are you worried that the IRS will take some of your wages?


One of the IRS’ collection tactics is to capture your money to pay your tax debt before you get a chance to spend it on something else. This is called Wage Garnishment. With this collection technique, the IRS has the authority to seize a portion of your wages to pay back taxes. This can leave you in a complicated financial situation with your other monthly expenses and costs of living. 

Jeremy S. Sweet, LLC can typically get a wage garnishment stopped, or modified, within 24 to 72 hours once we are on the case representing you.

Additionally, a long term solution to your back-tax problem is a good idea to look for because once the IRS has the wage garnishment in the debt collection plan, an associated tactic is seizing your bank accounts in a bank levy. Contact us today for help!


Bank Levy

Did the IRS freeze your bank account? 


An IRS bank levy is a seizure of any funds you have available in your bank account. A levy on your bank account is painstaking and thought by most taxpayers and business owners to be the most severely disruptive collection action the IRS can take. In this IRS tax collection method, many of your employees, vendors, and bills can be left unpaid. We can help get a bank levy released fast. 

Prior to a bank levy, the IRS sends several notices of intent to levy assets and then a final notice of intent to levy. If you contact Jeremy S. Sweet, LLC in the process of these notices, we can assist to ultimately avoid this practice. Not only can we assist with stopping a bank levy but we can also assist with minimizing your economic burden to the lowest allowable amount. Partner with Jeremy S. Sweet, LLC today!


Tax Liens

Do you have a credit rating or property lien?


If you are worried about an IRS Tax Lien potentially culminating on your property or credit rating, we can certainly help. It is best to resolve any tax debt before the IRS has an opportunity to file a lien. However, if you have an IRS tax lien already filed against you, resolving the tax debt problem is a must. Jeremy S. Sweet, LLC can assist with the anxiety this situation can cause while helping to minimize the economic damage. 


A tax lien is a legal notice that the IRS or State income tax authority has a public formal claim against a named asset, whether real estate, bank accounts, machinery and equipment, or any other valuable asset. The lien communicates that the IRS will receive any payment first prior to any other transaction. Thus, whenever you wish to sell any asset to a third party and the mere existence of tax liens says you are a credit risk, this creates many problems and can diminish any transaction. We can help to get this removed from your records. Contact us today!


Payroll Tax Debt Relief

Did you miss a payroll tax deposit?


Some businesses can economically fall behind on a payroll tax deposit due to unforeseen circumstances and trying times. The IRS is very serious about collecting payroll tax and they can cause disruption to your business if they are not paid timely with your deposit. Often at times, if a business does not pay timely, they do not hesitate to pierce the corporate veil and go subsequently after the individual owners if the business does not have enough liquid assets on hand to seize. Interest begins to accrue immediately along with stiff penalties. If the IRS can make the case that a deposit being missed was done knowingly and intentionally, you could be looking at criminal prosecution. Don’t take a risk! Let Jeremy S. Sweet, LLC intervene immediately – your business and your economic life are exposed when payroll tax deposits are missed. Trust the experts on our team to assist you today!


Offer in Compromise

Need help with setting up a payment plan? 


The most common way to handle and resolve an IRS Debt is negotiating an IRS payment plan. However, it is not always that easy. As the amount of your tax debt increases the complexity of the negotiation also increases. 

The IRS desires to collect as soon as possible any tax debt you might owe. When taxpayers try to arrange and negotiate a tax payment plan on their own and without help of a representative they often make the mistake of accepting the IRS’ view on how much they should be able to afford to pay each month. The IRS uses guidelines on what your living expense should be, even though often there is no reasonable relationship to your actual living expenses.


Jeremy S. Sweet, LLC is highly successful at advocating for our clients to reach a payment plan at economic satisfaction to continue living their life reasonably and adequately. We know how to better negotiate your IRS installment agreement, particularly at higher amounts of tax debt, because our experts have the experience of negotiating IRS installment agreements along with the proper education of the tax code. Jeremy S. Sweet, LLC has the experience to evaluate your economic situation and can create an arrangement that works sustainably for both parties. Don’t risk taking a chance of accepting a payment plan that may not fit your current situation. Let us advocate for you. 


Installment Agreement

Do you owe the IRS in back taxes, penalties, and interest more than you can afford to pay?


If you meet the following guidelines you can consider making an offer to the IRS to settle your back tax if you can make a well-supported case that:

1. You don’t truly owe the tax amount to begin with. OR

2. There is small chance that you could pay the total tax bill (after you pay reasonable living expenses). OR

3. If the IRS successfully collected the total tax bill from you, it would be an economic hardship for you or would be unfair under your circumstances.


In certain circumstances it is in the interest of both the US Government and the taxpayer to compromise. These offers for payment require reasonable and documented proof and the IRS is very cautious about accepting them. Many people attempt to try to resolve payment amounts on their own and are unsuccessful. In fact, 75% of offers that the IRS receives are rejected and many individuals end up paying more than required.  We know exactly what proof qualifies and can assist in the process to ensure you are paying what is right and just. Let us assist in getting you results to get your financial life back!


Penalty Abatement

Do you wish you had some relief on the penalty? 


The longer a debt goes unpaid, the worse the penalty and interest. The penalties assessed make your total debt grow very quickly. Our firm thoroughly contests every part of debt: principal, interest, and penalties. We begin by ensuring that the amount the IRS originally assessed is the lowest amount allowed by law. Once we have completed our efforts of reducing the principal amount, we then try to get the penalties and interest reduced.


There are specific categories under which the IRS has the discretion to, forgive your IRS penalties.  The occurrence of a natural disaster, a serious health problem for the taxpayer or the need to care for a family member, the death of a family member, bad financial advice from a professional on whom it would be reasonable to rely or lost or destroyed financial records are the types of circumstances that can qualify. Jeremy S. Sweet, LLC will try to assess if your situation fits in line with any of those circumstances. We have the experience to evaluate and properly describe any qualifying circumstances in a method that will fit the IRS justifications for penalty abatement so your IRS penalties can be significantly minimized or removed.


Foreign Bank Account Reporting

Need help reporting a foreign account?


Some taxpayers believe their foreign accounts are not big enough for the IRS to care about. However, the IRS will approach any US citizen with a foreign account whose value is $10,000 for even one day in the tax year.


There is a form called the Foreign Bank Account Report (FBAR form). The FBAR instructions are often difficult to figure out and apply to your situation. Additionally, the report is filed separately from your tax return. It is important to file a FBAR before the IRS comes after you. This will make a big difference in how much money you get to retain.


It is always important to report the money and assets in your foreign accounts to avoid penalties. If you forget to file there is a minimum penalty of $10,000; and if the IRS believes you did not file intentionally, then the FBAR penalty is the greater of $100,000 or half of the value of the foreign account. The value of a foreign account is equal to the cash in the account, including the value of all of the non-cash assets in the account. These other assets include stocks, bonds, insurance policies and ownership interests in boats, planes, and real estate. Let us help you file the appropriate paperwork today!

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 If you're thinking of using Jeremy S. Sweet, LLC. for your CPA and tax consulting needs, consider getting a free session first.  

You'll meet with one of our tax professionals and get the following: 

  1. A free 30 minute consultation
  2. A price quote
  3. A view into how our strategy can help you


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