When you or your business has serious tax complications, the IRS and State of Florida can make life extremely difficult. The government will aggressively pursue all outstanding debtors and can retaliate with anything from charging you additional penalties, to garnishing your wages, seizing assets or levying your accounts. They can even close your business.
That’s where Muñoz & Company, CPA can help.
We have extensive experience working with the local collections office in handling IRS Problem Resolution. Our practice is focused on matters related to solving Internal Revenue Service & Florida Department of Revenue tax problems.
Gil J. Muñoz is an experienced Certified Public Accountant who has reviewed, prepared, and filed thousands of tax returns, including corporate, partnership and individuals. His 25-year background covers the gamut of business consulting and tax planning issues, with a focus on IRS problem resolution. Mr. Munoz is a respected CPA with years of hands-on work experience in the area of tax resolution that most other professionals don’t have.
As a result, Muñoz & Company CPA is the right organization to prepare and review your delinquent tax returns, represent you in an Audit, as well as preparing your current returns.
Let us represent you or your company before the IRS or Florida Department of Revenue. The IRS is extremely powerful and not a group to deal with by yourself. The tax laws, codes and regulations are too numerous and complex to interpret without a certified tax professional. We’ve spent 25 years successfully representing clients in front of the local IRS office. Our office can provide the in-depth experience in IRS problem-resolution that not all attorneys or tax professionals have.
Typically only one percent of individually filed tax returns are ever audited. But what happens if you fall into that unlucky category? You need an experienced CPA who has spent his 25-year career representing clients before the local IRS office. Muñoz & Company CPA has exactly that kind of background.
We will determine the real scope of the audit inquiry, whether it involves a portion of the return or the entire return, and then we’ll work to minimize it. We can quickly recognize the “friendly inquiries” from auditors verses the more serious red flags that could escalate into an audit. Gil J. Muñoz will personally resolve and close your audit quickly, in an effort to avoid expanding its scope–he won’t simply assign this to an associate. On average, the cost of representation is far less than the amount saved through professional representation. If you’ve received an audit notice from the IRS, don’t do a thing until you’ve consulted with our office.
The Collections Process For Unfiled Returns
When a taxpayer doesn’t file his or her returns, not only is it considered a criminal offense, but it significantly hinders the chance of settling with the IRS. If the bill is still unpaid within 10 days of the penalty notice, the IRS will start adding interest on those penalties. Typically, the late filing penalty is somewhere between 5% and 25% of the amount of tax required. Let our office double-check your specific penalty amount, to ensure that it was calculated correctly.
Those who still cannot pay may be able to negotiate a monthly installment agreement. But if their bills are still unpaid, the IRS will likely take serious action within 10 days of the final payment deadline. Among their collection options, the IRS agency can file for a tax lien, serve notice of a levy and is entitled to offset past or future owed refunds.
Liens or levies are stigmas that remain on your credit record for up to 10 years and are considered the most damaging account entries. Those under extreme financial hardship may be able to reach an Offer-In-Compromise, where they pay the IRS an amount less than 100% on the dollar, but as much as they otherwise would expect to collect. Don’t let things get to this stage. Gil Munoz has over 30 years’ experience in IRS problem resolution and can help you at every stage of the collections process.
Settle Unfiled Delinquent Tax Returns
Did you know that unfiled tax returns are a criminal offense, one that is punishable by one year in jail for every unfiled tax year? The same punishment applies to willful failure to pay, or when the taxpayer consistently files returns but has a pattern of non-payment. At first, you may receive notices to the effect that you must file your return immediately to avoid penalty.
In some cases, the IRS may even file a Substitute For Return, or SFR, for you, only without any of the credit, deductions or exemptions that you are entitled to. In other words, you’ll be paying a higher tax amount than you would have. Be proactive and handle your tax situation before the IRS resorts to the SFR stage.
Fortunately, Gil Munoz is an experienced CPA who has 25 years of successful IRS problem-resolution. The office of GJM will review the details of your case and can outline all of your available options at each stage of the collections process.
Here are the five basic ways to settle your tax debt.
- Payment In Full – The best way to avoid any penalties, fees or tax complications is of course to pay your bill in full, as soon as you are able.
- Installment Plan – Our office can try to negotiate a realistic payment plan that works within your budget or your company’s budget.
- Offer-In-Compromise – You may qualify for an Offer-in-Compromise, where you pay the IRS an amount less than 100% on the dollar, but as much as they otherwise would stand to collect. IRS Offer Examiners are now permitted to consider a taxpayer’s current and future income potential when evaluating these types of offers. OIC’s are not granted freely but with our firm’s experience working with the local IRS office, you’ll be well represented. We’ll ensure that your offer is qualified and realistic, not something that the IRS will immediately reject or that your budget cannot handle.
- Declare Bankruptcy – There are many different types of bankruptcy filings, and the office of Gil J. Munoz can help decide which is best suited to your situation. Understanding the qualifications of bankrupting your delinquent IRS taxes, how much tax debt can be discharged, and how these measures affect my credit record, are just some of the numerous and complex considerations to evaluate. This topic is best discussed with an experienced tax professional like Gil Munoz, whose special focus is on IRS problem-resolution. We work with a network of qualified bankruptcy attorneys who would be best suited for your situation.
- Declare As Currently Uncollectable – When your debt is declared as currently uncollectable, the IRS will temporarily stop all collection measures. You may still have to pay your tax bill, eventually, when your economic situation improves. The IRS will review your case in 18 months, to evaluate how your financial situation has changed. This topic needs to be discussed at length with a qualified tax professional before pursuing it.
Don’t let another day of fees or penalties accrue—contact Muñoz & Company CPA today.
Handling IRS Liens
If the IRS has filed a valid tax lien, the taxes subject to the lien may be treated as secure. You may not be aware that if the lien is not released, it remains and attaches to all of the debtors property. The lien survives bankruptcy and even though the tax might have been discharged, the lien remains on the debtor’s property for its full amount. This creates a trap for the unwary. The issue may arise years later and create a problem if the secured property appreciates. You have a right to appeal for the removal of your liens and we can represent you in this process. We may even be able to renegotiate what you owe, set-up a payment plan, or explore other options that are unique to your situation.
Resolving Payroll Tax Issues & Examinations
Payroll tax problems need to be handled quickly, as the penalties are expensive and add up very quickly. The IRS takes an aggressive stance on these situations. If they feel that your business won’t be able to pay off the debt, they can go after individuals and their personal assets to do so. They can even close your business down completely. At Muñoz & Company, we can analyze your situation and may be able to either remove or reduce the fines, or possibly renegotiate better payment terms.
When you haven’t paid your taxes, the government will try to settle that liability any way that they can. They may seize or levy your bank accounts, your wages, and can even also go after your Social Security benefits. We can assist in releasing those levies while trying to negotiate a better settlement.
Under the 1998 IRS Restructuring Act Special new rules went into effect, protecting innocent spouses from exposure to IRS collection actions related to a spouse or former spouse’s tax liability. This means that a spouse who unknowingly filed a joint return with their spouse who, had underreported or misrepresented their taxes, may not be held accountable for the liability.
The unknowing spouse must prove that at the time the tax return was signed he/she did not know that there was an understatement of tax. Contact Muñoz & Company CPA and we can help you determine if you would qualify for this designation.
When the IRS adds penalties and interest to a taxpayer’s unpaid bill, the balance can quickly become unmanageable. Penalty Abatement is a request to the IRS to remove certain penalties that were added to the taxpayers account for a particular year or multiple years. The office of Gil J. Munoz can help determine if you have the reasonable cause needed to justify this request. In addition, we may even be able to negotiate other measures like an installment agreement, to further reduce your total outstanding bill.
Filing bankruptcy is a very serious step that has lasting consequences on your credit record. This topic is best discussed with an experienced tax professional like Gil Muñoz, who is a CPA and whose special focus is on IRS problem-resolution. Our office also has a network of experienced bankruptcy tax attorneys available to you, or if you’ve already selected an attorney, we can assist him or her with your case.
There are many different types of bankruptcy filings. Understanding the qualifications of bankrupting your delinquent IRS taxes, how much tax debt can be discharged, and how these measures affect my credit record, are just some of the numerous and complex considerations to evaluate.
After determining with your attorney which type of bankruptcy makes sense for your situation, we can complete the necessary financial paperwork, typically saving you and your attorney time.