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Chicago: IRS Tax Help

by

Steven A. Leahy

Chicago: IRS Tax Help

Chicago: IRS Tax Help
In the Chicago area and owe taxes? You may not even know you have an IRS tax lien until it’s too late.

The IRS uses liens to get people to pay the taxes owed. It’s one of the many tools in their arsenal and for many people it’s one of the worst penalties the IRS can inflict. It does silent damage to your life and your credit before you figure it out.

Simply stated, a lien is a security held against your personal and/or investment property by the IRS. And it can make your life miserable.

If the IRS places a claim on your property as a tax lien,it shows up on your credit report and can greatly damage your credit score.

The worst part is that you may not even be aware of the lien until you go apply for a credit card, car loan, home equity loan or to refinance. By that point lenders are hesitant to loan you any money.

Plus, a tax lien may make it very difficult to sell your house. A buyer will be reluctant to buy since the lien comes with the property and becomes the buyer’s problem if you don’t take care of it.

If you’ve had a lien placed on your property already, or if you’ve been served a Notice of Federal Tax Lien – you know that trouble’s just around the corner. We can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

Offering In House Tax Preparation!

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At Opem Tax Resolution & the Law Office of Steven A Leahy we are proud to provide our clients with a variety of services to help them deal with their tax and debt problems. We would also like to provide services that help them avoid tax problems all together.

We have seen first hand how some of our clients have been put into compromising situations with the IRS by filing incorrectly or having a less than reputable tax preparer make some serious mistakes. We know that it can be hard sometimes to know that the tax preparation service you are using is truly on your side. For this reason we have decided to offer in house tax preparation. We have hired a tax preparer in house to serve this need. Mike Norris is an Enrolled Agent (EA) and began to assist our clients with tax preparation on February 15th

In the past we have only filed older tax returns to help our clients get back in compliance with the IRS. However, we have realized by offering tax preparation in house we can better serve our clients by providing a trustworthy preparation service. Our clients can rest assured that not only do we knows how to file their returns correctly but we also have in-depth knowledge of the legals aspects of dealing with IRS issues. This allows our clients to be assured that their tax filing is in good hands and that if they are ever faced with an audit or issue with the IRS that they will be able to come to us to aid in their defense. https://chicagotaxteam.com/services/

Get in Compliance and Stay in Compliance. We Can Help.

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Sometimes a taxpayer who owes the IRS more money than they can afford is allowed the chance to pay off their debt in an installment plan. With a successful negotiation that payment plan should be something that they taxpayer can afford. However, sometimes taxpayers find themselves defaulting on the payments and falling out of compliance with the IRS. This is not a good thing and can have dire consequences.

When you are late with a monthly payment when paying back the IRS after getting an installment agreement then you have defaulted on your agreement. This means that the IRS can come back and demand full payment. They may even start levying your accounts, assets and wages and use everything they have in their collection arsenal to come after you. Suddenly, you may find yourself back in the nightmare of IRS problems that you were trying to avoid by creating the installment agreement in the first place. You also may find that the IRS is harder to negotiate with and even more aggressive than they were before. For this reason staying in compliance with the IRS can be just as important as getting in compliance.

It is important that you not only stay in compliance for your repayment plan but that you also continue to file your taxes on time and accurately every year. By having prior tax problems or IRS audits your chances of being audited by the IRS have increased. Maintaining a consistent track record going forward and keeping accurate records will help you avoid trouble later. If your past problems were exacerbated by a lack of record keeping on your part then make sure you learn from that mistake and organize your records from now on.

A good basic start to organizing your records is to follow the following tips:

  1. Maintain at least three years worth of tax returns and records.
  2. Copy your records and keep them in separate secure areas to avoid loss due to computer problems, fires, etc.
  3. Keep your bank records and checkbook stubs.
  4. Keep your receipts from all of your purchases and categorize them throughout the year
  5. Track the costs for all of your property and taxable investments
  6. Keep organized files and file all of your bills.
  7. Keep a journal of all of your deductible items and update that journal as they occur.
  8. If you feel overwhelmed or you feel you need help staying on track in the future then find reliable help.

We realize that at times staying in compliance can be difficult, especially for busy people who have a lot of other obligations to focus on. For this reason, in order  to help our clients now and in the future we decided to offer a Compliance Program. By taking advantage of this program our clients can have us monitor their IRS files. We can keep you up to date on your repayment plan and we will make sure that from now on you get your taxes filed.

Basically, this program protects you from your potentially bad habits or from forgetting some important dates while you are busy with the rest of your life. It helps ensure that your taxes are being prepared correctly and that you are staying on track. Contact us to find out more. https://chicagotaxteam.com/contact-us/

 

Chicago: What to Do About an IRS Tax Levy

by

Steven A. Leahy

Chicago: IRS Tax Levy?

Chicago: IRS Tax Levy

IRS Levies = Seizure of Your Property (Here’s What to Do) If you owe the IRS money and aren’t actively negotiating with the IRS, then it is likely they will use a levy against you.

A levy is the legal taking (seizure) of your personal property by the IRS to satisfy your tax debt. If the IRS is taking part of your paycheck the levy is called a garnishment.

And the IRS has the power to levy anything you own.

They can levy against or seize your:

House
Boat
Car
Motorcycle
Real Estate…
And the list goes on.
The IRS can also garnish anything that is owed to you. This includes:

Wages
Accounts receivable
Commissions
401(k)s
Individual Retirement Accounts (IRA’s)
Social Security… and more
You don’t want this to happen. Things get ugly when your personal property gets seized and/or you bank account gets “raided”.

Checks start to bounce. Payments don’t get paid. Cars get repossessed. Houses go into foreclosure, and credit ratings get destroyed.

If you haven’t paid your taxes or you haven’t filed, this could happen to you. The IRS has significantly stepped up levies and garnishments since 2004. And they show no sign of stopping.

If you are in trouble with the IRS or have received notices that you owe taxes, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

Tax Help Chicago: IRS Offer in Compromise Help

by

Steven A. Leahy

Tax Help Chicago: IRS Offer in Compromise Help

Tax Help Chicago: IRS Offer in Compromise Help
The (Untold) Truth about IRS Offers in Compromise

Is it really possible to pay the IRS “pennies on the dollar” and have the rest of your tax bill forgiven?

Yes. It’s possible. In theory.

The only problem is it isn’t too likely to happen.

An Offer-in-Compromise used to be the only legitimate way to negotiate an actual lowering of the amount of taxes you owe.

But there has been a lot of abuse of this method in recent years. And the IRS has cracked down. In fact, only 15% of Offers-in-Compromise get accepted by the IRS.

The best way to know whether or not this solution is one that works for you is consult with a tax attorney.

The good news is that if an Offer-in-Compromise is not the right fit, there are several other options to choose from that are equally effective.

These include the ability to make payments to the IRS and sometimes these payments may even be reduced based on your income. This reduces the amount of debt you owe.

There is no sense in pursuing an IRS payment option, like an Offer-in-Compromise, that isn’t right for you and will most likely fail.

When dealing with the IRS you should always get the advice of a tax professional who can help you determine the right plan for your situation.

If you are in trouble with the IRS or have received notices that you owe taxes, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

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