TAX WORRIES? LET ME HELP!
Get your life back with Charles J. Elwis, Jr. CPA tax resolution services
Get your life back with Charles J. Elwis, Jr. CPA tax resolution services
Your life might be ruined in many ways by IRS issues. They negatively impact your emotional, physical, and financial well-being. Charles J. Elwis is ready to help you with getting back on track with the IRS.
Tax debt forgiveness encompasses various situations where taxpayers receive
relief from part or all of their tax obligations. The Internal Revenue Service
(IRS) doesn't simply forgive tax debts. However, it does offer multiple
programs and alternatives that can assist in reducing or completely resolving
tax liabilities under certain conditions. Facing IRS debt can be daunting,
especially when you cannot pay. It's common to feel tempted to overlook the
problem, often due to fear of the unknown. You might wonder: does
approaching the IRS escalate your troubles? In truth, the genuine concern
arises from neglecting the issue. Ignoring the taxes you owe can lead the IRS
to enforce payment through various methods, including federal tax liens,
levies, and wage garnishments, while accruing penalties and interest.
Fortunately, there's encouraging news: The IRS provides several relief options
described below.
· Monthly Installment Agreement: This option allows for the repayment of tax debt through monthly payments spanning up to 72 months. To initiate this, use the IRS Online Payment Agreement tool or submit the "Form 9465, Installment Agreement Request."
· Short-Term Payment Plan: Suitable for clearing tax debt within 120 days. Apply for this plan online. It does not involve any setup charges.
· Long-Term Payment Plan: For debts requiring over 120 days for repayment, you can choose this plan, also known as an installment agreement. The setup fee for this plan varies depending on the application method (online or mail) and the chosen payment method (direct debit or others).
· Negotiated Tax Settlement (Offer in Compromise): This arrangement allows the taxpayer to settle tax debt for less than the amount owed. Eligibility depends on proving your inability to pay the total amount and offering a sum representing the maximum expected collection by the IRS within a reasonable time frame according to the IRS's formula. The application requires submitting "Form 656, Offer in Compromise" and either "Form 433-A (OIC), Collection Information Statement for Wage Earners and Self-Employed Individuals" or "Form 433-B (OIC), Collection Information Statement for Businesses."
· Temporary Suspension of Collection: The IRS may temporarily halt collection activities if severe financial hardship prevents you from paying your tax debt. However, during this period, penalties and interest will accumulate, and the IRS might place a tax lien on your property.
· Penalty Abatement: If you have a valid reason for not filing a tax return or not
paying your taxes on time, the IRS may lower or eliminate penalties. You can call the IRS
or send Form 843, Claim for Refund and Request for Abatement, to request a reduction in
penalties. It's crucial to remember that, regardless of the payment plan or tax relief program you select, interest will keep accruing on your tax bill until you pay it in full.
Additionally, while these choices offer short-term assistance, not all taxpayers or tax circumstances may find them appropriate. It's always a good idea to speak with a tax expert like me to learn more about your options and choose the best action for a specific situation. I can do all of the above for you. Please call me at 817-455-3485.
Who I Am and Why I’m Helping People Solve Tax Problems If my life turned out as I had hoped, I would still be in professional baseball. The IRS would not be part of my life except for the rendering unto Caesar part that arrives every April 15. I grew up in Los Angeles during the golden years for the Dodgers and their famous announcer, Vin Scully. From age nine, all I wanted to do was play in Major League Baseball. My parents expected me to do well in school, so I endured that seemingly unnecessary distraction. Otherwise, unless I was playing touch football and basketball with my friends, it was baseball, baseball, and more baseball. I was fortunate to meet a wonderful man and baseball scout, Kenny Myers. Kenny persuaded the Dodgers to draft me, a lefthander, as a pitcher out of high school. Kenny spent many days with me, passing on some of his vast knowledge of the game. Incredibly, as an 18-year-old kid who lived and died with the Dodgers and Sandy Koufax, Don Drysdale, Maury Wills, et al., that summer, I was given the rare privilege of pitching batting practice to the Los Angeles Dodgers in Dodger Stadium before the games they were going to face a lefthander. How good could life be? Kenny Myers became head of scouting for the California Angels, so I signed with the Angels that winter. Good fortune continued shining upon me because the Angels invited me to spring training with the major league team for the first few weeks. During those few weeks, the pitching coach sought to change how I threw the ball. Unfortunately, as a result, I hurt my arm and could never regain my previous ability to pitch. I struggled in minor-league baseball for a while and was greatly frustrated by my inability to excel. Realizing that my dream was unlikely to become reality and tired of long bus rides and shoddy hotels, I left baseball. Home and out of baseball so prematurely, I needed to decide on a new career. Since my father was a successful CPA, I decided to study accounting. Upon graduating from college, I went to work for one of the most prestigious accounting firms, PriceWaterhouse & Company. I spent nearly three years at the firm, passed the CPA exam, and met the experience requirement to be licensed. After Price Waterhouse & Company, I worked in accounting for two corporations. I hated the dull and dreary life of being an accountant in corporate America. It was about all I could stand, so on the advice of a good friend and mentor, I tried out an entirely different career. Telling me that I had become bored and unchallenged, my friend thought my life would be more exciting living on a straight commission. Being selfemployed and living on a straight commission is both exciting and occasionally terrifying. For roughly the next thirty years, I liked working as a real estate broker in California and Texas most of the time, meeting people from all walks of life and helping them realize their dreams by assisting them in negotiating the purchase and sale of homes and investments. The skills I developed in dealing with people and negotiating successful agreements have served me well in dealing with the IRS. An event occurred during one of the boom-and-bust cycles of Southern California real estate that led me to where I am today. Although the tax trouble I found myself in at the time was stressful, it has since turned out to be a fortuitous event. In the first part of the 90s, the real estate market suffered a severe downturn. I had a young family with two small children and a home encumbered with a large mortgage. I was worried and wondered how we would survive with substantial unpaid taxes. Everything I had worked so far seemed to be at risk. Before the 1990s, the IRS had considerable power and discretion in its operations with little oversight. The IRS conducted overzealous collection tactics and conducted aggressive and unfair practices, leading to ruined lives, bankruptcies, and even suicides. Congress passed the first Taxpayer Bills of Rights in 1988, followed by widely publicized hearings investigating the IRS in the 1990s. The Offer in Compromise (OIC) program, administered by the Internal Revenue Service, began in 1992. A CPA who worked in the same building suggested I try it. She prepared and submitted an OIC for me, and the IRS promptly rejected it. Frustrated, she suggested I try making an Offer in Compromise for myself instead. That’s when I realized I may have a future dealing with the IRS. My offer was even less than she had offered. The IRS accepted my offer! I stayed in real estate but grew weary after the Great Recession of 2008. I started looking into other occupations while preparing tax returns for a number of years. I wanted to do something besides preparing returns. That is when I became aware of the evolving Tax Resolution business. Choosing to go into Tax Resolution has been a happy choice. I particularly enjoy helping people overcome their tax difficulties, remembering the relief I felt from solving my own tax problems. I look forward to helping you overcome your tax problems and worries. Let’s get the IRS off your back!
Call today to set up a plan for tax debt relief.
Colleyville, Texas 76034, United States
(817) 455-3485 / Fax (817) 549-5559 Charles@CharlesElwis.cpa
Call Me for a Complimentary Evaluation of Your Tax Situation (817) 455-3485
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