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Tax Debt Relief: Find an Accountant Near Me

Owing Money to The IRS – It Can Happen to Anyone.

Do you owe money to the IRS or state? Have you received threatening letters? Are you in active collections? Do you have unfiled tax returns from prior years? Are you unable to pay your tax debt?

Millions of people owe money to the IRS and think they are stuck. Massey and Company CPA has your back. For over 10 years, our firm has been representing clients before the IRS and State Department of Revenue to resolve complex tax issues. We specialize in tax debt relief: resolving tax problems and reducing IRS and state tax debts.

With offices in Atlanta and Chicago, our CPA firm represents clients who need to work out an arrangement to resolve a past tax debt and get their IRS account in good standing. We will help you identify the best tax debt relief solution for your unique situation, minimizing what you owe to the government. It is our mission to strive for the most favorable outcome for each of our clients.

Negotiating tax debt relief requires an understanding of the IRS Statute of Limitations. The accountants at our CPA firm have deep experience with these rules.  They know which tax returns need to be filed to satisfy the IRS and to resolve the problem of back taxes.

Our CPAs, Enrolled Agents and accountants save our clients significant tax dollars with the IRS and state Department of Revenue.   They also prepare financial statements to support tax filings and to ensure compliance and accurate reporting.  We help our clients and we can help you too!

Do not wait before it gets too late. Call now to learn more about tax relief solutions to fix your IRS problems.

Understanding Tax Debt

What is tax debt?

Tax debt, also known as tax liability, refers to the amount of money an individual or business owes to the government in unpaid taxes. This can include income taxes, payroll taxes, and other types of taxes. Tax debt can arise from various sources, such as unfiled tax returns, unpaid tax bills, or tax audits. Understanding the nature of tax debt is the first step in addressing and resolving it.

How does tax debt occur?

Tax debt can occur in several ways:

  1. Unfiled tax returns: Failing to file tax returns can result in tax debt, as the government will estimate the amount of taxes owed based on previous years’ income.

  2. Unpaid tax bills: Ignoring or neglecting to pay tax bills can lead to tax debt, which can accrue interest and penalties over time.

  3. Tax audits: If a tax audit reveals underreported income or incorrect deductions, the taxpayer may be liable for additional taxes, interest, and penalties.

  4. Tax law changes: Changes in tax laws or regulations can result in tax debt if taxpayers are not aware of or do not comply with the new rules.

Consequences of unpaid tax debt

Unpaid tax debt can have severe consequences, including:

  1. Penalties and interest: The government can impose penalties and interest on unpaid tax debt, increasing the amount owed over time.

  2. Tax liens: The government can place a tax lien on a taxpayer’s property, which can affect credit scores and limit access to credit.

  3. Tax levies: The government can seize assets, such as bank accounts or wages, to collect unpaid tax debt.

  4. Loss of refund: Taxpayers with unpaid tax debt may not receive their tax refund, as the government can apply it to the outstanding debt.

Tax Planning and Preparation

Importance of tax planning for debt relief

Tax planning is crucial for debt relief, as it can help taxpayers:

  1. Minimize tax liability: Tax planning can help taxpayers reduce their tax liability, making it easier to pay off debt.

  2. Avoid penalties and interest: Proper tax planning can help taxpayers avoid penalties and interest on unpaid tax debt.

  3. Take advantage of tax credits: Tax planning can help taxpayers identify and claim tax credits, which can reduce tax liability and provide a refund.

  4. Improve financial reporting: Tax planning can help taxpayers maintain accurate financial records, making it easier to track income and expenses.

By understanding tax debt and the importance of tax planning, taxpayers can take proactive steps to manage their tax liability and avoid the consequences of unpaid tax debt. Consulting with a tax accountant or tax preparer can provide valuable guidance on tax planning and preparation, helping taxpayers achieve financial stability and debt relief.

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No More IRS Letters

The IRS will come after you if you do not pay your taxes. Massey and Company CPA is qualified to handle federal and state tax matters of businesses and individuals. There are different types of tax debt relief programs that you may qualify for. If you wait too long to address your tax issues, the IRS may garnish your wages, revoke your passport, levy your bank account or put a lien on your property. Call us, your Atlanta CPA firm, before this happens.

If IRS letters are piling up, it can be overwhelming and highly stressful. You might feel afraid or frozen, not knowing what you should do or how to get out of your situation. The worst thing you can do is to do nothing. The penalties and interest keep adding up, sinking you further and further into trouble. Professional tax services can help ensure clients stay out of tax trouble and receive the maximum refund on their tax return.

We know how stressful this situation can be and we want to help make the process as easy and stress-free for you as possible.  

Do your due diligence when it comes to taxes.  It is important for the client to verify the preparer tax identification number (PTIN) of your tax professional to ensure compliance and prevent fraud.

Quality Accountant wokring hard

The team at Massey and Company CPA handles the following :

  • Tax Preparation for small businesses, individuals and nonprofits
  • Tax Planning
  • Estates and trusts
  • Tax Problems
  • IRS Installment Agreements or Payment Plans
  • Offer in Compromise
  • Currently Non Collectible Status (CNC)
  • Taxes in Bankruptcy
  • Tax Notices
  • CP2000
  • Challenging a Tax Amount
  • IRS Audit Letter
  • IRS Audit Representation
  • Back Taxes Owed
  • Payroll Tax Issues
  • IRS Liens
  • IRS Levies
  • IRS Seizures
  • IRS Wage Garnishment
  • IRS Collections Process
  • Innocent Spouse Relief
  • Negotiation of Penalties
  • IRS Statute of Limitations
  • Analyzing IRS Transcripts
  • State Taxes
  • Nexus studies to minimize taxes
  • Sales tax returns
  • State income tax audits
  • Sales tax audits

 

Call us to hear about what tax debt relief plan may best for you. Let us help you get back on track with the IRS. With offices in Atlanta and Chicago, we are your local CPA and tax representation firm.

Contact Us Today

At Massey and Company CPA, we offer friendly and efficient accounting and tax services to individuals, businesses and nonprofits. Our CPAs, EAs and accountants are skilled in tax planning and financial reporting, in addition to tax return matters.  From our offices in Atlanta and Chicago, we help clients wherever they are. Location does not matter. We tailor our services to your needs.  We have relationships with tax attorneys in the event that clients need legal representation in complex issues. 

Check out our other services, including bookkeeping and accounting, tax relief, IRS and state tax representation, tax matters for trusts and estates, and tax  planning.

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