FAQs
FAQs
Frequently Asked Questions
We specialize in providing comprehensive financial services tailored to meet the unique needs of our clients.
To get rid of tax debt or back taxes, the IRS have programs like Offer in Compromise (OIC) and Currently Not Collectible (CNC) status.
If you cannot afford to pay less amount to the IRS for your back taxes, then the IRS offers you IRS Installment Payment Plan, where you can pay your tax debt over time.
An OIC let you settle your tax debt in less that what you actually owe to the IRS. But to avail the OIC the tax defaulter have to first qualify for the OIC.
Tax Planning is often adopted by corporate or individual with a good income to minimize the tax liability legally by availing available exemptions, deductions and rebates. Tax Planning is often handled by an experienced tax planner who know all the in and out of the IRS.
FFCRA is the Family First Coronavirus Response Act.
The time limit regarding the IRS to come after you for past due tax obligations is usually ten years when the IRS defines the actual income tax obligations. The Government loses the claim to gather on a past due IRS tax debt the instant the 10-year period ends.
Just how an IRS debt happens to be covered inside of a Bankruptcy relies in whether or not it's an actual principal or non-precedence tax bill liability.
Some kind of IRS debts cannot be eliminated within a B.K., then again, non-precedence the IRS tax obligations could possibly just be wiped away in a BK. A great number of the IRS obligations have been considered precedent throughout a bankruptcy proceeding. More often than not not much can be achieved in an individual bankruptcy to handle IRS tax bills.
FBAR stands for Foreign Bank Account Report (FinCEN Form 114). It is a mandatory annual filing for U.S. persons who have a financial interest in or signature authority over foreign financial accounts whose aggregate value exceeds $10,000 at any time during the calendar year.
You must file an FBAR if you are a U.S. citizen or resident, a Green card holder, or operate a U.S. entity (corporation, partnership, trust, or LLC), and you hold foreign bank accounts, investment accounts, pension accounts, or other financial accounts that exceed the reporting threshold.
Failure to file FBAR can result in serious penalties, which include up to $10,000 per violation for non-willful failures, the greater of $100,000 or 50% of the account balance for willful violations or possible IRS audits and criminal exposure in extreme cases
FBAR (FinCEN Form 114) is filed with the Financial Crimes Enforcement Network, while FATCA Form 8938 is filed with your IRS tax return.
Many taxpayers are required to file both, depending on account values and filing status. Our experts evaluate your situation to ensure all required forms are filed correctly.
Tax Resolutions Corp provides:
FBAR preparation and filing
Delinquent FBAR resolution
IRS penalty mitigation strategies
FATCA compliance support
Full IRS representation for audits or enforcement actions
Our team works directly with the IRS to protect your interests and ensure accurate compliance.
We assist individuals, families, and businesses with a wide range of tax issues, including IRS back taxes, wage garnishments, bank levies, tax liens, audits, unfiled returns, tax planning, corporate tax issues, and more.
Our experts work with the IRS on your behalf to negotiate solutions like Offers in Compromise (OIC), installment agreements, penalty abatements, and strategies to stop collections. This helps reduce stress and create manageable payment plans.
No. Once you engage us and provide authorization, we handle communications and negotiations with the IRS so you don’t have to face them alone.
Anyone with unresolved tax issues—such as unpaid back taxes, liens, audits, or complicated returns—can benefit from our services. Qualification for specific relief (like an Offer in Compromise) depends on your financial situation.
We can help you set up an IRS Installment Agreement so you can pay your tax debt over time in affordable monthly payments.
Penalty abatement is a request for the IRS to remove or reduce penalties based on reasonable cause, such as serious illness or natural disaster hardships.
Yes. We assist with preparing and filing late tax returns to ensure compliance and reduce further penalties and interest.
We help businesses with payroll tax resolution, IRS debt settlement, audit representation, compliance support, tax planning, and resolving liens and levies.
We help businesses with payroll tax resolution, IRS debt settlement, audit representation, compliance support, tax planning, and resolving liens and levies.
Yes. Our tax professionals can represent you in IRS and state tax audits, helping to communicate with auditors and protect your rights.
If you received a notice, our team will review it, explain what it means, and develop a plan to respond effectively to the IRS.
Yes — we provide an initial consultation where we assess your situation and outline potential solutions.
Costs vary depending on the complexity of your case and the services required. We aim to be cost-effective and transparent with fees.
Typically you’ll need recent tax returns, IRS notices, income records, and financial information so our experts can review your case and recommend the best strategy.
A bank levy is a legal action taken by the IRS or state tax agency to freeze and seize funds directly from your bank account to satisfy unpaid tax debt. Once issued, your bank must hold the funds for a limited period before sending them to the IRS.
Yes. A bank levy can sometimes be stopped or released if immediate action is taken. Tax Resolutions Corporation can negotiate with the IRS, request a levy release, or set up an installment agreement or Offer in Compromise to prevent further collection action.
A tax lien is a legal claim filed by the IRS against your property (home, business, assets) when you fail to pay your tax debt. It protects the government’s interest and can negatively impact your credit and ability to sell or refinance property.
IRS wage garnishment (also called a wage levy) is when the IRS legally takes a portion of your paycheck directly from your employer to pay unpaid tax debt. Unlike other creditors, the IRS can garnish wages without a court order once proper notices have been issued.
Yes. Wage garnishment can often be stopped quickly if action is taken immediately. Tax Resolutions Corporation works directly with the IRS to request a levy release, set up an installment agreement, file an Offer in Compromise, or prove financial hardship to halt the garnishment.
If your wages are already being garnished, our tax professionals can intervene on your behalf, communicate with the IRS, and negotiate a resolution strategy designed to reduce your financial burden. In many cases, we can secure a release and help you establish a manageable long-term payment solution.
An IRS Installment Payment Plan allows taxpayers to pay their tax debt over time through affordable monthly payments instead of paying the full amount upfront. It helps prevent aggressive collection actions like wage garnishments, bank levies, and tax liens while you stay compliant.
Tax Resolutions Corporation reviews your financial situation, determines the best payment option available, and negotiates directly with the IRS on your behalf. We work to secure manageable monthly terms and ensure all required documentation is properly submitted to avoid delays or rejections.
Yes. U.S. citizens and green card holders must file U.S. tax returns and report worldwide income, even if they live overseas. However, certain exclusions and credits may reduce or eliminate double taxation.
We assist with foreign income reporting, FBAR and FATCA filings, resolving past non-compliance issues, and minimizing penalties. Our team ensures expatriates meet IRS requirements while taking advantage of available tax benefits and exclusions.