IRS FRESH START PROGRAM

OFFER IN COMPROMISE (“OIC“)

The Offer in Compromise (OIC) is a program that allows a taxpayer to settle their delinquent taxes for less than the total amount the IRS claims they owe. The OIC is arguably the most widely used of all tax relief programs. In addition, new tax laws have given fresh hope to those who previously did not qualify for an OIC under old legislation. The IRS Looks at three financial areas when considering a settlement.

• Monthly discretionary income.

• Assets / liabilities.

• Equity in assets.

INNOCENT SPOUSE CLAIM

The tax debt that follows the breakup of a marriage can be the most destructive aftershock of a divorce. Many times, innocent spouses find themselves liable for the old misdeeds of their spouse who has been the victim of fraud.

At Pacific Coast Tax Solutions, we can determine if you qualify for relief as an innocent spouse. And now the IRS applies a “less strict” set of requirements to obtain innocent spouse relief. These new standards make it easier than ever to qualify for help and to prevent further financial abuse and hardship.

WAGE GARNISHMENTS AND BANK LEVIES

An IRS levy is the actual action taken by the IRS to collect taxes. For example, the IRS can issue a bank levy to obtain your cash in savings and checking accounts. Or the IRS can levy your wages or accounts receivable.

A common call to us is for emergency help with a garnishment and or bank levy. Our tax professionals understands how important a regular paycheck and money in their bank is to our clients and their families.

Upon retaining us we will make contact with the IRS and or state taxing agencies and immediately place a collection hold on your account. We will get you some breathing room to plan.

INSTALLMENT AGREEMENT

If you require an extended period of time to pay off your tax bill, the IRS will typically accept a payment plan, also known as an installment agreement. Individuals who have a balance over $25,000 are required to use direct debit. Businesses with balances over $10,000, must also pay by direct debit.

At Pacific Coast Tax Solutions, we can assist you apply for a payment plan that suits your needs.

Partial Payment Installment Agreement

A partial payment installment agreement is a monthly payment arrangement you make with the IRS that does not require you to pay off your entire tax debt. It’s like an extended offer in compromise.

PPIA’s may be granted if the you can not sell or borrow against assets with equity due to it causing an economic hardship.

Tax preparation is as straightforward as it can be. It’s a process that involves meticulous preparation of income tax returns for private individuals, companies, enterprises, businesses, large conglomerates, and many more. More than just keeping your finances in line with IRS (Internal Revenue Service) regulations, hiring a professional company that can conduct all of your tax preparation in the most effective way possible also saves you both time and money.

Reasons to Hire a Tax Preparer

Aside from taking the burden off preparing taxes by yourself, you will have a professional tax preparer that will have a deeper understanding of the tax code than the average taxpayer.

Our team of tax professionals will help you determine the expenses and circumstances that qualify you for more tax deduction, credits and other financially favorable allowances.

Comply with The Law

Compliance with the law is the primary priority when it comes to tax preparation. We make sure you are compliant with the law when preparing and filing your tax return.

Gain More Savings

As mentioned before, you may not really have a clear picture of which deductions you can get from your taxes. Laws are constantly changing and keeping up with these changes requires that you stay up to date with all the new guidelines every day.

In need of reliable, professional, and honest tax preparation? We at Pacific Coast Tax Solutions are ready to provide you with all the services that you need. We are continually making sure that our licensed tax professionals have the best training and education all-year-round to give you high-quality tax preparation, whatever the case.

THINKING OF OWNING YOUR OWN BUSINESS?

Opening your own business is exhilarating and thrilling. It’s everything that comes after the excitement and thrill have worn off that dictates whether a small business will make it or not. It’s up to you to maintain and stretch out the “thrill and excitement” period forever.

A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.

Each month or quarter we’ll do the following things for you

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

• Reconcile your bank account

• Generate an income statement

• Generate a balance sheet

• Clean up your general ledger

• Provide unlimited consultations

We understand how stressful going through a tax audit is - We are here to guide you every step of the way.

There are three different types of audits:

1. A correspondence audit, essentially a mail audit.

2. An office audit. You or your representative will be required to go to an IRS office.

3. A field audit. This type of audit involves an IRS revenue officer visit your home or place of business.

Any tax audit is an INCREDIBLY stressful process, thus giving the IRS an immediate advantage and they prey on this advantage. Stress-free negotiation is the key to getting an attractive settlement from the IRS. Our team can assist in taking that stress away. In addition, we also reduce the stress on the local IRS agent. Our tax experts are veteran referees who take the focus above the local level. Retaining Pacific Tax Solutions is a no–brainer. We take the issue off your plate. Our job is to negotiate every single aspect of your audit and in most cases, our clients never have to speak with the IRS directly.

It is our priority to ensure the IRS will not force you to sign your life away. With our tax experts standing in between you and the IRS you can focus on other more important things. Once the audit has concluded, if you do happen to owe any taxes we also resolve that issue with delayed payments, installment agreements, or in other ways that best meet your needs. Battling for the RIGHTS of taxpayers is simply our full-time job.