- March 5, 2020
- Posted by: blogtester
- Category: IRS Audits
Platinum Tax Defenders is a tax relief service created in 2011 in Los Angeles. Since then, our objective has been to help our clients in regaining financial freedom. Through our tax relief services, we can assist you in a number of tax-related issues like the IRS audits penalties release. We can help in lifting the levies and liens, dealing with IRS audits and recovering from back tax debt. If you owe more than $10,000 to the IRS, we can help you.
Led by Sherri Gastellum, the CEO of PTD, the firm has experienced professionals including enrolled agents, certified public accountants, and tax attorneys. Some of the attorneys that we employ have worked with the IRS directly. This gives them the experience to make us one of the most reputed and effective tax resolution services in Southern California. So, you don’t have to fight the IRS alone.
Even if you are filing tax returns for previous years, there are options you can use for tax relief. IRS understands the financial issues you might be facing and offers several options for paying your tax debt. We can help you in negotiating a settlement or stopping a collection activity.
At the Platinum Tax Defenders, we offer the following tax relief services:
- Installment Agreement – Through this, you can pay back your debt to the IRS through monthly payments over a certain amount of time.
- Currently Not Collectible – Individuals whose income is less than their expenses can get this status. The IRS won’t take any collection against them.
- Offer in Compromise – This agreement lessens the total debt of the taxpayer significantly. However, you will have to give the amount in one go.
- Tax Extensions – When you stay current on tax returns filing, you can ask the IRS for an extension.
- Innocent spouse relief – You don’t have to deal with taxes because of a spouse or a former spouse who didn’t report their income. We can help you get rid of any penalties because of the mistakes of your partner.
- Releasing levy – A levy is when the IRS takes control of your assets. We can help if you have a levy on your financial accounts and assets.
- Penalty abatement – When you don’t pay your taxes on time or in full, you will be facing penalties. We can work with the IRS for getting you a penalty abatement.
- Ending wage garnishment – IRS has the power to take a big portion of your wages without even a court order. We can help you put an end to that.
- Removal of tax lien – Tax lien happens when you don’t pay your taxes and the government puts a claim on your property. If the IRS has already put a lien on your assets, we can help in removing it.
- Helping with back taxes – If you haven’t paid taxes in the past couple of years, we can help you in filing back taxes. The team at the Platinum Tax Defenders can help in mitigating the additional penalties and interest.
We also offer IRS audits representation to our clients. If you are facing IRS audits, we can help navigate it. Our staff has tons of experience in helping individuals and businesses deal with the IRS. Receiving a notice stating that you are being audited by the IRS can be dreadful. The IRS can have no reason or several reasons for auditing someone.
When you receive notice for IRS audits, here are some fundamental tips on how you can handle them:
- Don’t ignore it – You have 30 days for responding to the notice. If you don’t do it the IRC can act and adjust your tax liability automatically.
- Read the notice properly – In the audit notice, there will be specific information about what the IRS will be examining. The tax resolution service can use this information to help your case.
- Organizing your financial records – When you have all the financial documents and paperwork organized, it will make the job of the auditor and tax resolution service easier.
- Finding the missing records – If you think that you are missing something, even if you think that you won’t need them, request them immediately.
- Knowing your rights – Work with a tax resolution service to make sure that you are aware of all the rights you have. You have the fundamental right to fairness, representation, and due process.
When you get audited, it does not mean that you will have to pay penalties. When the IRS finds any problems, errors, or outstanding balance while examining your returns, it can lead to interest and penalties. The type and amount of IRS audit penalties depend on the deficiency’s severity found in the tax return.
Here are some of the common reasons that might lead to IRS audits penalties:
- Ignoring the rules and regulations of the IRS
- Misstating the property’s value
- Underreporting the taxes
- Understating an estate or gift
- Not paying the taxes by the deadline
- Understating any reportable transactions
Now, depending on the type and severity of the inaccuracy in the tax returns, you might be subjected to one of the following IRS audit penalties:
- Additional Interests – This is for taxpayers who didn’t pay their taxes or file their returns on time. The interest rate will depend on the time of the underpayment and the owed amount.
- Civil penalty – This is applicable to the taxpayers who made some errors and mistakes while filing their tax returns. In case of substantial discrepancy, you might have to pay up to 20% of the underpayment.
- Civil fraud penalty – This penalty is for taxpayers who took part in fraudulent activity for the underpayment of taxes. If you didn’t pay or underpay the taxes, you might be charged 5 to 25% of the unpaid amount. If you were a part of civil fraud, the penalty can be 75% of the underpayment.
- Criminal penalties – This is for taxpayers convicted of crimes like tax evasion, fraud, etc. In such cases, you will be facing a substantial amount of fines, civil penalties, and even prison.
At the Platinum Tax Defenders, we have experienced consultants and tax attorneys that can help you get the IRS audit penalties release. Now, you can negotiate directly with the IRS. However, it is not recommended. When you hire us, we will be negotiating with the IRS on your behalf during the IRS audits and help with the IRS audit penalties release. We can help you keep or reclaim your money before it is too late.