BC Tax Helped Remove $13,000 in IRS Penalties

Often times our clients end up owing the IRS significantly more than they originally thought due to the Penalties and Interest the IRS adds on to the amount owed. This can make it very hard to get caught up but luckily with the years of experience and thorough understanding of the tax laws, our teams of tax professionals here at BC Tax can work to remove the penalties with a Penalty Abatement strategy and save clients thousands of dollars. A recent client hired us to do just that and we were able to remove just over $13,000 in penalties which allowed the client to successfully resolve their outstanding debt with the IRS.

If you have accrued penalties and interest on a tax debt and would like to speak with a knowledgable and experienced tax professional, please call us now at 800-548-4639.

BC Tax Reduces Client’s Liability By 98%

This particular client of ours had an IRS liability stemming from 2006 through 2015 Individual Income Tax that was approximately $66,000. Even though the client had sufficient funds in an investment account to pay the liability in full, the team here at BC Tax went hard to work with the goal to save this client as much as possible. After a thorough analysis of the case and hours of experienced and dedicated work, we were able to successfully negotiate an Effective Tax Administration Offer in Compromise in the amount of $1,350.00; saving them 98% of the original liability, or more simply… $64,000!

BC Tax Helped Reduce Clients Tax To Just $500

A recent client of BC Tax had a tax lien filed against them for a liability of almost $50,000. With our experience and expertise in tax law and tax resolution, we were able to help the client get compliant with the IRS by completing all their old and missing tax returns with the help of our sister company, Cornerstone Tax Returns. Once the client was compliant for all the tax years in which they owed, we submitted an Offer in Compromise for $500, which was accepted by the IRS, saving the client over 95% of their tax liability.

BC Tax Successfully Helps Client Remove IRS Penalties Charges

When our sales department reached out to a recent client, a doctor from Pennsylvania, he was being aggressively levied by the IRS. The taxpayer desperately needed someone experienced in tax resolution to help him get out from underneath the burden he was facing. When he hired BC Tax, LLC he thought he owed roughly $43,000 and was attempting to work with the IRS on his own. This proved to be more than he could handle and due to penalties and interest accruing, it was now closer to $90,000 he owed to the IRS.

The team assigned to his case hit the ground running and met the challenge head on. BC Tax immediately began the process to remove the levies from his bank accounts. They then began the work required to remove the penalties and related interest from his current liability. After a short while the team here at BC Tax was successful in removing penalties and interest of $10,900 as well as setting up the client on a payment plan with the IRS that would allow him to continue working without the burden of the IRS looming over him or his bank account.

If you find yourself in a similar situation, please call us at 1-800-548-4639 and ask to speak to one of our Tax Consultants who will be able to guide you in right direction to resolving your tax issue.

BC Tax halts IRS collection efforts of over $182,000

One of the senior associates at BC Tax recently succeeded in halting the collection efforts of the IRS for a client that owed over $182,000. Using years of experience and thorough knowledge of local and state laws including IRS and State tax authorities, the team at BC Tax was able to protect all the client’s personal assets and ultimately secure a ‘Currently Not Collectable’ status for all the tax periods the client owed on. This successful resolution for our client is just another example of how BC Tax’s years of experience and service can help you with your tax issues.

BC Tax Catches IRS Error to Save Client Over $100K

A client of BC Tax recently received news that they will save over $100K after we found an error the IRS made applying payments the client was making to the wrong periods. This specific client owed over $180k but with our help is now only paying $100 a month! The Collection Statues will run before this will be paid in full thus saving the client well over $100K. This is just another example of what our monitoring services can provide while and after working with us.

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Over $350K Liability Complaint Successfully Resolved by BC Tax

This client came aboard with BC Tax needing help after having numerous Federal Tax Liens filed against him. He had a liability to the IRS of over $350,000 spanning from 2008 through 2013. BC Tax was able to negotiate on behalf of the client with the Appeals Division of the IRS numerous times before successfully securing a CNC resolution. This resolution secured the client the ability to move forward in life without such a large liability looming over them.
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Successful Negotiations with IRS Secured Client Affordable Resolution

A client came on board with BC Tax in January 2016, owing roughly $78,000 to the IRS. After financial analysis with the client and extensive negotiations with the IRS, BC Tax was able to establish a Partial Pay Installment Agreement of only $50/month with the IRS. This extremely affordable resolution that BC Tax negotiated and secured with the IRS could ultimately save the client over $70,000.
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BC Tax Negotiates a 90% Savings for Washington Business

BC Tax helped a Washington state business save close to 90% of the original debt to the State Department of Revenue. The client owed roughly $33,000 for Use Tax and/or Deferred Sales Tax for a four year period going back to 2011. With our experienced staff and their strong negotiation skills we were able to lower the total amount owed to just $337.
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BC Tax Helps Client Save Over $123,000

The original balance of the liability was a little over $330,000.00 for 10 periods of 941 taxes. We initially submitted penalty abatements a few months back, however, the taxpayer needed to correct some documents. Once they were corrected, submitted, processed, and posted we submitted the request again in January of this year. We had successfully negotiated the removal of all the penalties and related interest for all the assessed periods this March. This resulted in the client saving over $123,000.00.

Since the beginning of this case, we also secured a levy release of over $50,000, structured an installment agreement, and negotiated the abeyance of Trust Fund Recovery Penalties without the IRS filing any personal liens.

Here at BC Tax… thats what we call SUCCESS!

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BC Tax Review of Successful Resolution

BC Tax was able to successfully resolve our client’s Employment Tax issue with the State of California recently. The client originally owed the State taxing authority a little over $90,000 when BC Tax first started working on the case. The senior associate at BC Tax working on this case was able to negotiate a successful State Audit for the client which resulted in the client saving over $68,700.

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Use a Credit Card to Pay Your Tax Debt?

Tax debts can be overwhelming, especially for those who aren’t expecting them. If you are hit with a huge bill, you might be tempted to charge it all to your credit card. At least that gets the IRS off your back, right?

Even though you may be able to escape the government with your credit card, you could face a slew of other problems that you need to know about. Here are some issues to keep in mind:

  • Your credit score could drop because you have a higher debt to available balance ratio.
  • You may lose some of your emergency funds because your card is maxed out.
  • You might be charged large fees because some credit card companies assess this as a cash advance payment.
  • You may face higher interest payments, depending on which card you use.
  • You will limit the amount of credit you can apply for in the near future.
  • You still will have to pay everything back.

If you can get around these negatives, by all means give it a try. In most cases though, it is easier to work out an installment plan directly with the government. You’ll owe the same money no matter what. You might as well take out the middle man. Before you try to swipe yourself out of debt, consider some of the alternatives.

BC Tax Review of Successful Resolutions

BC Tax recently resolved a California based client’s Internal Revenue Service (IRS) liability with an Offer In Compromise. The client originally owed the IRS $54,804.81. After the offer In Compromise was accepted, the client was able to settle the liability for only $50.00.
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BC Tax Tax Resolution

Are you overwhelmed with the sea of back taxes that currently consumes your life? Are you trying to figure out how you could ever get out from underneath the debt you have developed over the past few years? If so, rest assured that you are not alone. There are thousands of people living with tax debt in the world, and they all have to figure out what they are going to do with their current balances. Now it is your turn to assess your options and come up with a plan that works for you. Here are some of the best ways to pay back taxes as they crop up.

Settled Balances

If you choose to work with a consultant at BC Tax Tax Resolution, you may be able to reduce the amount of money you owe to the IRS. One of the professionals here can draft a tax settlement for you so that you only have a small sum to pay upfront. If you have some money put aside for your taxes, this could be a great opportunity to cut down your costs.

Installment Plans

If you can’t afford to pay for your taxes all at once, you may want to set up an installment plan instead. This will give you a chance to pay your back taxes over time through small monthly payments. You will pay more money in the long run this way because the IRS will charge you interest. Nevertheless, it is an option to help you keep your head above water.

Quarterly Estimates

If you can avoid tax debt in the first place, you may not have to worry about the options above. Work with the IRS to make quarterly tax estimates throughout the year, and then pay those as they come up. If you can do this consistently, you should be able to bypass the need to pay a ton of money to the government.

BC Tax Review of Successful Resolutions

BC Tax successfully negotiated with the Commonwealth of Virginia a settlement for a client. BC Tax was able to resolve the client’s roughly $55,000 liability with an Offer In Compromise of $12,000, saving the taxpayer over $42,000.
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BC Tax successfully negotiated with the Internal Revenue Service (IRS) a release of levy for a client in Michigan. BC Tax was able to prevent the IRS from seizing the taxpayer bank account balance of $30,000.

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Tax Resolution vs Tax Preparation?

Some people use the terms “tax preparation” and “tax resolution” interchangeably, assuming that they mean the same thing. They represent two entirely different services though. Before you start working with a tax professional, you may want to know which kind you actually need. Here are some definitions to help you out.

Tax Preparation

Tax preparation happens when your taxes are due every year. If you’ve ever gone in to “get your taxes done,” you’ve worked with prep before. All a tax preparation expert will do is go over your financial documents and tell you how much you owe the government, if anything. Then he or she will turn in your paperwork for you.

Tax Resolution

Tax resolution occurs after your taxes have been filed. If you owe more than you can afford to pay or you think there is an error in your tax debts, you need resolution services to fix the problem. Tax resolution does not work for all situations, but it can potentially help you save money on your debts. It’s just a matter of seeing what you have to work with.

Figure out which type of service you need, and then you’ll be able to pick the right team for the job.

BC Tax Review of Successful Resolutions

BC Tax successfully negotiated with the Internal Revenue Service (IRS) a settlement for a client in Texas.
BC Tax was able to resolve the client’s roughly $89,000 liability with an Offer In Compromise of $9,500, saving the taxpayer nearly $80,000.
BC Tax was able to negotiate for the client to pay this settlement over a 24 month period via a monthly payment plan.
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BC Tax successfully negotiated with the Internal Revenue Service (IRS) a settlement for a client in Indiana.
BC Tax was able to resolve the client’s roughly $81,000 liability with an Offer In Compromise of $5,500, saving the taxpayer nearly $76,000.
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BC Tax Review of Successful Resolutions

BC Tax successfully negotiated with the Internal Revenue Service (IRS) a settlement for a client in Massachusetts.
BC Tax was able to resolve the client’s roughly $35,000 liability with an Offer In Compromise of $1,000, saving the taxpayer nearly $34,000.
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BC Tax successfully negotiated with the Internal Revenue Service (IRS) a payment agreement for a client in Tennessee.
BC Tax was able to resolve the client’s roughly $2.1 Million liability with an Installment Agreement of $250/month.
Given the 10 year statute limit, the taxpayer will be settling this balance for only $30,000.
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Received An IRS Notice? Here’s What To Do

Each year the IRS sends millions of letters and notices to taxpayers. Understandably, you may feel anxious if you receive one. Don’t panic. There are many reasons the IRS sends notices to taxpayers. The notice usually covers a specific issue about your account or tax return. It may request payment of taxes, notify you of a change to your account or ask for additional information or, most alarmingly of all, threaten to levy or seize your assets as payment of your past due taxes, penalties, and interest.

If you receive a notice about a correction to your tax return, you should review it carefully. You usually will need to compare the information in the notice to the entries on your tax return.
There is no need for you to call or visit an IRS office to answer most IRS notices. However, you should act quickly to ensure the best results. Please call us now toll free at (800) 457-2434 for a consultation to discuss your situation and possible resolutions.