If you have significant tax debt that only grows with interest and penalties, call Sacramento tax attorney Jin Kim to explore your tax resolution options. Sacramento Law Group LLP tax attorney Jin Kim helps people and businesses resolve their tax debt for a flat fee. Using tax resolution strategies such as offers in compromise to settle tax debt for less than the amount owed and negotiated installment plans to extend repayment, Jin Kim has helped many clients reduce IRS and California tax debt. To learn more about your tax resolution options call attorney Jin Kim at (916) 299-9913 for a free consultation.
Tax attorney Jin Kim accepts flat fees for many tax resolution services. By charging a flat fee instead of a retainer, every client knows exactly what tax relief will cost. To receive a free quote for resolving your back taxes call our office at (916) 299-9913 for a free consultation.
About Jin Kim
Tax attorney Jin Kim represents individuals and businesses in tax resolution and cannabis taxation matters. She helps individuals and businesses achieve tax relief from IRS garnishment and levy, secure currently not collectible status, draft offers in compromise, and obtain installment agreements with the IRS and California tax agencies. In addition, she represents clients under audit by the IRS, FTB, and CDTFA.
IRS Tax Relief
Even a small amount of tax debt owed to the Internal Revenue Service can quickly balloon to an unmanageable amount with interest and penalties. When IRS tax debt grows to an amount you cannot repay, consider legal tax resolution options to reduce your tax debt and extend repayment.
Offers in Compromise
One of the most well-known IRS tax resolution strategies is the offer in compromise.
When regular taxpayers file for offers in compromise they rarely get approved, usually because the proposed offer does not align with the Reasonable Collection Potential. Moreover, offers in compromise require an upfront payment when proposing a lump sum, or ongoing monthly payments during the offer investigation period. Accordingly, successful offers in compromise usually require a skilled tax attorney who can not only ensure that your fact pattern qualifies for an offer in compromise, but can also prepare a viable application.
Offers in compromise are made when there is doubt as to the IRS’s ability to collect the full tax debt from the taxpayer’s income and assets during the 10-year statute of limitation. When the taxpayer has assets, financial accounts, income, or future income that can satisfy the tax obligation during the collection period, the IRS is unlikely to accept an offer in compromise.
The offer amount is not simply a percentage of the amount owed or the principal amount minus interest and penalties. Rather, the offer amount must equal the Reasonable Collection Potential – that is, the offer must equal what the IRS can reasonably collect during the collection period. That amount generally tracks the taxpayer’s equity in assets plus future monthly disposable income.
Currently Not Collectible Status
One of the most affordable tax resolution options for indigent taxpayers is securing currently not collectible (CNC) status with the IRS. To start, your tax attorney will file a Collection Information Statement to evidence your inability to pay your existing federal tax obligations. If approved, your CNC status will cease IRS collection actions such as wage garnishments and levies, giving you breathing room from the IRS collection process. In addition, the 10-year statute of limitations will continue to run while you’re in CNC status. If after 10 years the IRS cannot collect the tax debt, even though you were in CNC status, the tax debt will expire.
Innocent Spouse Relief
Some spouses enjoy tax benefits by filing joint tax returns, such as lower tax brackets and a higher standard deduction. However, joint filing status carries additional liability, especially when one spouse earns all the money and made errors leading to tax debt. In general, joint filing status means that the IRS can pursue either spouse for tax debt, even if only one spouse engaged in wrongdoing or made errors. This joint and several liability for tax debt can even follow an innocent spouse after divorce and separation. Fortunately, tax attorneys can help innocent spouses qualify for innocent spouse relief from the IRS and California Franchise Tax Board and thereby avoid joint and several liability for tax debt.
Some taxpayers do not qualify for an offer in compromise or not collectible status, but they also can’t afford to be garnished or levied. To remove the threat of IRS collections, these clients may choose to secure an installment plan with the IRS. Through an installment plan, the tax debt is repaid over a series of years, much like a chapter 13 bankruptcy.
Tax Audit Defense
Tax audits can threaten the economic well-being of individuals and businesses in Sacramento, California. Whether the tax agency behind the audit is the Internal Revenue Service (IRS), Employment Development Department (EDD), Franchise Tax Board (FTB), or Califonia Department of Tax and Fee Administration (CDTFA), the outcome of your audit can depend on your legal representation.
Tax attorney Jin Kim has defended clients in personal and business tax audits with the IRS and California tax agencies for over 10 years. To learn more about how she can help you navigate your audit, call her office at (916) 299-9913 for a free consultation.
IRS Tax Audit
The internal revenue service audits taxpayers and businesses for several reasons. In most cases, the IRS’s computer scoring flagged a tax return for examination based on the potential for change based on similar returns and the potential for underreported income. In other cases, the taxpayer may be involved in a business with a high rate of tax noncompliance or cash transactions; for instance, marijuana dispensaries, bars, and car dealerships. Lastly, tax returns may be flagged for audit based on information matching from payer reports, such as 1099’s and W2’s, or related audits that involve similar individuals or transactions.
Free Consultation With Tax Attorney Jin Kim
If you owe back taxes to the IRS or have been selected for an audit, call Sacramento tax attorney Jiin Kim at (916) 299-9913 for a free consultation. Tax attorney Jin Kim represents clients across California in tax controversies with the IRS, CDTFA, and EDD. Her flat fees and payment plans can help you start the process on the road to tax relief.