Colorado Springs: Navigating the Maze of Innocent Spouse Relief, Triumph Over Tax Trepidations

Innocent Spouse Relief can feel like an emotional rollercoaster. The maze of taxes brings with it feelings of stress, shame, and vulnerability, like a seemingly unscalable mountain. However, the journey to overcome this challenge doesn't have to be solitary or intimidating. With the assistance of a trusted tax professional and enrolled agent, clients can feel a surge of optimism and relief.

For those caught in the web of joint tax liabilities, the path to Innocent Spouse Relief starts with understanding the complexities of the process. One might feel a rush of embarrassment when faced with tax errors stemming from a spouse's actions. The burden of feeling overwhelmed often leads to sleepless nights, worrying about untimely penalties, mounting interest, or potential liens.

This emotional burden is precisely where a tax professional steps in. With expertise in tax law, an enrolled agent serves as a beacon of hope, alleviating the stress that comes with dealing with the IRS. Their deep understanding of the tax code offers a comforting reassurance, ensuring clients no longer feel isolated or victimized in their dealings with tax authorities. The fear of exposure and vulnerability melts away when a knowledgeable partner takes the helm, guiding the journey with a steady hand.

At Cash Tracks Financial, our mission extends beyond just resolving financial troubles; it is about restoring a client's confidence and optimism. By removing the harrowing feelings associated with tax issues, we pave the way for a future that is free from dread and full of promise. Embrace the journey to Innocent Spouse Relief with support, and transform stress into a success story.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Navigating the Stress of Filing Back Taxes: How a Tax Professional Can Help You Get Back on Track

Filing back taxes can be a daunting task, fraught with feelings of anxiety and shame. Many individuals find themselves overwhelmed by the burden of overdue taxes and the fear of IRS penalties. But remember, you're not alone in this journey. As a tax professional and Enrolled Agent, I'm here to help you navigate these challenging waters and regain control over your financial future.

The process of dealing with back taxes often ignites a sense of annoyance and embarrassment. Many fear the implications of being late, including the potential fines, fees, and penalties that accompany tax delinquencies. It's understandable to feel overwhelmed, but my role is to transform these stressful experiences into manageable solutions. By working with me, you can eliminate the pressure of IRS harassment, avoiding tax liens or interest, and find peace of mind knowing there are no hidden surprises waiting for you in the future.

One specific area where professional assistance becomes invaluable is in seeking innocent spouse relief. Many are not fully aware of the options available when it comes to joint tax liabilities. If you're dealing with issues arising from a joint return, you might be qualified to claim innocent spouse relief, thus alleviating your financial responsibility for a debt that isn’t yours to bear. With my guidance, we’ll explore this option thoroughly, ensuring you feel neither isolated nor victimized in the process.

Ultimately, the goal is to replace feelings of exposure and vulnerability with confidence and optimism. Through personalized strategies, we’ll ensure your future is bright, secure, and free of tax-related fears. Reach out today, and let's embark on this journey together. By leveraging professional expertise, you can clear away the chaos and step into a future of financial stability.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Choosing the Right Path: Innocent Spouse Relief vs. Separation of Liability

Navigating the complexities of joint tax liabilities can evoke feelings of stress and anxiety, especially for those who find themselves unexpectedly tied to a spouse's financial discrepancies. Two pathways offer relief: Innocent Spouse Relief and Separation of Liability. Each caters to unique situations, providing lifelines for those feeling overwhelmed, embarrassed, or isolated by tax issues.

Innocent Spouse Relief is a beacon for those unaware of their spouse’s tax errors or omissions. It provides a way to detach from the burdensome penalties associated with misrepresented returns. On the other hand, Separation of Liability is applicable in scenarios such as divorce or legal separation, allowing for a fair division of taxes owed, uninfluenced by a former spouse's financial missteps.

The journey to obtaining these reliefs is not always straightforward, often laden with intricate IRS procedures. This is where a seasoned tax professional or enrolled agent becomes invaluable. They alleviate the anxiety linked with these complicated processes, turning feelings of exposure into confidence, ensuring you aren't walking this path alone.

An enrolled agent guides you through every step, from filing for relief using Form 8857 to communicating directly with the IRS on your behalf. They embody the shield you need, stopping relentless IRS communications and replacing them with professional, solution-driven correspondence.

By choosing to work with a tax expert, you're investing in peace of mind — transforming feelings of embarrassment, vulnerability, and frustration into optimism. Don't face the IRS alone; let a trusted advisor help reclaim your confidence and steer you towards a compliant, stress-free future.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Conquering the Consequences of Unfiled Tax Returns: Your Path to Relief

 

The gnawing anxiety of unfiled tax returns can cast a shadow over one's financial peace. This daunting reality doesn’t only carry tax penalties but also triggers a whirlwind of negative emotions—annoyance, embarrassment, and overwhelming stress. But amidst these challenges, there lies a beacon of hope: professional tax assistance.

Facing the IRS alone can feel like being lost in a labyrinth; the fear of harassment, dreaded tax liens, and the helplessness of having money clawed back are overwhelming. These concerns often leave taxpayers feeling isolated and vulnerable, especially when they find themselves dealing with the complexities of tax compliance.

However, breaking free from this cycle is possible. A tax professional or enrolled agent can be the ally you need, guiding you through the process with empathy and expertise. One key area of relief they can offer is assistance with innocent spouse relief. When faced with tax debts stemming from a spouse's mistakes, understanding and applying for innocent spouse relief can protect you from joint liabilities. A knowledgeable tax professional will navigate the nuances of Form 8857, ensuring that you aren't unfairly burdened.

Moreover, these experts work tirelessly to lift the weight of shame and frustration linked with unfiled returns. By bridging the communication between you and the IRS, they provide a shield against the intimidation and fear of facing tax authorities alone, transforming feelings of exposure into confidence.

Ultimately, the journey from feeling inferior to becoming optimistic about your financial future begins with reclaiming control over your tax responsibilities. Seek the guidance of a tax professional, and navigate your way towards peace, compliance, and renewed hope.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Understanding Innocent Spouse Relief: Navigating the Complexities with Confidence

Exploring the intricacies of Innocent Spouse Relief can feel like an emotional rollercoaster. It’s common to feel disheartened and embarrassed about potential tax liabilities, unsure of how to confront them without shame. However, Innocent Spouse Relief offers a lifeline for those trapped in the frustration of joint tax responsibilities.

As a dedicated tax professional and enrolled agent, I specialize in transforming these burdens into manageable solutions. Imagine a scenario where you no longer have to worry about overdue taxes or looming IRS fines—where confidence replaces anxiety, and you’re assured there will be no unexpected government collections or tax surprises. This is the reality I strive to create for each client.

For those who haven't filed tax returns timely, feelings of isolation and victimization are overwhelming. But you’re not alone. I’m here to eliminate the embarrassment and stress associated with tax compliance challenges, serving as an advocate by your side, so you’re not facing the IRS alone.

Working with a tax professional means stripping away the exposure and vulnerability that often accompany tax dilemmas. Instead, you gain a partner who can navigate the path to Innocent Spouse Relief, ensuring you’re shielded from unwarranted liabilities. This relieves the shame and frustration, allowing you to move forward with hope and assurance.

Let's work together to address these challenges, converting fear into empowerment and uncertainty into optimism. By understanding and utilizing Innocent Spouse Relief effectively, we can secure a brighter, more confident financial future for you. With expert guidance, the once daunting tax landscape becomes a place of opportunity and peace.

Begin your journey today towards financial clarity and control, free from the confines of tax-related stress.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Turn Stress into Confidence with Expert Guidance to Navigate Late Tax Filing

Filing taxes late can be a nerve-wracking experience. The mounting pressure from the IRS, coupled with the fear of penalties, can send waves of stress, embarrassment, and vulnerability through even the most composed individuals. If you've been grappling with feelings of being overwhelmed, or perhaps even ashamed for not filing on time, you're not alone. These emotions are common, but they don't have to define your tax experience.

Entering this intricate labyrinth without guidance can leave anyone feeling isolated, victimized by circumstance, and relentlessly pursued by the anxiety of owing taxes. The numerous potential fines, fees, and penalties for late filing and payment only add to this culminating stress. However, a path to relief and confidence is closer than you think.

This is where an experienced enrolled agent or tax professional can make all the difference. These professionals are seasoned navigators of the tax world. They not only manage the complexity of tax codes but also transform the daunting process of taxes into an opportunity for empowerment and optimism.

By eliminating the feeling of shame attached to dealing with late returns, tax professionals guide you through compliance issues with dignity and respect. They work diligently to ensure you are no longer left to wrestle with the IRS alone, providing the assurance that proactive steps are being taken to mitigate further government interventions like liens or surprise penalties.

With their empathetic approach and expert knowledge, these professionals empower you to move beyond the current predicament, positioning you for a future filled with confidence and optimism. It's no longer about what you owe, but about the secure, compliant, and stress-free financial future you can achieve.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Navigating the Path to Tax Relief! Can You Qualify for a Doubt as to Collectability Offer in Compromise?

For many taxpayers, facing mounting tax debt can be overwhelming. The fear of fines, penalties, and potential IRS harassment can leave you feeling embarrassed and isolated. But there’s hope for relief through the Doubt as to Collectability Offer in Compromise (OIC) program. This IRS provision allows eligible taxpayers to settle their tax debts for less than the full amount owed, bringing much-needed relief from financial burdens.

Qualifying for a Doubt as to Collectability OIC requires demonstrating that, despite your best efforts, you can't pay the full tax debt. It involves a detailed assessment of your income, expenses, assets, and liabilities. While navigating this process alone may seem daunting, working with a tax professional or an enrolled agent can make all the difference.

Here's where a seasoned tax professional can step in to alleviate your worries. As someone who understands the intricacies of tax laws and IRS negotiations, they can help eliminate any feelings of embarrassment about past tax issues. By ensuring you meet eligibility requirements and accurately preparing your OIC application, they remove the stress of facing the IRS alone and ensure your tax matters are managed with professionalism.

Through expert guidance, you can transition from feeling ashamed or frustrated about filing lapses to being proactive and confident in your tax compliance. With a trusted enrolled agent by your side, you’ll no longer feel exposed or vulnerable. Instead, such a partnership fosters optimism about the future, knowing that your tax concerns are in capable hands, free from undue IRS pressure or surprise claims.

In the end, reaching out for professional help not only protects your financial interests but also restores peace of mind. Embrace the opportunity and step forward into a more secure, stress-free future.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Settling Tax Debts & Discovering Relief with Professional Guidance

When facing tax debts, many taxpayers wonder, "Can I settle for less than what I owe?" The answer is sometimes, "yes". Professional assistance can significantly simplify this process. Working with a tax professional or an Enrolled Agent (EA) provides clarity and support, eliminating the feelings of intimidation often associated with IRS dealings.

Understanding tax woes can be laced with complex emotions like annoyance, embarrassment, and stress. When taxpayers owe more than they can pay, considering an Offer in Compromise (OIC) becomes a viable option. This program allows qualifying taxpayers to settle their debts for less than the full amount owed, provided certain criteria are met. By working with a skilled Enrolled Agent, you gain a partner who can guide you through this intricate process with expertise and care.

Enrolled Agents, seasoned professionals in tax-related matters, are adept at negotiating the best possible terms for taxpayers. They help eliminate the overwhelming stress and worry of IRS harassment, ensuring protection from looming tax liens and interest surges. Their intervention not only alleviates feelings of shame and frustration for unresolved tax returns but also obliterates the isolation often felt during these taxing times. No longer do you have to soldier on alone against the IRS.

Choosing professional help means reframing your relationship with taxes. Instead of feeling exposed and vulnerable about your tax compliance, you can be assured of confidentiality, gaining confidence and optimism about your financial future. When you hand over your tax challenges to a trusted Enrolled Agent, you're not just settling your taxes—you’re settling your peace of mind too.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Navigating IRS Collection Notices & Finding Peace with an Enroll Agent

 

Receiving an IRS collection notice can trigger a storm of stress and anxiety. The initial shock quickly gives way to feelings of annoyance and embarrassment. It's a situation that leaves one feeling exposed, vulnerable, and often overwhelmed with worry about potential penalties, fees, and interest. Yet, it's crucial to remember that you're not alone in this challenging scenario.

As a seasoned enroll agent, I've seen firsthand the transformation when clients seek professional guidance. Imagine waking up without the gnawing worry of tax debts hanging over you, knowing that you're free from the stress of potential IRS harassment or financial surprises. My goal is to help alleviate these burdens by providing the expertise and support needed to address IRS collection notices efficiently.

I specialize in eliminating that nagging sense of shame and frustration for those who haven't filed their tax returns. By navigating the complexities of tax compliance on your behalf, I ensure that you're not isolated in this journey. Instead, you'll find a reassuring partner ready to guide you through resolving your IRS issues.

Being proactive with a tax professional means regaining confidence and optimism about your financial future. You'll no longer feel inferior or anxious when dealing with your tax obligations. Instead, you'll experience the peace of mind that comes with knowing you're compliant and steering clear of future tax troubles.

In every aspect of life, tackling challenges courageously and with support leads to growth. Take the first step towards restoring your financial confidence. Reach out to an enrolled agent to transform stress into a seamless path to tax compliance. It’s your opportunity to breathe easier and focus on the bright, promising days ahead.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Navigating Stress: Selling Your Home with an IRS Tax Lien

 

Selling a house is an endeavor often fraught with emotion, but when tangled with the complexities of an IRS tax lien, it can elevate stress levels exponentially. For homeowners facing this situation, the mixture of anxiety and pressure can be daunting. An IRS tax lien puts a legal claim against your property due to unpaid tax debts, creating a substantial hurdle when trying to sell a home. This situation can evoke feelings of embarrassment and annoyance, as finances come under scrutiny.

However, partnering with a tax professional can turn this overwhelming experience into a manageable process. The role of a tax professional extends beyond mere numbers; they provide emotional relief by lifting the burden of tax-related stress and worry. With their expertise, they ensure seamless communication with the IRS, eliminating the fear of harassment and unexpected future tax surprises. This not only alleviates the feeling of isolation but instills confidence, freeing clients from the weight of potential financial penalties.

The shame of not having been able to file tax returns can be transformed into constructive action. A tax professional ensures that clients are not only compliant but also optimistic about their financial future. By removing the veneer of exposure and vulnerability, clients can focus on selling their property with peace of mind.

In essence, while an IRS tax lien can seem like an impregnable barrier, it doesn't have to stop you from successfully selling your home. With the guidance of a seasoned tax professional, the path forward is not one of trepidation but one of confidence and clarity. This collaboration ensures that clients are not simply navigating financial challenges, but are also reassured of a secure financial future.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Mitigating Tax and Payroll Anxieties for Medical Offices: Navigating Complexities with Confidence

Every small medical practice, whether freshly established or seasoned, faces the daunting challenge of managing intricate tax and payroll systems. With between 2 to 15 employees, these offices often encounter the anxiety of properly calculating and timely paying federal income tax, state income tax, federal payroll taxes, and state unemployment taxes. The stress of managing these responsibilities can be overwhelming, often leading to feelings of annoyance, embarrassment, and a pervasive worry about penalties and fees.

For many medical offices, the fear of owing taxes is not just about fiscal repercussions. It is about the emotional toll it takes. Practices worry about becoming entangled with the IRS, fearing harassment or the looming threat of tax liens, interest, and unexpected government clawbacks. This trepidation can shake any practice's confidence, leaving practitioners feeling isolated and overloaded with the responsibility of navigating these waters alone.

There is hope and help for those weary from the burden of tax compliance. By partnering with a knowledgeable tax professional, you can alleviate these stressors and instill a renewed sense of assurance in your financial processes. Our approach involves eliminating not only the tangible liabilities but also the internal anxieties associated with tax deadlines and accuracy.

When armed with the right support, medical offices can transform their frustrations and fears into confidence and optimism. The embarrassment of potential mistakes fades away, and the clarity of organized, compliant financial operations shines through, fostering an environment where practitioners can focus more on their primary mission of patient care rather than fiscal dread.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Turning Down the Heat: Managing the Stress of an IRS Collection Notice with Confidence

 

Few things can spike your blood pressure faster than spotting an IRS collection notice in your mailbox. Your heart skips a beat, thoughts race, and stress levels climb. But before your imagination conjures up worst-case scenarios, let’s press pause, take a breath, and tackle the situation with professionalism—and a touch of optimism.

First, acknowledge your feelings. It’s normal to feel overwhelmed or anxious. Knowing you’re not alone can ease some of that stress. The IRS communicates with millions of taxpayers each year, and for most, these letters are manageable with the right approach.

Reach for clarity, not panic. Open your notice promptly, read it thoroughly, and identify exactly what the IRS is requesting. Sometimes, the issue may be as simple as providing additional information or correcting an error. IRS Publication 594 can be a reliable resource, offering step-by-step guidance on your rights and the collection process.

Next, make organization your ally. Gather any relevant documentation—tax returns, receipts, correspondence—and keep records of all communications with the IRS. A clear paper trail not only supports your case but also helps you feel more in control.

Don’t delay your response. Even if you can’t pay your full tax debt, reaching out to the IRS shows responsibility and can unlock payment options such as installment agreements or temporary hardship status. If the process feels daunting, consider contacting a qualified tax professional, such as an Enrolled Agent (EA), who can steer you toward the solution that fits best for you.

Remember, stress is a normal response—but resolution is possible. By staying informed, organized, and proactive, you can transform anxiety into action and handle an IRS collection notice with confidence. The goal? Peace of mind, and a smoother path forward.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Facing the Fear: You’re Not Alone with Unfiled Tax Returns

 

It’s easy to feel anxious or overwhelmed when you think about having several years of unfiled tax returns. For many, this can be a source of significant stress—sometimes even leading to sleepless nights or worries about what the future holds. You might wonder, "Am I the only one in this situation?" The truth is, you are not alone, and there is a path forward.

The burden of unfiled returns can weigh heavily, causing feelings of guilt, embarrassment, and fear of potential consequences like penalties or IRS notices. However, it’s important to approach the situation with understanding and self-compassion. Life happens—illness, family emergencies, changes in employment, or even just feeling lost about what steps to take next. Acknowledging the anxiety is a positive first step.

Remember, taking control starts with one small action. Reaching out to a trusted tax professional can help you navigate this journey. There are solutions available, and many people have successfully caught up and moved forward. Facing the anxiety, rather than ignoring it, can transform uncertainty into a sense of relief and empowerment.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

Colorado Springs: Does Your Tax Professional Have the Right Ingredients?

 

I was waiting for my pizza out back of The Next Us Building. I was able to get what I wanted on my pizza. I thought "Do taxpayers get their tax professional with right ingredients to resolve their tax issues?" Does your tax professional make you feel valued and confident? As you personally work with Marcelino Dodge, EA you will feel confident that your tax issues will be successfully resolved so you can sleep well each and every night.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Tax Resolution Training on the Way to Orlando

 

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: Why Did the IRS File a Lien on My Assets?

How would you answer the following questions:

1. Did you fail to file your tax return? 
2. Did you fail to pay your tax full? 
3. Or, did you fail to arrange to make payments on your taxes if you were unable to pay in full?

If you answered "yes" to any or all of the above questions and you owe the IRS more than $10,000, then that is probably why you received the notice of an income lien on your assets. What makes it possible for the IRS to file a lien.  Under the Internal Revenue Code Section 6321, the IRS has the authority to protect the governments interests by filing lien.  When a lien a placed, the IRS then has a legal claim to your property when you neglect or fail to pay your tax.

Three conditions must be met for a tax lien to attach to your property:

1. The IRS assess your tax liability of $10,000 or more.
2. The IRS sends you a bill explaining how much you owe.
3. You either neglect to make payment or refuse to pay in full within 10 days

After each of these conditions is satisfied, the lien attaches to all your assets including real estate, personal property, and financial assets.

An IRS tax can have a significant impart on your credit score.  Thus, you may find it more challenging to qualify for loans or credit.  If you want to sell or refinance your home, an IRS tax lien will make it more challenging to accomplish, but not impossible.  With the tax lien the government has an interest in your property as security for the tax debt.

In what ways can you address a tax lien:

1. Pay the debt in full
2. Request a payment plan, which the IRS may agree to and withdrawal the lien
3. You may qualify for lien subordination, to allow other creditors to move ahead of the IRS

If facing an IRS tax lien, prompt action is necessary. I recommend consulting with a tax professional who can provide you with the needed guidance to resolve this issue as quickly as possible after they take a complete look at all your facts and circumstances.

 

 

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

 

 

 

Colorado Springs: What Can I Do If I Disagree With the Amount the IRS Says I Owe?

 

You receive an IRS notice saying you owe a large sum.  But, you disagree with the assessment, because there is a legitimate question about the correctness of the assessed tax amount.  What you can do is file a "Doubt as to Liability" Offer in Compromise.

Is this the correction option for your case?  Possibly it is, possibly it is not.  You need to consult with a tax professional, such as an Enrolled Agent (EA) because there are pros and cons to this type of offer. 

Some of the pros are:

• Collections stops
• Forces audit reconsideration
• Can reopen Trust Fund Recovery Penalty Assessment
  

Some of the cons are:

• Must offer something (even if it is a $1)
• Compromises future liability (no refunds)
• Taxpayer must be compliant

Remember, this option is designed for taxpayers who genuinely dispute the accuracy or existence of their tax debt. This could be due to errors in the IRS's calculations, misinterpretation of tax laws, or missing information that could alter the liability. Importantly, this type of offer cannot be rejected simply because the IRS cannot locate your return or verify the liability.

To qualify, you must present a compelling case that reflects what the IRS might reasonably expect to collect if the matter were taken to court. This involves providing substantial evidence and documentation to support your claim. The IRS uses its discretion to determine whether your offer is reasonable, considering the potential outcomes of a court case.

If you believe there is a genuine error in your tax assessment, submitting an OIC based on Doubt as to Liability could be a viable path to resolving your tax issues.
For more detailed information consult with an EA, who specializes in tax resolution to ensure your offer is well-prepared and stands the best chance of acceptance.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: What Does it Mean to be Uncollectible? How Can I Qualify?

 

How Can I Be Considered Uncollectible by the IRS?

If you have a large tax debt that can be daunting. But, understanding how to qualify as "uncollectible" by the IRS can provide some relief. The IRS may classify a taxpayer as uncollectible if they demonstrate an inability to pay their tax debt due to financial hardship. Here’s how you can achieve this status:

1. Assess Your Financial Situation: The IRS will evaluate your income, expenses, and assets. Ensure your financial records accurately reflect your inability to pay. Essential expenses like housing, utilities, food, and transportation are considered.

2. Locate a Tax Professional:  Marcelino Dodge, EA, CTRC can help you to file the proper forms using both actual expenses and national standards to see if you do qualify as uncollectible. If you do not qualify, Marcelino will propose alternatives to assist with with your tax issue.

3. Submit Supporting Documentation: Provide proof of income, expenses, and assets. This includes pay stubs, bank statements, and bills. The IRS uses this information to determine if your financial situation warrants uncollectible status.

4. Stay Informed: Being uncollectible is not permanent. The IRS will periodically review your financial status. Keep your records updated and be prepared for future evaluations.

Achieving uncollectible status can provide temporary relief from tax debt collection, allowing you to focus on regaining financial stability.

Cash TracksFinancial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: What if the IRS Filed a Tax Return for Me?

 

Failed to file your tax return for a few years? Are you aware that IRS Code Section 6020 allows the IRS to file a tax return for you?  

What is IRS Code Section 6020?

IRS Code Section 6020 grants the IRS the authority to create a substitute tax return (SFR) for individuals or businesses that neglect to file their tax returns. This provision ensures that the IRS can assess and collect taxes even when the taxpayer does not comply with filing requirements. The most common SFR under this section is 6020(b).

6020(b) Substitute Returns

Under 6020(b), the IRS prepares a return based on available information, such as W-2s, 1099s, and other third-party data. This return is often less favorable to the taxpayer, as it does not include deductions or credits the taxpayer might be eligible for. The IRS will then send a notice of deficiency, giving the taxpayer an opportunity to contest the return or provide additional information.

Implications for Taxpayers

Failing to file a tax return can lead to significant consequences, including penalties, interest, and potential legal action. An SFR under 6020(b) can result in a higher tax bill due to the lack of deductions and credits. 

What can the Taxpayer do?

The taxpayer should consult a tax professional for best information on how to proceed forward.  Marcelino Dodge, EA, CTRC will review your circumstances and make a recommendation to either get the correct tax return filed or to let the SFR stay in place.  

Cash Tracks Financial of Colorado Springs
Marcelino Dodge, EA, CTRC
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
www.cashtracksfinancial.com
success@cashtracksfinancial.com

Colorado Springs: How Do I Get Compliant and Resolve IRS Tax Debts?

 

What does it mean to be in tax compliance? How can you resolve your overdue and past tax obligations?  How long has it been since you last filed a tax return?  Did you last file in 1991?  Since you have not file for so long does it mean that you need to file 30 years of tax returns to be compliant?  The simple answer in most cases is "no."  The IRS requires that to be compliant, you must have filed for the last six years.  There are a few exceptions when you have to file farther back, but this does not happen often.

To solve any tax debts, qualify for an installment agreement, or make an Offer in Compromise you must first be compliant by having 6 years of tax returns filed.  For this to be done correctly need to consult with a tax professional such as Marcelino Dodge, EA for a proper analysis.  Once the analysis is complete, then a determination can be made getting the tax returns complete and calculating if you are candidate for an installment agreement or for an Offer in Compromise.

Cash Tracks Financial of Colorado Springs
Marcelino Dodge, EA
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
www.cashtracksfinancial.com
success@cashtracksfinancial.com