Worried About Unpaid Back Taxes In California? You Have Options.
Many people never expect to find themselves in a situation where they owe back taxes. But it happens. And the situations is not resolved, interest adds up and consumers find themselves facing liens and wage garnishments.
Fortunately, there are options before issues escalate.
Skilled, Experience Guidance
Attorney and certified public accountant (CPA) Jayson Aquino has the experience to help you resolve your unpaid back taxes. With more than a decade of experience dealing with the IRS and California Franchise Tax Board (FTB), he has helped many individuals and businesses in Orange County and Huntington Beach find solutions – and peace of mind.
There are different solutions available for those with outstanding, unpaid back taxes. They include but are not limited to the following:
Many taxpayers are able to pay off unpaid back tax debt through a payment plan with the tax agency. The most common method is an installment agreement with the IRS or a settlement with the FTB. Much like an auto loan or mortgage, an installment agreement allows you to pay off your debt over time. However, the specifications, terms and interest rates will vary.
An Offer In Compromise
Another options for those facing unpaid tax obligations may be what’s known as an offer in compromise. Rather than a payment plan over a period of time, a taxpayer simply offers a one-time offer to the IRS. The amount offered is less than owed, but in exchange, the IRS receives its money in one sum rather than over time.
An offer in compromise is usually an option of last resort and only used when taxpayers do not have the ability to pay the full amount through an installment agreement. Jayson will help you determine whether this solution may be right for your situation.
A Penalty Abatement
As noted above, penalties and interest can often make your unpaid tax bill skyrocket. However, certain taxpayers may qualify for a tax interest penalty abatement from the FTB. In general, this means that the FTB will reduce or eliminate your interest penalties for the taxes you owe. However, there are strict requirements for qualification. ]
Jayson can discuss those requirements with you to see if a penalty abatement is the right option to pursue.
Speak To Jayson Today
Worried about fees? Jayson offers competitive, affordable rates for all of this clients.