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TAX DEBT RESOLUTION
Rocket Tax And
YOU Vs The IRS
Information return applies to taxpayers who don’t file or furnish their required information return or payee statement correctly by the due date.
Failure to file applies when you don’t file your tax return by the due date.
Failure to pay applies when you don’t pay the tax you owe by the due date.
Accuracy-related applies when you don’t claim all your income or when you claim deductions or credits for which you don’t qualify.
Erroneous claim for refund or credit penalty applies when you submit a claim for refund or credit of income tax for an excessive amount and reasonable cause does not apply.
Failure to deposit applies when you don’t pay employment taxes accurately or on time.
Tax preparer penalties apply to tax return preparers who engage in misconduct.
Dishonored checks or other forms of payment apply when your bank doesn’t honor your check or other form of payment.
Underpayment of estimated tax by corporations applies when you don’t pay estimated tax accurately or on time for a corporation.
Underpayment of estimated tax by individuals applies when you don’t pay estimated tax accurately or on time as an individual.
International information reporting applies to certain taxpayers who fail to timely and correctly report foreign sourced financial activity.
LET US HELP WITH YOUR TAX DEBT
community tax
RESOLUTION SERVICES
A team of professionals ready to help you navigate and resolve your tax related issues.
No Hidden Fees
In the midst of concerns about tax debt, dealing with the resolution process should be the least of your worries. At Community Tax, we prioritize transparency and trust with our clients, ensuring no hidden fees are involved in the resolution process.
Trusted Experience
Rest assured with a team that includes licensed Tax Practitioners, Attorneys, Enrolled Agents, and other professionals—all working together to support you. Your peace of mind is our priority, knowing that experts are on your side.
Dedicated Marketing Department
Distinguished from many competitors, Community Tax specializes in— and provides comprehensive solutions for— over 15 unique financial situations.
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WITH COMMUNITY TAX
Every year, over 14 million Americans encounter tax issues, and each case is unique. Given the myriad circumstances, there are various paths to tax debt resolution, each with its own merits. At Community Tax, our dedicated advocates collaborate with you and the IRS to achieve the best resolution for your specific case. Clients receive personalized support and a detailed report, ensuring the resolution of their tax debt once and for all.
Consultation
Book a complimentary consultation with Community Tax's seasoned professionals, offering a free tax analysis to assess and determine the appropriate resolution for your tax liability.
Investigation
The investigation process begins by filing a Tax Authorization Information Form 8821 on your behalf to acquire a comprehensive record of your tax account. With a thorough analysis of this data, Community Tax's professionals will formulate a strategic plan of action to address the issue.
Resolution
Community Tax will consistently collect and organize detailed information and financial documents, ensuring thorough preparation before submitting your case directly to the IRS or your state's revenue department for consideration.
service
WHAT WE OFFER
Together with Community Tax, we offer complete resolution services for any tax situation. These tax resolution types include:
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FREE CONSULTATION
To see how Community Tax can help resolve your tax debt, have a risk-free conversation now.
Offers in Compromise (OIC)
If you are concerned that settling your tax debt may lead to financial hardship, an Offer in Compromise (OIC) could provide relief by reducing your liability. To facilitate a successful OIC, your Community Tax Team will create a detailed proposal outlining your current financial situation, demonstrating that your total tax liability is too overwhelming to overcome. Upon approval of a successful proposal, the IRS may significantly reduce your tax debt, with the condition that you pay a smaller percentage. Community Tax brings extensive experience in negotiating successful Offers in Compromise for its clients.
Installment Agreements (IA)
Often, total tax liabilities are too substantial to settle all at once. Fortunately, the IRS provides various installment agreements allowing taxpayers to divide the debt's cost over time.
Stair Step Agreements
This installment agreement allows the taxpayer to address more immediate liabilities, like a car loan or child support, before focusing on resolving their tax debt.
Streamlined Installment Agreements
The streamlined installment agreement is designed for those with a tax debt of less than $50,000. It enables taxpayers to settle their liability over a 60–72 month period without the necessity of disclosing all their financial information to the IRS.
Partial Pay installment Agreements (PPIA)
Though intricate, Partial Payment Installment Agreements (PPIAs) have the potential to significantly reduce taxpayers' liabilities. Unlike spreading the entire tax debt over time, PPIAs divide what the taxpayer can afford to pay over a period of ten years.
Conditional Expense Installment Agreements
In cases where a taxpayer has unavoidable payment schedule obligations, such as contributions to a 401(k) program, the IRS may permit these payments to continue under a Conditional Expense Installment Agreement. This is contingent on the condition that payments are still being made toward the outstanding tax liability.
Traditional Installment Agreements
The traditional installment agreement is the most straightforward option, spreading the taxpayer's total tax liability over a period of ten years. This makes regular payments more manageable for the taxpayer.
Currently Not Collectible Status
Taxpayers facing financial hardship with outstanding tax debt may qualify for 100% relief as they work towards financial recovery. Community Tax will submit a Currently Not Collectible proposal if the client is unable to meet basic financial obligations, let alone their tax debt. If the IRS accepts the proposal, any outstanding liability will be categorized as "Currently Not Collectible," preventing collection actions like liens, levies, and garnishments until the taxpayer's financial situation improves.
Penalty Abatement
Managing tax debt becomes even more challenging when penalties start to accrue. Fortunately, under certain circumstances, you may have the opportunity to eliminate these tax-debt-related penalties. A successful penalty abatement proposal should not only include financial documents but also any evidence that demonstrates your tax debt was a result of factors beyond your control.