Tax Attorney West Jordan Utah
When it comes to personal and business taxes in Utah, there are essentially two government bodies that we work with. First is the Internal Revenue Service, also known as the IRS, and the second is the Utah State Tax Commission or USTC. Both of these entities are in charge of collecting and assessing taxes from businesses and individuals in Utah.
Typically, most people can prepare and file their tax returns on their own each year; however, some businesses and individuals should have either an accountant or a tax attorney help them get their taxes done.
Why Would I Need A Tax Lawyer?
You should consider having a lawyer prepare and file your taxes if you have set up complex trusts, have business accounting issues, have had trouble with the IRS in the past, or if you are concerned about an issue in either your personal or business tax filings.
Additionally, if you have received a CP 504 Notice from the IRS, or other tax notices which state that you have delinquent taxes owing, or if you haven’t filed your tax returns in several years; you should contact our office for guidance on how to proceed in your specific situation.
Can You Reduce My Taxes to Pennies on the Dollar?
Sometimes we can reduce or eliminate tax liability all together.
For example, we have a client who is a high net worth individual. He invested his retirement savings with someone who scammed him, took all of his money, and then lost it all. That individual was later criminally charged and then, a few years later, our client got a notice from the IRS stating that he owed over $150,000.00 in taxes!
Imagine his shock.
He had invested his retirements funds and lost them and now he was stuck with a huge tax bill. We obtained a form 2848 (or IRS power of attorney) from him and we got to work. We were able to reduce his tax bill down to zero. Our client was very happy.
Will the IRS Seize My Bank Account or Garnish My Wages?
If you have delinquent taxes owing and no agreement with the IRS for repayment of those taxes; then, yes, the IRS has the ability to put a levy on your assets and begin aggressive collection actions. Usually notices will come in the mail from the IRS before such action is taken; however, we have seen cases where a spouse or employee has taken the mail and our client never received notice of the levy.
You should make sure all of your taxes are paid and your tax forms filed on time. If you are delinquent, we can do an offer in compromise; an installment payment agreement or even get you on non-collectible status if necessary.
What is an Offer in Compromise?
An Offer in Compromise is when you offer the IRS less money than you currently owe on your back taxes to clear it off of their books and yours. We do an extensive analysis to determine your net worth pursuant to IRS standards. What your net worth is what you are required to “offer” to the IRS in order to settle your tax debt.
We recommend that you speak with an attorney about any Offer in Compromise that you are considering. The information required in the offer in compromise and what deductions you are allowed can be very technical.
If you put incorrect information on the forms, you could end up having your offer denied or rejected by the IRS.
The IRS has specifically trained agents who review offers in compromise, so you need to be sure that you have a tax lawyer on your side who has done many of these types of cases.
You should be aware that if you willfully engage in tax evasion, you can be criminally charged and even go to federal prison. There are no federal misdemeanor crimes, so you want to put the correct information on your tax returns, correct information on your offer in compromise, yet take every legal deduction, credit and offset that you are legally entitled to. For this reason alone, having a tax lawyer on your side is the first step you should take if you owe taxes to the IRS or USTC.
Can a Business file an offer in Compromise?
Yes and No. This is a good question. If you business is closed an no longer operating, you can file an offer in compromise for your business. If your business is still operating, you cannot file an offer in compromise. It will be rejected because the business is an ongoing concern. The IRS views businesses and revenue generating machines for them. If you have a business, the IRS will assume that you can pay all of your back taxes in full. They will want to put you into an installment agreement or have you close the business.
What is an Installment Payment Agreement?
An Installment Payment Agreement is a payment plan with the IRS or USTC. With the help of our office, we can contact the taxing agency and get you put on a payment plan. We work to get any interest, penalties, and fees waived, eliminated completely or significantly reduced. We typically need to set up these payment plans to be completed in 60 months. Sometimes, they can be for less than the total amount due and owing.
Can I do an Installment Agreement for Business tax debt?
Yes you can create an installment agreement for business tax debt. First, you can always put an installment agreement for back taxes. The problem usually shows up if you have an ongoing business the continually must pay taxes on a monthly or quarterly basis. If your back taxes are put on a plan, you must still stay current on all of your monthly and/or quarterly tax installment payments to remain in the IRS’s good graces.
What is Non-Collectible Status?
Non-collectible status (also called status 53 with the IRS) means that at this time you don’t make enough money for them to collect from you so they will leave you alone for a period of 1 year. Non-Collectible status can be renewed each year until you either are able to pay back the money to the IRS or if you are now in a position to make an offer in compromise.
If you are in non-collectible status, it might be the best time to file an offer in compromise because you will be able to settle for pennies on the dollar because you don’t have much to offer.
Utah Tax Attorneys that Fight the IRS for you
Ascent Law has several attorneys who are licensed and regularly practice in tax law, IRS settlements, and bankruptcy. We know the local IRS revenue officers and we can even meet with the IRS agents so you don’t have to.
We have offices throughout Utah, and our main office is in West Jordan. We also accept tax cases if you are located in South Jordan, Salt Lake City, Sandy, Midvale, Riverton, Draper, Magna, Alpine, Lehi, Tooele, Grantsville, American Fork, Pleasant Grove, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Midway, Farmington, Provo, Layton, and Heber City.
We want to help you with your IRS tax matter. Call us today to discuss your case either in person or over the phone.
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
Can Taxes Be Discharged in a Bankruptcy?
Ascent Law LLC St. George Utah Office
Ascent Law LLC Ogden Utah Office
West Jordan, Utah
West Jordan, Utah
|Coordinates: 40°36′23″N 111°58′34″WCoordinates: 40°36′23″N 111°58′34″W|
|Named for||Jordan River|
|• Mayor||Dirk Burton |
|• Total||32.33 sq mi (83.73 km2)|
|• Land||32.33 sq mi (83.73 km2)|
|• Water||0.00 sq mi (0.00 km2)|
||4,373 ft (1,333 m)|
|• Density||3,617.72/sq mi (1,396.88/km2)|
|Time zone||UTC−7 (Mountain (MST))|
|• Summer (DST)||UTC−6 (MDT)|
84081, 84084, 84088
|Area code(s)||385, 801|
|GNIS feature ID||1434086|
West Jordan is a city in Salt Lake County, Utah, United States. It is a suburb of Salt Lake City and has a mixed economy. According to the 2020 Census, the city had a population of 116,961, placing it as the third most populous in the state. The city occupies the southwest end of the Salt Lake Valley at an elevation of 4,330 feet (1,320 m). Named after the nearby Jordan River, the limits of the city begin on the river’s western bank and end in the eastern foothills of the Oquirrh Mountains, where Kennecott Copper Mine, the world’s largest man-made excavation, is located.
Settled in the mid-19th century, the city has developed into its own regional center. As of 2012, the city has four major retail centers; with Jordan Landing being one of the largest mixed-use planned developments in the Intermountain West. Companies headquartered in West Jordan include Mountain America Credit Union, Lynco Sales & Service, SME Steel, and Cyprus Credit Union. The city has one major hospital, Jordan Valley Medical Center, and a campus of Salt Lake Community College.
City landmarks include Gardner Village, established in 1850, and South Valley Regional Airport, formerly known as “Salt Lake Airport #2”. The airport serves general aviation operations as well as a base for the 211th Aviation Regiment of the Utah Army National Guard flying Apache and Black Hawk helicopters.