If you're struggling with tax debt in New Jersey, you might be eligible for a tax settlement through programs offered by the IRS or the New Jersey Division of Taxation. Understanding the eligibility criteria can help you determine the best course of action.
The IRS's Offer in Compromise (OIC) program enables qualified individuals to settle their tax debts for an amount less than the full amount owed. To be eligible:
The IRS evaluates OIC applications based on your ability to pay, income, expenses, and asset equity. They may accept an offer if they are unable to collect the full amount owed.
New Jersey doesn't have a formal Offer in Compromise program like the IRS. However, the state offers a "Closing Agreement" process, which allows taxpayers to settle their tax liabilities under certain conditions. To be considered:
It's important to note that submitting a Closing Agreement request doesn't halt collection activities. The state will review your application and may accept it, reject it, or propose a counteroffer.
You might be eligible for a tax settlement if:
Each case is unique, and eligibility depends on individual circumstances.
Do you qualify for a tax settlement? Contact GTA Accounting Group today for a confidential consultation. Our experienced team will assess your situation and guide you through the available options.
A tax settlement is an agreement between you and a tax authority—such as the IRS or the New Jersey Division of Taxation—to resolve your tax debt for less than the full amount owed. This option is typically considered when paying the full tax liability would cause financial hardship.
Understanding these options can help you take the first step toward resolving your tax issues.
When resolving tax issues in New Jersey, it is essential to partner with a knowledgeable and trustworthy firm. With our proven track record and personalized service, GTA Accounting Group offers the expertise you need to navigate the complexities of tax settlements confidently.
Our clients in New Jersey appreciate our commitment to delivering results. Whether you're an individual seeking relief from tax debt or a business aiming for financial clarity, our team is here to support you every step of the way.
GTA Accounting Group provides a full range of tax services tailored to meet the unique needs of New Jersey taxpayers. From federal tax planning to state-specific compliance, we ensure your financial obligations are managed effectively.
At GTA Accounting Group, we understand that every tax situation is unique. That's why we take a personalized approach, conducting a thorough assessment of your financial circumstances to develop a customized strategy that aligns with your goals and ensures compliance with applicable laws.
Our history of successful tax resolutions reflects our dedication and expertise. Clients trust us to handle their tax matters professionally and carefully.
Are you facing tax challenges in New Jersey? Let GTA Accounting Group provide the expert guidance you need. Contact us today for a confidential consultation and take the first step toward resolving your tax concerns.
We begin with a free, confidential consultation to assess your unique tax situation. Whether you're dealing with IRS debt, New Jersey state tax issues, or both, our experts will evaluate your financial circumstances and discuss potential resolution strategies.
Our team reviews your financial documents, including income, expenses, assets, and liabilities. This thorough analysis helps determine your eligibility for programs such as:
Based on our findings, we developed a tailored resolution plan. Our team prepares and submits all necessary documentation, such as IRS Forms 656 and 433-A/B for federal cases and NJ Form 906 for state matters, ensuring accuracy and compliance.
We act as your advocate, communicating directly with the IRS or New Jersey Division of Taxation on your behalf. Our experienced professionals negotiate to achieve the most favourable outcome, whether it's a reduced settlement amount, a manageable payment plan, or relief from penalties.
Upon reaching an agreement, we guide you through the final steps to resolve your tax debt. Our commitment doesn't end there—we offer continued support to help you maintain compliance and avoid future tax issues.
With GTA Accounting Group, you're not just getting tax settlement services; you're gaining a dedicated partner committed to your financial well-being. Our proven process has helped numerous clients in New Jersey overcome tax challenges and regain peace of mind.
Ready to take the first step? Contact us today for your free consultation and start your journey toward financial freedom.
If you're facing federal tax debt, the IRS offers several programs to help you manage and reduce what you owe. Understanding these options can empower you to take control of your financial situation.
An Offer in Compromise lets you settle your tax debt for less than the full amount owed. It's an option if you can't pay your full tax liability or if doing so would create financial hardship.
Eligibility Criteria:
The IRS considers your ability to pay income, expenses, and asset equity. Generally, the IRS approves an OIC when the amount offered represents the most they can expect to collect within a reasonable period.
If you cannot fully pay your tax debt, an instalment agreement allows you to make monthly payments over time.
Types of Installment Agreements:
Interest and penalties continue to accrue until the debt is fully paid.
You may qualify for Currently Not Collectible status if you can't pay any of your tax debt due to financial hardship. This means that the IRS temporarily delays collection until your financial situation improves.
Considerations:
It's important to note that CNC status doesn't eliminate your tax debt; it merely pauses collection activities.
The IRS may remove or reduce penalties if you have a valid reason for failing to comply with tax obligations.
Common Reasons for Penalty Abatement:
You must provide a written explanation and supporting documentation to request penalty abatement.Navigating IRS tax settlement options can be complex, but you don't have to do it alone. Contact GTA Accounting Group today for a personalised consultation and expert guidance tailored to your situation.
If you're dealing with state tax debt in New Jersey, it's essential to understand your options. The New Jersey Division of Taxation offers several programs to help taxpayers resolve their liabilities.
New Jersey allows taxpayers to repay their tax debts over time through instalment agreements.
Key Points:
While New Jersey doesn't have a formal Offer in Compromise program like the IRS, it offers Closing Agreements, which can serve a similar purpose.
Key Points:
In certain situations, New Jersey may waive or reduce penalties associated with tax debts.
Key Points:
If you're facing state tax debt in New Jersey, GTA Accounting Group can help you navigate these options and find the best solution. Contact us today for a confidential consultation.
Ignoring tax debt—whether federal or state—can lead to serious and escalating consequences. The IRS and the New Jersey Division of Taxation have mechanisms to enforce collection, which can significantly impact one's financial stability and personal life.
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Understanding how tax settlements work in real-life scenarios can provide clarity and reassurance. Here are two examples—one involving the IRS and another with the New Jersey Division of Taxation—illustrating how taxpayers have successfully reduced their tax liabilities.
A taxpayer faced a $70,000 IRS tax debt after losing a business and experiencing years of financial hardship. After filing missing returns and demonstrating limited income and assets, the taxpayer submitted an Offer in Compromise. The IRS accepted a settlement of $750, allowing the taxpayer to resolve the debt and move forward financially.
In a rare instance, a taxpayer negotiated a Closing Agreement with the New Jersey Division of Taxation, settling a significant tax liability. The agreement resulted in savings of $383,982.06, showcasing that, under specific circumstances, substantial reductions in state tax debts are achievable.
These cases highlight that significant tax debt reductions are possible with proper guidance and a thorough understanding of available programs.
GTA Accounting Group is here to help if you face overwhelming tax debt. Contact us today for a confidential consultation to discuss your options.
Tax debt doesn’t have to define your financial future. Whether you owe thousands to the IRS, face penalties from the New Jersey Division of Taxation, or struggle to keep up with payment plans, you don’t have to deal with it alone.
At GTA Accounting Group, we offer more than just tax settlement services — we provide guidance, clarity, and a path forward. We’ll help you understand your rights, explore realistic options, and negotiate the best possible outcome for your situation.
Let’s settle your tax problems and start moving forward — together.
GTA Accounting Group
401 Park Ave S 10th Floor, New York, NY 10016, United States
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