Advisory, Compliance, Outsource CFO & Controller
Once the IRS catches up with you, you will face penalties and interest, and for non-filed taxes, the possibility of jail time! This will put you in a very difficult position, you will want professional guidance from an experienced CPA accounting firm like us.
Fortunately, there are ways to reduce the sting of back taxes. You can negotiate with Tax Authorities to lower the overall liability, reduce or eliminate penalties, and implement manageable payment plans. By working with a qualified CPA firm, you will have the advantage of experienced negotiators on your side. In many cases, our clients never even speak with the IRS.
Nothing strikes more fear in the hearts of taxpayers than receiving an audit letter from the IRS. These audits take a lot of time, requiring extensive records to substantiate each item reported on your tax return. The IRS often will recalculate your tax and send you home with a hefty tax bill as your parting gift. However, the recalculation may not be entirely accurate, if the auditor does not understand the entirety of your transactions.
So, although you may want to respond to a letter or notice from the IRS, it’s not always a good idea, without a professional CPA advising you in the matter. While taxpayers can and do successfully defend themselves in an audit, without an experienced tax professional in their corner, their odds of completing the audit unscathed go down dramatically.
Fortunately, we have several ways to help our clients out of this IRS mess. Once we know your situation, we can recommend and follow through on one of several solutions. In most cases, we can significantly lower your liability for penalties – and in some cases, correct tax errors that have led to unfair debt.
Whether eligible or ineligible for the Offer in Compromise program, we can arrange a payment plan for you with the IRS and the state taxing authorities. This generally requires a set monthly payment over a certain time period – normally two to seven years. While not as forgiving as an Offer in Compromise, there are still many ways we can reduce your tax liability with this program.
Another awful outcome of non- or underpayment of tax liabilities is an IRS wage garnishment. If the IRS so chooses, it can levy money from your bank account, but if your bank balance isn’t that large, they can start making money from your paycheck. Under wage garnishment, your employer is legally obligated to deduct a substantial amount of your pay and send it to the IRS.
Once this starts, you lose much of your income until the tax liability has been paid – UNLESS you take action with the IRS and know what to do. If your wages have been garnished by the IRS, or if the IRS is threatening to garnish your wages, please call us right away to represent you in negotiations. Most often, we can change this onerous wage-shrinking tactic into a reasonable payment plan that you can handle, and that is not nearly as burdensome on your income flow.
Learn more about the various industries in which we help.
What Our Clients Say About Us
"This firm is terrific, I have worked with Jennifer Eubanks several times, and her firm provides first-class accounting support at very reasonable rates."
The CPA Department provides meaningful and actionable expertise related to preparing for DCAA audits, prepares winning pricing proposals, and provides overall strategies for small government contracting businesses to succeed.
"Jennifer is a trusted accountant and adviser. Her work ethics is second only to her expertise. Jennifer’s sense of resolve is perhaps the most telling… meticulous, persistent, and assertive comes quickly to mind. CPA Department has my highest recommendation."
"Very knowledgeable and helpful team. Work was done expediently. I will continue to use them and highly recommend them."
"Two years ago, my CPA retired and suggested I go to Jennifer Eubanks. I have been delighted with her work! I highly recommend Eubanks & Company."
"My firm started using EuCo from day one. I can attest that they have reduced the risk of many pitfalls we faced during our first few years. They continuously provide executable solutions to ensure our books and processes are inline and compliant. All this expertise at reasonable costs and great customer service."
"Eubanks & Company helped me out of a very sticky tax problem created by the neglect of a former accounting firm. I have nothing but the highest praise for this firm and the people working there. My ongoing experience is just as positive."
"Great, personal service - a trusted partner"
"We could not be more pleased with the service we have received from Eubanks & Co. It is our one-stop shop for all of our financial business needs. Jennifer leads her team to provide ethical and timely financial and regulatory compliance guidance for our government focused practice and we have recommended her firm widely. Thank you for all that you do! Your dedication to helping us remain compliant, set and meet our goals, and scale for growth is directly correlated with our continued success."
"Jennifer is a trusted accountant and adviser. Her work ethics is second only to her expertise. Jennifer’s sense of resolve is perhaps the most telling… meticulous, persistent, and assertive comes quickly to mind. Eubanks & Company has my highest recommendation."
"Have really enjoyed working with The CPA Department for the past several years. They have a great team that delivers professional and efficient service. Whether it be government contracting, day to day accounting needs, tax prep, or tax planning, they can handle your every need. We have already started leveraging their tax expertise with the new tax law changes. I highly recommend this CPA firm."
"We're extremely happy with the DCAA oriented consulting we're received, as well as the excellent service on general accounts issues. Our FAR and DCAA issues were more than we wanted to tackle alone and a significant part of our business. Jennifer and her team helped us through these hurdles and we couldn't be more pleased."
"Would highly recommend The CPA Department for business consulting, accounting and tax preparation needs. Jennifer and staff are very knowledgeable and go out of their way to help clients with their needs. You won't be disappointed."