Cannot Pay Your IRS Tax Debt?
Jinny
August 18, 2023
Do you owe the IRS more than you can afford? An offer in compromise
Galena Group
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Expert tax guidance for individuals and businesses. Optimize your financial future with our experienced team.
Government tax agency and private consulting experience
Maximize tax savings and minimize tax liability for positive ROI
Personally available for your representation needs
An Enrolled Agent is authorized by the IRS to represent taxpayers before the IRS. As a trusted advisor, an Enrolled Agent is expected to demonstrate honesty, integrity and objectivity.
As a former tax auditor for a government agency, I have an insider’s understanding of effective tax compliance and tax representation.
As a former corporate controller and CFO, I can advise on cash flow and financial management from a sound, holistic perspective.
Critical considerations in engaging a tax professional
As former tax auditors and tax attorneys for the State and the IRS, we are highly qualified to resolve tough, complex issues. We leverage our in-depth knowledge of the inner workings of the IRS and the State departments, to get you the best, most effective results.
Schedule a consultation with our firm so we can get a deeper understanding of your tax needs and how we can help you accomplish your goals.
As a former tax auditor, we know exactly how to help you get back on track by expertly navigating IRS audit and collection issues.
Sales and use tax laws can be unexpectedly complicated. With 5 years of government audit experience, we can guide you on the best ways to deal with compliance, audit and collection issues.
We are knowledgeable on the nuances and complications of the tax laws and regulations for real estate investors including cost segregation and real estate professional status.
Our in depth knowledge of tax law guides you through best practices to minimize your taxes and your chances for audit.
United States Code Title 26, otherwise known as the Internal Revenue Code, is the codified set of federal tax laws. In 1862, the nation’s first income tax was enacted into law to raise revenue to help pay for Civil War expenses. U.S. tax laws began to be codified in 1874, compiled in 1939, and overhauled in 1954 and 1986. This code is the definitive source of all tax laws in the U.S. and it determines the rights and legal obligations that are recognized by the courts of justice. These laws are administered by the Internal Revenue Service through Treasury Regulations and Revenue Rulings.
Internal Revenue Code sections 7201 through 7217 codify the activities, both misdemeanors and felonies, that are illegal under the U.S. tax laws. The most common tax crime is tax evasion – failure to pay taxes, failure to report taxes, and failure to report taxes accurately.
Click here to view the Taxpayer Bill of Rights. This publication explains a taxpayer’s rights and the processes for audit, appeal, collection, and refunds.
Marginal tax rate is the highest tax rate at which your taxable income is subject to tax. For example, if you are single and your taxable income is $600,000 in 2023, your marginal tax rate is 37%. Not all of the taxable income is taxed at 37%; only the portion subject to the highest rate is taxed at 37%.
Effective tax rate is your total tax divided by your total taxable income. In the same example, the effective tax rate is 29.53%. The effective tax rate is lower because the United States has a progressive tax structure. The taxable income is segmented and each segment is taxed at different rates; higher income segments are taxed at progressively higher tax rates.
If you are filing a tax return, you may minimize your taxes through tax deductions and tax credits.
If you have not filed a tax return or paid tax due, you may be able to minimize your overall taxes and fees by engaging a tax professional experienced in tax representation matters such as an offer in compromise and an installment agreement.
Enrolled Agent
Jinny Brooks brings 10 years of expertise as both a tax auditor and a tax practitioner, specializing in compliance, resolution, and real estate tax law. Her commitment to precision and excellence is evident in her successful navigation of intricate tax regulations and resolution scenarios. With a deep understanding of tax laws, Jinny is a trusted professional, offering comprehensive solutions in the dynamic fields of tax compliance and representation.
Do you owe the IRS more than you can afford? An offer in compromise
If you received an IRS Letter 1058 or LT11, this letter informs you of
Tax audits are not common. IRS data shows that only 0.6% of all individual
