1. Why hire Koch Law Firm?
Koch Law Firm is a full-service tax and estate planning law firm in Baton Rouge, Louisiana. David Koch is a board certified tax attorney by the Louisiana Board of Legal Specialization with a Masters in Tax Law from Boston University, where he graduated first in his class. Koch Law Firm has nearly 20 years experience in resolving clients’ tax problems with the Internal Revenue Service and experience in wills, trusts, estate planning, successions and probate.
2. I filed my tax returns but didn’t have the money to pay what was owed. How do I reach a settlement to clear my back taxes?
Depending on the additional facts and circumstances surrounding your case, you may have an opportunity to file and Offer in Compromise to settle all of your past debts with the Internal Revenue Service. If an Offer is not the solution, then we will evaluate whether you can request an abatement of any penalties assessed against you in order to reduce the amount you owe. In addition, we will assist you in entering an installment agreement with the Internal Revenue Service in order to prevent and levies from being assessed agaisnt your bank accounts or wages. If you do not have the funds to meet your allowable monthly needs, we can also request that your case be deemed “Currently Not Collectible” in order to prevent collection activities against you by the Internal Revenue Service.
3. I am behind on my payroll taxes. Is this a serious problem?
This is a very serious problem. Besides the company owing the past due tax, all “responsible persons” are personally liable for the taxes withheld from your employees wages. “Responsible persons” can include officers, partners, corporate directors, shareholders even employees of a business.
4. What is an Offer in Compromise?
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. it may be a legitimate option if you can’t pay your full tax liability or if doing so creates a financial hardship. Once the Internal Revenue Service receives your Offer, they can accept it, counter your Offer with a different amount to settle your tax debt, or they can reject the Offer entirely. If the Offer is rejected, you have the right to request an Appeal and have a new Internal Revenue Service Officer review your Offer.
5. Even thought I am making installment payments, can I do an Offer in Compromise?
Yes. You make an Offer in Compromise even if you have an installment agreement in place.
If the Internal Revenue Service accepts your Offer, you must pay the Internal Revenue Service the amount of your Offer under the terms you have agreed to. Once an Offer is approved, it is critical that you must remain current on the paying and filing of your taxes for the next five years or the Offer is revoked and the past tax debt will again be due. Typically, Offers are addressed by the Internal Revenue Service within four to twelve months of submission.
6. Will I have to see or speak to the Internal Revenue Service if you take my case?
No. Once you hire Koch Law Firm, we will be your voice before the Internal Revenue Service facilitating negotiations in your best interest.
7. Can I file bankruptcy and discharge my taxes without entering into an Offer in Compromise?
Bankruptcy can discharge your taxes if you qualify. Before you file for bankruptcy, please seek the advice of competent tax counsel to verify your taxes will be discharged.
8. I have not files returns for a number of years. Is it too late to reach a settlement and make a fresh start?
You must file your past due returns in order to receive many of the remedies that are available to you.
9. Is an Offer in Compromise best for me?
All cases that we accept must be evaluated for their specific facts and circumstances before recommending the best solution to address your tax problem.
Offers may be in lump sum settlements or may be made using installments. Typically, if your offer is a lump sum settlement, you must pay 20% of the offered settlement with your Offer. The remaining amount is not paid until the Offer is accepted.
If you submit an Offer using installments, you must make the installments during the pendency of the Offer. If you fail to timely file or pay your taxes within the five-year period after your Offer is accepted, your Offer may be revoked and the past taxes due again.
10. I am located outside Louisiana. Can you still help me?
Yes. Koch Law Firm can provide assistance to you wherever you live.
11. Can I go to jail or prison for not filing my taxes?
Yes. Failure to file tax returns may cause the Internal Revenue Service to refer the case to its Criminal Investigation Division. It’s always important to file your tax returns truthfully and accurately. It is the goal of Koch Law Firm to get you back on track and that begins with the filing of past tax returns.
12. I missed the April 15th file date. What now?
File and pay any taxes due in order to reduce your penalty exposure with the Internal Revenue Service. If penalties are assessed and you have a valid reason for your late filing and payment of taxes, we may be able to abate all or some of the penalty.
13. What’s the difference between a tax lien and a tax levy?
A tax lien is a claim used as a security for the tax debt, while an Internal Revenue Service levy actually takes the property to satisfy the tax debt.
14. What if I have other questions?
We are always available to answer any questions you may have. Open lines of communication are a necessity. Throughout the process, feel free to contact us with your questions at (225) 612-9700 or toll free at (877) 917-4857.