Deininger, Wingfield & Corry, P.A., assists its clients in resolving their tax liabilities by making a thorough analysis of the specific liabilities involved, the client’s financial circumstances, and the options available to the client under current federal and state law. Many factors are considered, including: the type and amount of tax due; the taxing authority involved (IRS, DF&A, etc.); whether tax returns have been filed by the client or by the IRS or DF&A, and if filed, the tax returns’ designated filing status (Single, Married Filing Jointly, or Married, Filing Separately), reporting accuracy, filing dates, processing dates, dates of assessment, and applicable statutes of limitation for assessment and collection; the validity of the tax assessment; the financial condition of the individual client and any businesses involved; whether the taxes are currently, or will be, capable of being discharged in a bankruptcy proceeding; and whether there is a possibility of an audit adjustment.
Deininger, Wingfield & Corry, P.A., approaches clients’ tax liabilities by complying with past filing requirements and ensuring compliance with current and future filing and depositing requirements. Usually, unfiled tax returns for the past six years must be prepared and filed. If a client is self-employed, restructuring of the business may be required to ensure that the client can make the required estimated tax deposits timely. Deininger, Wingfield, & Corry, P.A., also assists its clients in business restructuring plans to ensure that tax liabilities do not continue to accrue and to obtain other favorable tax treatment.
After making sure a client is no longer accruing additional tax liabilities, Deininger, Wingfield & Corry, P.A., determines the accuracy of the past tax liabilities. Many factors are considered in making this determination. If the Internal Revenue Service or the state filed a substitute for a return, it is likely that legitimate deductions available to the client were not taken into consideration in arriving at the assessed tax liability. By preparing a return utilizing those deductions, it may be possible to decrease or even eliminate the tax liability.
Deininger, Wingfield & Corry, P.A., first determines whether the liability is accurate, whether all deductions have been claimed or if later claims for business bad debt loss or stock losses would create a Net Operating Loss which might carry back and offset or eliminate the prior year liability, and whether the liability can be avoided by defenses of innocent spouse, duress, incompetency, etc. If a client has filed a prior bankruptcy, it is possible that the Internal Revenue Service or the State has not eliminated taxes that were discharged in the bankruptcy. Deininger, Wingfield & Corry, P.A., examines all of the circumstances surrounding its clients’ tax liabilities to determine whether or not the tax is valid and whether or not it would be cost effective to correct any such inaccuracies.
Once it is determined that the amount of the client’s tax liability is accurate, there are many available options for resolving the tax liability. Deininger, Wingfield & Corry, P.A., assists each client in selecting a resolution strategy tailored to the specific client’s needs.
Go to Areas of Service page