Tax Recovery
Tax Recovery> Home
How Much Did You Overpay on Taxes?
Many factors can contribute to over-payment of taxes, continuously changing tax code, missed deductions, calculation errors, changes in your business, employee expertise and turnover, or just plain misunderstanding of the tax laws. Keeping pace with these changes is best accomplished by professional tax consultants that focus exclusively on tax issues for small business.
Our Tax Recovery service is designed to identify and obtain all tax refund opportunities for all periods open according to the statutes of limitations. In addition, we provide you with recommended solutions to mitigate future over-payments..
Our results-oriented review process is customized to your specific need. It includes a review of all federal, state and city income and franchise tax filings, along with additional amounts paid as a result of audit assessments. Legacy Tax & Resolution Services identifies potential over-payments, prepares schedules and supporting documentation, and cites federal, state laws, regulations and court cases to substantiate our findings. With your approval, we file refund claims as required by statute. And, we work with the taxing authorities until you receive refund checks, credits, or benefits from our recommendations. Any exposure items identified during our review process are brought to your attention as well. Often we are able to assist in mitigating any exposure and making recommendations to prevent these issues from occurring in the future.
For years, Money Magazine used to publish an article every year about taxpayer’s over-payment of taxes. Based on their research, they believed that 95% of taxpayer overpay on taxes, it was just a question of how much. Sadly, they stopped publishing this article. Probably, it was not happy news for their readers, but it leads to a very important question;
HOW MUCH HAVE YOU OVERPAID AND CAN YOU GET IT BACK!
Are You Letting The Government Use Your Money Interest Free?
Don’t make the mistake most small business owners do and rely upon your CPA or local tax guy down the street – they overpaid. Get a confidential second opinion. You CPA or Tax Preparer does not need to know! Best of all, it cost you nothing to find out if you have give money to the IRS and /or state. I am that confident in our tax recovery services. We do not charge unless we can recover money for you.
Understand There Is A Limited Time Window For Tax Recovery!
Congress created IRC Section 6511 to set limits on when a taxpayer can pursue the government for overpaid taxes. A claim for credit or refund of an overpayment of income tax must be filed by a taxpayer:
- Within 3 years from the time the return was filed; or
- Within 2 years from the time the tax was paid, whichever of these periods expires later.
- If no return was filed, then the claim must be filed within 2 years from the time the tax was paid.
When a claim is filed within these periods, the taxpayer may still not be able to recover all of the taxes paid. If a claim was filed:
Within three years from the time the return was filed, then the amount of the credit or refund is limited to the tax paid within three years of filing the claim, plus the period of any extension of time for filing the return.
Outside of the 3-year period, the amount of the credit or refund is limited to the amount paid during the 2 years immediately preceding the filing of the claim.
If a claim was filed by the taxpayer but rejected by the IRS, the taxpayer may bring a suit for refund under IRC Section 7422 anytime:
After 6 months from the date of filing the claim (unless the Secretary renders a decision thereon or the taxpayer files a written waiver agreeing that the IRS need not send him or her a notice of disallowance);
Before the expiration of 2 years from the date of mailing by certified mail or registered mail by the Secretary to the taxpayer of a notice of the disallowance of the part of the claim to which the suit or proceeding relates or the date of the waiver. The taxpayer and the IRS can extend this 2-year period by an agreement in writing.
Important Exception To The 3 Year And 2 Year Rules
There are exceptions to these time periods for income taxes that are specifically listed in IRC Section 6511. These exceptions apply to:
- bad debts and worthless securities;
- net operating losses or capital loss carry-backs;
- foreign tax credits;
- credit carry-backs;
- self employment tax;
- income recapture in qualified plan terminations;
- uniformed service retired pay; and,
- Situations when a taxpayer is unable to manage financial affairs due to disability.
What Type of Taxes Can We Recover?
1) Overpaid Income Taxes (Both Federal and State(s)
2) Over-payed Sales and Use Taxes
Here’s a snapshot of our in-depth tax recovery process.
Phase 1: Risk-free application
We don’t need any upfront fee from you to start your refund process. All you need to do is to fill out the easy, 3-step online form where we’ll collect your contact information, your insurance number (so we can access your past tax returns without you having to do any paperwork), and have you sign the Client Agreement and IRS Taxpayer Information Authorization Form
Phase 2: Our tax review process
After you authorize us to access your past returns, we conduct an initial tax review and share a custom questionnaire with you about your tax history. Once the questionnaire is filled, we will inform you about a potential refund opportunity within 5 business days.
Phase 3: Communicating outcomes
If you want to claim the refund, we file the amendment with the IRS and/or State(s). At this stage, the IRS and/or State(s) either directly approves the amendments or asks for further clarifications about the amendment filed. Don’t worry, though – we handle all the communication with the IRS and/or State(s) on your behalf.
Phase 4: IRS and/or State(s) refund approval & payout
When the IRS and/or State(s) approves your refund, we send you an invoice for our services, which is 30% of the amount you’ll receive from the government. Depending on your tax history and unique circumstances, the IRS and/or State(s) can take 16 to 20 weeks to issue your refund. You will get the refund directly from the IRS and/or State(s) via check.
Our Iron Clad Money Back Guarantee
Win-Win Guarantee!
Our tax recovery works, and we’ll prove it to you! We’re so sure you’re going to love your tax recovery services that we’ll refund up to 100% of the plan’s cost if we don’t find savings at least equal to the 2X the fees for the recovery services. † Conditions apply.
Tax Recovery
FOR A FREE CONSULTATION
Call 800-829-7483 or fill out the form below.
LEGACY VIDEO UPDATES
Video Library
Read Our Reviews
Recent review:
3/3/2017
I have been avoiding getting current with Uncle Sam for quite some time. I knew I needed professional help, but who can …
Overall rating:
(9 reviews)
read all reviews…