Financial Consulting Firms in Chicago

A financial consulting firm focused on tax resolution reviews the amount owed, filing history, income, assets, expenses, and IRS collection status. That review helps identify viable paths such as an installment agreement, penalty abatement, Currently Not Collectible status, or an Offer in Compromise. Assured Financial Services also handles IRS communication and organizes documentation needed to support the selected strategy.

Yes. An IRS Enrolled Agent is federally licensed by the U.S. Department of the Treasury and has unlimited practice rights before the IRS. This authority allows an EA to represent individuals and businesses on tax matters, including audits, collections, payment negotiations, appeals, and penalty-relief requests. Assured Financial Services’ founder is an IRS Enrolled Agent and leads client engagements directly.

An IRS installment agreement allows an eligible taxpayer to pay an outstanding liability over time rather than in one lump sum. The IRS considers the balance owed, filing compliance, financial information, and proposed payment amount. Interest and certain penalties may continue while a balance remains, so the agreement should fit a broader plan to maintain current tax obligations and avoid default.

The IRS may grant penalty relief under programs such as first-time abatement or reasonable-cause relief when eligibility requirements are met. Approval is not automatic and depends on the taxpayer’s compliance history, circumstances, and supporting documentation. A well-prepared request explains the facts, identifies the applicable relief basis, and addresses the specific penalties assessed on the account.

Act promptly, because a levy or wage garnishment can disrupt household finances and business operations. Gather the relevant IRS notices, account information, recent tax returns, and a clear picture of income and essential expenses. A representative can contact the IRS, review available relief or resolution options, and seek to address the enforcement action while working toward long-term compliance.

In most cases, taxpayers must become current with required filings before the IRS will approve many resolution options. Filing delinquent returns also establishes the actual tax liability, which may differ from an IRS substitute return estimate. Returns should be prepared accurately and evaluated as part of the full resolution strategy, since filing can affect balances, payment options, and collection status.

An Offer in Compromise may be available when the taxpayer’s reasonable collection potential is less than the total IRS liability, or when paying in full would create qualifying hardship. The IRS examines income, allowable living expenses, assets, equity, future earning potential, and filing compliance. Pre-qualification is important because incomplete or unsupported offers can be rejected or returned.

Start by collecting IRS notices, filed and unfiled returns, payroll-tax records if applicable, bank statements, profit-and-loss reports, and details of current income and expenses. Chicago business owners should also identify immediate concerns, such as a levy, payroll tax delinquency, audit deadline, or cash-flow disruption. Complete documentation allows for a more accurate assessment of compliance needs and available options.