Tax Debt Problems and Solutions
Are you experiencing serious tax debt problems?
Do you have many years of tax returns outstanding?
Are you about to be liquidated / bankrupt?
Do not worry let IBBZ Accounting help you, we will genuinely help you to solve all your tax problems.
IBBZ Accounting are tax specialists. With our taxation knowledge, we provide consulting services when our clients are faced with complex tax affairs. Our services include: settle your tax debt, file your overdue tax returns, voluntary disclosures, tax relief and tax audit help.
Overdue tax return:
If your tax return is overdue then IRD may do default assessment which may not be correct reflection of your tax debt. When we file your overdue tax return then we get to know the correct position of tax debt. Overdue tax returns brings tax debt and penalty. The longer a tax return is pending, the higher the penalty will be. IBBZ Accounting can provide tax debt solutions. We help you to file overdue tax return and avoid further penalties.
Settle your tax debt:
There may be multiple reasons all beyond your control that have led this tax debt. The longer this debt remains out of repayment arrangement the higher the penalties will be. IBBZ Accounting can represent you when it comes to IRD tax debt settlement. We will check the correctness of tax debt it may not be correct to start with, then we will work along with you to come with the repayment plan. With our knowledge and experience, you can trust us to solve all your tax debt issues and do not have to worry about IRD's demand and investigation.
There may be a time when you want to disclose or edit your previous tax position. With voluntary disclosure the IRD will consider reducing your tax debt by minimising the penalty. IBBZ Accounting can advise when and how you need to voluntarily disclose.
If you cannot pay your tax debt and meet your tax debt deadline, this may be due to serious financial hardship or any circumstances beyond your control such as natural disaster etc. We can represent you and negotiate for a tax relief with the IRD. The goal is to achieve a solution with which both you and the IRD are satisfied.
When it comes to the IRD tax audit, it is very risky to answer IRD’s questions without solid professional knowledge. IBBZ Accounting is experienced in representing you in the IRD tax audit. We will try our best to protect your rights and reduce any potential tax debt.
Below are some examples of our successful tax debt cases:
Family Owned Small Business:
This business had four years of overdue tax returns including PAYE, GST and Income Tax. The total debt was over $100,000 and had a penalty of $65,000. They had serious cash flow problems, suppliers, IRD, and staff were not getting paid on time. We filed all overdue tax returns to arrive at correct tax position, we negotiated successful payment plan which helped them to repay everything in six months’ time, and currently all their tax payments are being paid on time and they are a successful small business.
Without accounting background, everyone can make a mistake in terms of tax. This working professional is very efficient in his job but not too great with numbers. He had a tax debt of over $200k the only option left for him was bankruptcy, and that would have tarnished his professional career. We investigated his case and did a payment proposal for him. After several counter offers and negotiations with the IRD, we finally managed to save his bankruptcy and today he is a worry free man and we manage all his bookkeeping and filing of tax returns.
When they approached us this business was under IRD’s audit for the last five years. They did not have a good bookkeeping system nor a good accountant. They were not able answer IRD’s questions during the audit process. After reviewing the business, we decided to redo the bookkeeping and filed revised tax returns for most of the tax periods. We represented them during the audit process and answered the question of IRD tax investigators. Today, we manage their ongoing bookkeeping and tax returns, and curently they are more successful and manageable business.
When they approached us they had a tax debt of $140k, they were handling all negotiations with the IRD themselves. They already made payments of about $250k on their account. They sold their family home, all other assets, but the debt was still out of control. They were very distressed. We worked with them to seek financial relief and we negotiated a set amount of payment for the repayment of debt. Currently they are running successful & profitable business, they are also looking to sell the business and enjoy their life. They are receiving offers from potential buyers as the business books are much cleaner now. We currently manage all their accounting and tax affairs.
We have a 3 step process:
1. Study your case and do investigation to validate your tax debt;
2. Scope the work which includes sorting out all overdue tax returns;
3. Solve your problem after careful analysis of your financial position and arrange repayment of your tax debt.
Testimonials from our clients
For full list of testimonial refer Testimonials
For Google Reviews click here Google Reviews
"Very pleasant, Generally easy to deal with. Explained process well, making things run smoothly. Great outcome!! Would recommend to any business"
"The IBBZ Team handled discussions with IRD on our tax matters superbly. Their initial estimates of results were delivered efficiently, and with a minimum fuss. Furthermore, their advice on the various ratios and indicators for the business will be invaluable for future planning for success."
"I had a long term problem with IRD due to mistake in one of my tax returns, which I had not been able to resolve for a long time. Good thing I was able to find IBBZ and they responded to my request for assistance regarding my problem. Ravi has been wonderful in handling my case and resolved my problem very successfully. Thank you, Ravi and IBBZ. Glad to have reached out to you."
"I am very pleased with the end result RE- negotiating on my behalf with IRD. Thanks Sandy."
“I approached IBBZ mid 2015 for dealing with an intransigent IRD department looking to bankrupt me. They dealt with IRD and mentored me through legal and financial dealings. I avoided bankruptcy saved the business and received a large refund. I recommend IBBZ ”
“I discovered that I had a tax liability going back five years as a result of incorrectly assuming my tax obligation relating to company share allocations (from a global multinational). Upon discovering that I had not been handling the shares correctly, I contacted Saurav (from a google search) who promptly assessed my situation and took me through what my obligations were and what was required to self declare my overdue tax liabilities to the IRD and bring my account up to date. Saurav submitted the correct tax returns going back to 2011 and the overdue tax obligation was fully paid, however I was hit with overdue penalties and interest totalling approx $11,000. Saurav negotiated on my behalf with the IRD and was able to have the total amount amount remitted;with no penalties or interest being payable.”
"Saurav and Sandy have been so awesome with helping our business and myself get out of debt. If it was not for them, we don't know we would have gotten this far and out of debt without them, and we are forever grateful to them."
“IBBZ worked for a year on my behalf to negotiate a settlement with the IRD that I was happy with and, importantly, could afford. I always felt they acted in my best interest and gave me honest feedback and advice. Their knowledge and expertise were a welcome comfort in what was a stressful time for myself and my family. I have no hesitation in recommending them to others in the same situation.”
"IBBZ have always answered any questions I have had. Very pleasant to deal with. The outcome RE the AutoXXXX Ltd tax debt is very pleasing and I am extremely happy with this."
“I was about to have divorce with my wife as I was going to lose our family home in lieu of payment of taxes. IBBZ saved me, I will be very grateful to Sandy for the rest of my life”
"I am a Taxi Driver, Sandy and Saurav assisted me in filing over five years of tax returns and negotiated very good payment plan for me to repay my taxes. I was under a serious depression and just because of IBBZ team I am living very happy life now. I will highly recommend IBBZ to you if you are filling burden of overdue tax.”
“Due to cashflow problems, I was left behind in payment of taxes, and that was the end of my business. I was about to be declared bankrupt but IBBZ helped me to seek hardship relief where majority of my tax disappeared.”
Please get in touch with us today for a confidential discussion.