Owing money to the IRS is a serious issue, but it isn’t a cause for panic. An experienced tax specialist can work with the IRS on your behalf to resolve complicated problems that you wouldn’t otherwise be able to handle on your own. Below are just a few common situations that a tax resolution service can help with.
Unfiled or Unpaid Taxes
If you haven’t filed a return for a few years, you could owe the IRS a large amount of unpaid taxes, along with interest and late fees. A tax resolution specialist will help you determine the best tax settlement method, whether it’s setting up an installment payment agreement, requesting a penalty abatement, or submitting an offer in compromise.
Inability to Make Installment Payments
Typically, taxpayers who are unable to pay their back taxes in full enter into an installment agreement and make payments over a period of time until the outstanding amount is settled. But what if you’re unable to pay the monthly installments while still meeting your other financial obligations? Tax resolution specialists are knowledgeable about the many tax relief programs that are available and can help you negotiate an alternative repayment solution with the IRS. Depending on your financial situation, you may be able to make partial payments, submit an offer in compromise, or claim financial hardship.
If your assets have been seized via a tax levy, you’ll need to act fast in order to minimize damage to your portfolio. While you can attempt to resolve these problems on your own, hiring a tax specialist is the best way to prevent your bank accounts, real estate and vehicles from being affected by levies.
If you’ve intentionally hidden income or claimed false deductions with the intention of committing tax fraud, you’ll need the assistance of a tax professional to minimize penalties — or, at the very least, determine the best approach for handling the case in tax court. Trying to resolve a serious issue such as tax fraud on your own can lead to further penalties and financial distress.
Tax evasion is a serious offense carrying penalties that range from fines to imprisonment. If you have a good reason for not complying with tax regulations, a tax resolution service can help you avoid these penalties.
If you’re struggling to pay back taxes or are facing levies, liens, or wage garnishment, we can help. Contact us for more information about how you can put your tax problems behind you, once and for all.