IRS Collections: What To Do About Your Back Taxes

Published by Doug Chaffins at July 27, 2020

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After a very unusual tax season, the IRS is starting to collect taxes. The tax deadline was pushed back to July 15th to alleviate the pressure created by Covid-19. Between managing the delay, shutdowns, and stimulus checks, the IRS has been pretty overloaded. As of late June, the IRS had printed more than 20 million notices although they did not send them then. Even though the Coronavirus is still present, the country has been opening gradually and the IRS is no exception. They are ready to start sending notices and collecting back taxes. If you owe back taxes, reach out to Fricke & Associates, LLC. You do not even have to talk to the IRS if you use our tax resolution services. We can help you save money and time as well as help you apply for any eligible relief options.

What to Do:

·        File Now—July 15th was the last day to file tax returns and make payments without penalty. After that date, you could start accumulating penalties and interest. Because of the virus, the IRS may not start charging you on day 1 after the deadline, but you should still be prepared. Even if you cannot pay your tax liability, you still need to be current on all your tax returns, including your 2019 tax return. Remember that there are both late filing and late payment penalties. Even though the deadline passed, you still should file as soon as you can. You can explore relief options afterwards. If you have unfiled returns from several prior years, call our firm for help right away. We want to assist you to get out from underneath your back-tax burden.

·        Consider Making an Offer in Compromise—The IRS has a Fresh Start program available for settling with the IRS. Not all applicants will qualify, but incomes or businesses impacted significantly may fit the criteria. If you qualify, the IRS will only require you pay a portion of what you owe in back taxes. We can help represent you before the IRS to better your chances of qualifying.

·        Call us First If You Receive a Notice from The IRS—If you owe a significant amount of money, the IRS will be even more inclined to pursue collection. You should not risk providing information that will hurt your resolution process with the IRS. We can assist in reducing your tax liability, negotiating an installment agreement to pay your tax liability, or have the IRS place you in a status of not being currently collectable. We act as your representative. We will help you achieve the best outcome. Our team is experienced with navigating delinquent issues with the IRS so we can be trusted to handle your case professionally and properly.

If you owe back taxes, put your mind at ease by calling Fricke & Associates, LLC. We will guide you through resolving your back tax problems with the best possible outcome.

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