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The tax code is complex and most taxpayers will face a tax issue during their lifetime. If you received a letter from the IRS showing a tax balance that you cannot pay, you may want to ignore it. When you are experiencing any tax problems, you may also want to disregard the letter stating that you are being audited. Though letters of this nature are nerve-racking, the best thing you can do is open the letter and be prepared to respond.
Are you living paycheck to paycheck? If so, you may be eligible for Hardship Status.
Sometimes bankruptcy can be very effective way to resolve a serious tax problem and stop IRS collection activity.
If you have an insurmountable debt and cannot pay your debt in full, you may want to consider submitting an offer in compromise.
By disregarding tax notices, such as collection letters, you are leaving yourself vulnerable to enforced collection action like liens and levies. The IRS can easily garnish wages and levy bank accounts as they typically have access to your wage and income information.
There are several options to resolve your outstanding tax debt. These options include establishing payment arrangements, submitting an offer in compromise, requesting hardship status, which is known as Currently Not Collectible, or even filing a bankruptcy. However, in order to determine the best option, it is important to speak with a competent tax professional.
Penalties make up a quarter of the tax debt owed. If you successfully show “reasonable cause”, you may not be held liable for these penalties.
Through innocent spouse relief, the government offers relief from joint and several tax liability.
An Installment Agreement allows a taxpayer to pay a pre-determined monthly amount towards their liability.
It is very important to promptly respond to any audit letters so that you may exercise your procedural rights before the Internal Revenue Service and any state/local tax authorities. By overlooking audit letters, you may wind up with a tax liability that is truly not correct. Additionally, you may have less options to contest the liability if you lose your appeals rights.
The IRS audits returns for various reasons including research purposes. Sometimes, audits can be easily addressed through a well-written letter showing proof of each deduction. Depending on how much is at stake, you may want to hire a competent tax professional to represent you before the IRS or other tax agency.
If you have a tax problem and believe you need help, please contact our office for a consultation.
Our Team of Highly Trained Tax Professionals is waiting to assist you. Call us now for immediate relief at 1-800-777-3800 or click the button below to contact us electronically & a tax professional will be with you shortly.