Wednesday, May 31, 2023
Dealing with the IRS can be a complete nightmare. If you owe back taxes, it may feel like an insurmountable burden that you will never be able to overcome. However, there’s a solution – tax resolution services. These services provide specialized assistance to individuals and businesses who are struggling with IRS tax problems, such as delinquent tax payments, unfiled tax returns, tax audits, and more. Working with a qualified and experienced tax resolution service provider will allow you to get the best advice to fix your tax issue and avoid any penalties or further collection actions from the IRS. In addition, you can ensure that your taxes are being handled correctly and that you do not run into any trouble in the future.
What are Tax Resolution Services?
Tax resolution services intend to help taxpayers with the complex process of settling back tax issues. These services are typically offered by tax resolution professionals, including tax attorneys, enrolled agents, and CPAs. They have a deep understanding of tax laws, IRS procedures, and negotiation strategies. They work to resolve simple to complex tax issues, such as tax levies, tax liens, wage garnishments, and IRS audits.
How Do Tax Resolution Services Work?
Getting started with tax resolution requires you to schedule a consultation with a tax professional. During the consultation, a tax professional will assess your tax situation and determine the optimal solution for resolving your tax issue. They will examine your tax returns, financial statements, and other pertinent information to gain a comprehensive understanding of your tax situation.
After evaluating your case, the tax professional will work with you to develop a plan for resolving your tax problem. Depending on your individual circumstances, you may be able to negotiate a lower tax bill with the IRS. You may also be able to set up a payment plan or file an appeal.
If the strategy calls for negotiation, the tax professional will manage all communications with the IRS on your behalf. This can be extremely helpful, as dealing with the IRS can be a daunting process. Most importantly, they will work to establish an arrangement that is in your best interests and will assist you in resolving your tax issues as soon and efficiently as possible.
What Services Do Tax Resolution Firms Offer?
There are a variety of services that tax resolution firms can offer to resolve taxpayers’ IRS problems. Some of the most common services include:
Offer in Compromise
An offer in compromise helps taxpayers who are unable to pay off the total amount of taxes they owe to the IRS. With OIC, you can propose an amount that you can afford to pay based on your financial situation. If accepted, the IRS agrees to collect that amount and forgives the remaining debt. The offer can be a one-time payment or a series of payments spread over several months. This option provides a chance for those who are facing financial hardship to resolve their tax problems and start anew. Though, it’s important to note that the IRS does not accept all offers.
Installment agreements
An installment agreement is a payment plan that allows taxpayers to pay off their tax debt in manageable installments rather than a single lump sum payment. If you owe the IRS but cannot pay the full amount at once, this is a good option for you. The amount of each payment will be determined by the total amount owed, how much you can afford to pay each month, and the length of time you have to pay. Keep in mind that interest and penalties will still continue to accrue during the installment agreement period.
Penalty Abatement
Penalty abatement can be extremely helpful for taxpayers who are dealing with hefty penalties and interest on their tax debt. With the help of a tax resolution firm, you can enter into a negotiation with the IRS to lower or even wipe out those penalties. To be eligible, you need to be up to date with your tax returns and payments to the IRS.
Innocent Spouse Relief
Innocent Spouse Relief is a special program that helps spouses who have been unfairly held responsible for taxes, interest, and penalties on a joint tax return. This can happen when a spouse or ex-spouse fails to report income or claims false deductions or credits without the other person’s knowledge. To qualify, you’ve got to meet a few conditions. First off, you must have filed a joint return with your spouse or ex-spouse. Second, there should be an understated tax due to a mistake or error. Additionally, you have to prove that you had no knowledge of the understated tax and that it would be unjust to make you accountable for it.
IRS Audit Representation
A tax audit representation is a service that allows tax professionals to stand on behalf of a taxpayer throughout the audit process, and ensure that their rights are protected. There are various reasons the IRS may select your tax return for audit. This includes errors or inconsistencies in your return or just random selection. When you’re facing an audit, you can work with a tax professional who would represent you and handle all communications with the IRS on your behalf. They will devise a plan to defend your position and assist you in preparing the necessary documents for the IRS.
IRS Collections
When you owe taxes and haven’t paid them, the IRS has the authority to take actions like wage garnishment, bank account levy, or property lien to collect the money you owe. Tax resolution professionals have the expertise to negotiate with the IRS on your behalf. They can also work towards stopping or releasing these collection actions.
What Are the Benefits of Working With a Tax Resolution Firm?
Working with a tax resolution firm to resolve your tax issues has several advantages. Among the most important advantages are the following.
- Expertise
Tax resolution companies employ professionals with experience and expertise in handling complicated tax matters. They are knowledgeable about the tax code and can provide you with specialized solutions to your tax issues. At Tax Samaritan, we are the tax resolution expert!
- Representation
A tax resolution firm can represent you in audits, appeals, as well as negotiations with the IRS. This relieves the tension and anxiety associated with dealing with the IRS on your own.
- Time-saving
Tax resolution firms can save you time by handling all documentation and correspondence with the IRS. This enables you to concentrate on your business or personal life while professionals handle your tax issues.
- Cost-effective
Tax resolution companies can help you save money by negotiating with the IRS to lower your tax debt, penalties, and interest. They can also help you set up payment plans to make it easier for you to pay off your debt.
- Peace of Mind
Knowing that your tax issues are being handled by experts who have your best interests in mind while working with the IRS can provide you peace of mind. They can offer customized solutions to your tax issues and work with you to achieve the best possible result.
Why Work With Tax Samaritan?
Tax Samaritan offers specialized expertise in tax resolution. We understand that dealing with the IRS can be overwhelming. This is why we provide customized solutions tailored to your specific needs. Our team of tax resolution experts can help you navigate the tax resolution process with ease, from filing delinquent tax returns to negotiating with the IRS on your behalf. We’ll work tirelessly to help you achieve the most favorable outcome while ensuring that you are current and compliant with the IRS. Let Tax Samaritan provide the peace of mind you deserve when it comes to your tax problems.