Tax Resolution is a broad term covering various services that help people resolve IRS-related problems. These include Offer in Compromise assistance, lien and levy relief, penalty abatement, and more.
It can be a lot to take in, so seeking professional help is best. A professional can help you resolve your tax issues quickly and effectively.
Tax Resolution Specialists Help You Deal With the IRS
When the IRS believes you haven’t reported enough income, underpaid taxes or didn’t file a tax return at the right time, it will take action. These issues can create problems that will need the help of a tax resolution specialist to solve legally.
A tax resolution expert can assist you in determining how much you owe, filing correct tax returns and helping to remove IRS liens. They will also work to prevent the IRS from aggressive collection actions that could cause financial damage.
The ideal tax resolution expert spends time learning about your situation and has your best interests in mind throughout the resolution process. This person can use their knowledge, experience, and education to develop the best solution to your tax problem.
They Help You Determine How Much You Owe
If you owe back taxes, a tax resolution specialist can help you determine how much you owe. They may also help you negotiate with the IRS to find a repayment solution that works best for you.
An installment agreement is one of the most common ways to pay your tax debts. Other installment agreements exist, and a tax resolution specialist can help you determine which is suitable for your situation.
In addition, a tax resolution specialist can help you eliminate penalties and interest associated with back taxes. In most cases, the IRS and states will agree to abate penalties if you have a reasonable reason for not filing or paying your taxes.
If you owe a lot, the IRS can levy your assets, including your bank and retirement accounts. A tax resolution specialist can help you remove these liens so you don’t lose your hard-earned assets.
They Help You File Correct Tax Returns
The IRS is vital in notifying individuals and companies when they haven’t reported enough income, underpaid their taxes, or filed their tax returns correctly. In these cases, a person or business may seek IRS resolution services to solve their issue legally by paying back taxes or applying for tax relief.
A good tax resolution specialist will help you determine the best action and prepare your returns accordingly. They can also help you file past-due returns and work out a repayment plan with the IRS to keep your finances in order.
If you face any back taxes, your representative can negotiate an installment agreement. This will allow you to pay your past-due taxes over some time, which can be a huge relief.
They Help You Remove Tax Liens
The IRS can place a lien on your property and assets until you pay off your tax debt. This can be a tough situation to navigate.
Removing a lien is essential to avoiding financial hardships affecting your credit and financial future. A tax resolution specialist can help you remove your tax lien and get relief from your taxes.
If you cannot pay off your tax debt in full, you can request an installment agreement from the IRS. Alternatively, you can offer in Compromise or request financial hardship status.
The IRS generally only releases a federal tax lien once it is paid in full, but a tax resolution specialist can help you obtain relief from your lien. They can also work to halt the levy process, which can help you keep your property and assets.