Tax Relief Lets You Breathe a Sigh of Relief
To many people, tax relief refers to programs offered by the IRS to lower business or individual taxes as an incentive to participate in some government-sponsored program. Much more common though – and the focus of this page – are the thousands of individuals and business owners who seek tax relief each year for IRS-related problems including back taxes, tax liens, bank levies, delinquent or unfiled tax returns, payroll and withholding tax issues, IRS audits and appeals, unreported and under-reported income or profit, capital gains and inheritance tax miscalculations, and other tax-related issues.
For these individuals and business entities, tax relief can be achieved by:
- Arranging a payment plan, typically payable in monthly installments until the entire tax burden is repaid
- Negotiating a penalty abatement plan that reduces and may even eliminate the financial penalties imposed by the IRS for failure to pay taxes on time
- Successfully appealing a prior IRS decision
- Petitioning to reopen a closed audit
- Submitting to the IRS an Offer in Compromise; a process in which an individual or business entity requests the IRS to reconsider the amount of tax liability owed
- Qualifying as an innocent spouse
- Allowing the statute of limitations to expire
- Filing for bankruptcy
Every taxpayer is entitled to seek tax relief by these and other available methods provided the taxpayer meets all qualifying criteria. But qualification is not always easy to determine. Like the tax code, qualification requirements for the various tax relief options can be confusing for the average person or business owner to understand.
Qualification usually begins with accurately filling out complex forms that must be filed within very specific time periods. Those seeking tax relief are often required to be current with all required tax filings, as well. There may also be limitations on the amount of tax relief for which an individual or business qualifies. Those limits vary depending upon circumstances and can sometimes be negotiated.
But that’s not all. Interest, fines and penalties continue to accrue during the time you are attempting to determine whether or not you qualify for tax relief, which increases your tax burden even further. It’s enough to make any sane person throw up their hands and surrender to the IRS.
No wonder so many taxpayers would rather ignore the tax problem than deal with it.
If you or your business is burdened by tax problems, you too may be tempted to ignore those letters and demands from the IRS. But you can’t. Procrastination will not make your tax problems disappear. Doing so will only make resolution more difficult – and more expensive.
And if you think a bad situation couldn’t possibly get any worse, think again. What began as a civil matter could quickly spiral out of control and become a criminal matter that might land you in jail.
You don’t want to go to jail, do you?
If you’ve dealt with debt collectors before, you know how persistent they can be. But their collection abilities pale in comparison to the power the IRS wields when attempting to collect tax debt. The agency has the authority to apply a tremendous amount of pressure in its relentless pursuit to get what is owed.
The IRS can garnish your wages. It can place liens on your property and make it impossible to sell until you clear up your back tax obligations. IRS agents can show up at your door and summons you to court, padlock your business and confiscate all of your inventory. They can do all of this, and more, without a warrant or court order.
Owing money to the IRS is scary and stressful. And if handled improperly, your quest for tax relief can wipe you out financially. Maybe you think you can fight this battle on your own. But the truth is, few taxpayers have the knowledge or the experience to engage in a potentially lengthy battle with the IRS and come out a winner.
Your next step
With our tax relief experts on your side, you can greatly improve your chances of a favorable outcome. So why not let our team of tax relief experts work with you to devise the ideal solution to your tax problem?
Interest, fines and penalties accrue every day, so don’t delay. Talk to our tax relief experts today!