Owing back taxes to the IRS can be scary and confusing. Getting help from a professional tax resolution firm can help you take back control of your life and get your tax bill under control. Tax relief firms can help you solve complicated tax issues including -
removing tax liens, levies and garnishments
getting through an IRS audit
negotiating a settlement with the IRS
handling small business tax matters
Tax relief is a way to help you reduce the total amount of back you owe. Tax relief takes advantage of IRS programs like the Fresh Start Initiative to negotiate an offer with the IRS, potentially eliminating late fees and penalties and providing a schedule to pay off any remaining back taxes.
Tax relief companies rely on a number of IRS programs, including the Fresh Start initiative, to help taxpayers reduce their tax bill. Some of the options available for tax relief include an offer in compromise, currently not collectible status, partial pay installment agreement, or innocent spouse relief.
Many Americans try to negotiate tax resolution on their own. But the IRS accepts only about 40% of all offers in compromise. If the IRS does not accept your offer, you will still be liable for paying your back taxes in full, as well as all the interest and penalties.
A tax relief firm understands all the tricks the IRS uses to try to collect from taxpayers. Tax professionals know the correct forms to fill out, who to speak with, and what to say, to increase your odds of successful tax resolution. If you want to reduce your total tax obigation and get more time to pay, a tax resolution company can help.
An offer in compromise is proposal made to the IRS by a taxpayer to settle their back taxes for less than what they owe. To file an offer in compromise, the taxpayer must be current on all their tax filings. Businesses must also have filed quarterly estimated tax payments. You cannot be involved in an open bankruptcy proceeding.
The IRS will evaluate your offer in compromise based on your ability to pay, your total income, necessary expenses, and any assets you may own that have equity, such as real estate or vehicles. The IRS may accept your offer if they believe the number you present is the most they will be able to collect from you at any time now or in the near future.
A tax relief company can help you fill out all the necessary forms for an offer in compromise. Working with one of the best tax resolution firms can improve your odds of a successful offer in compromise, because their tax experts know what payment amount the IRS is likely to accept.
If you have more than $10,000 in delinquent IRS tax debt, a tax relief company may be able to help you get it under control. They can negotiate on your behalf to reduce or eliminate fees and penalties. A tax relief company can take the stress out of negotiating with the IRS for tax relief.
If you are facing a tax lien, wage garnishment, or IRS levy, a tax relief company can help stop collections and help you take the first step toward freedom from tax debt.
The IRS Fresh Start program is a series of initiatives introduced in 2012 to help taxpayers facing financial hardship. These programs can help you reduce your overall tax debt, eliminate fees and penalties, and give you more time to pay the IRS.
Components of the Fresh Start program include penalty abatement, installment agreements, offers in compromise, and lien release requests. Fresh Start programs for businesses include payroll tax settlement options.
You might qualify for one of the programs under the IRS Fresh Start initiative if you owe more than $10,000 in IRS back taxes, are up to date on your tax filings, and are not in the midst of filing bankruptcy.
A reputable tax relief company can review your situation and help determine if you qualify for the IRS Fresh Start program. Many tax relief companies offer free phone consultants to determine if their tax experts can help you.
A tax lien, or an IRS Notice of Federal Tax Lien is a claim filed by the IRS that gives the agency first rights to money earned from any assets you sell. If the IRS puts a tax lien on your house, car, or other assets, and you sell those assets, the IRS can take the money you received to pay your tax debt before any other creditors can.
An IRS tax lien may show up on your credit reports and can make it harder to get a mortgage, car loan, or personal loan. A reputable tax relief company can help you take the right steps to have a tax lien released.
If you can pay your tax debt in full, the IRS will release the lien within 30 days. If you can’t pay, you should consider tax resolution services.
A tax relief company can help you file for tax relief with the IRS. While you are negotiating a settlement with the IRS, all collections actions will be put on hold, including tax liens.
You can negotiate with the IRS for tax relief on your own. But filing for tax debt relief can be complicated. A tax resolution company understands the correct paperwork to file and knows what to say to get the IRS to approve your offer.
A tax attorney, IRS enrolled agent, or tax accountant has relationships with professionals in the IRS, which can help expedite your case. Individuals and business owners who opt to work with a tax resolution company can often shave 60% or more off their tax bill, especially if they owe more than $10,000 in IRS debt. (Results may not be typical. Contact one of our top-rated tax resolution firms to see if they can help you with professional tax relief.)