IRS Debt AnalysisWe conduct a complete tax investigation of your finances and tax documents to determine your eligibility and options for a tax resolution.
IRS Problem Solvers!Community Tax Relief’s tax attorneys work on your behalf and negotiate with IRS and State tax authorities to get you the best tax settlement available.
Tax Resolution StrategyCommunity Tax Relief will present you with the best option available based on the findings of our experts and a negotiation with the IRS to ensure both parties are satisfied.
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Federal Tax Problem
As tax season approaches, many taxpayers are concerned with a possible federal income tax problem occurring that could complicate their return. Problems with filing a return can result in anything from trouble receiving a refund to a tax audit. For this reason, hiring a tax professional to assist with filing taxes is a great way to stay safe from any federal tax issue.
Every taxpayer has a deadline for filing and paying their taxes, whether business or personal. If any problem with federal taxes would cause a delay in payment, it is important to file an extension to avoid any fees or penalties. Missed payments coupled with financial penalties from the IRS can cause large tax debts to mount, making repayment difficult for some individuals. If a debt is not handled quickly with a settlement agreement, the IRS will pursue debt collection. These collection efforts can range from frozen assets to property seizure, which allows the IRS to sell a taxpayer’s belongings to repay their debt.
The IRS has several settlement options, regardless of the issue with federal taxes that caused the initial debt. To determine the best resolution program, taxpayers must make sure to report all financial information accurately to any tax professionals assisting them with debt or other federal tax problems. Some factors that greatly influence the plan for repayment include: income, expenses, other debts and the length of time the debt has been active. There are options for settlement for any range of incomes and debt balances as long as some form of action is taken. The longer federal tax issues like debt are ignored, the more each payment will cost during an Installment Agreement, if that program is chosen.
Installment Agreements, offered by the IRS to lessen the monthly impact of debt, are a longer term repayment option. These agreements usually require a commitment of 60 months (or less if the full balance is paid off). There are some forms that allow for simultaneous payment of other obligations. An Offer-In-Compromise is a solution in which a taxpayer repays what they can afford, and if accepted by the IRS, they are released from their full liability. This plan typically returns a larger percentage of the balance owed to the IRS, but it can take any from 5 months to 2 years to process this payment plan.
Whatever the federal tax problem, it is very important to get the help needed from a trusted tax expert. If you’re experiencing any tax issues or have questions, tax professionals are offering free consultations. Call today and start solving your problem with federal income tax.