You filed your taxes months ago and assumed that everything was fine. But now you’ve received a letter that says you owe an additional tax debt due to unpaid taxes. If you ever find yourself in this situation, your first reaction might be to panic. You might feel angry or even confused. Before you call the IRS and make the problem worse by venting your frustrations, take time to call a tax attorney. With a specialized experienced in the tax field, these professionals know the ins and outs of IRS tax debt. They will be able to work with the IRS to reach a resolution so that you do not have to. They will know what paperwork should be filed and how it will help you. This is sure to decrease some of the stress that you might be facing.
A tax attorney can help you identify the different IRS tax debt repayment plans that are available to you. You may be able to make monthly payments or even file for an extension if you need to do so. While you can certainly read up on this information online on your own, you have to make sure that you fully understand all of the explanations. You never want to sign up for a repayment plan that does not really work for you.
That is why working with a tax attorney is the very best option. They can take care of the details so that you can enter into an agreement that ensures the government gets their money and you can still afford to live.
If you end up owing a large sum of money and you have no way to pay it, you can’t just ignore the situation. Unpaid tax debt can lead to liens on your property and levies on your bank accounts. The IRS can be a nightmare and there is no way you want to face off with them on your own. In these situations, a tax attorney can negotiate with the IRS to determine an offer in compromise.
This means that you will be working to reach an agreement in relation to the amount of money that is owed by you and what you can actually afford to pay. This could take some time to settle, and you may need to submit some additional information to prove that you are unable to pay the full amount you owe.
Owing money to the IRS is not fun and it can cause a lot of stress and anxiety. If you are struggling under the weight of unpaid tax debt, your tax attorney can recommend steps that will help you chip away at the debt a little at a time. Remember that the goal of the IRS is not to put you in jail; they just want you to pay the money that the law stipulates that you owe.
When this feels like it’s impossible, a tax attorney can help you find a compromise that will enable you to find freedom from the heavy strain of tax debt without sacrificing your family’s financial stability in the process.
It’s always nice to get a tax refund at the end of the year. Many families rely on the annual stipend to pay for clothes, education, or a summer vacation. The average tax refund is more than $2,500 and that can go a long way when you are living from paycheck to paycheck.
If you want to get the maximum refund on this year’s tax return, your best bet is to hire a tax professional. Whether you opt for a tax attorney or a business accountant, having a second set of eyes going over the returns is a smart way to insure that you are filing everything correctly.
Unfortunately, tax attorneys and accountants routinely terminate services with their clients for a number of reasons. This can be devastating if you are in the middle of tax preparation and you suddenly have to finish the task on your own. To avoid this situation, you need to know your tax professional’s terms of service and be sure you follow all rules and procedures correctly. Here is a look at a few reasons why a tax attorney or IRS accountant might choose to terminate their services to you.
A tax accountant can terminate their contract with you if you do not have any respect for the tax laws that they need to follow. That means that if you are continually asking them to break the rules, then they can stop working with you. If you are not letting them do their job within the limits of the law they do not have to work with you.
There are a lot of times when accountants will stop the work that they have started because the client did not pay for services that were completed previously. There are often times when accountants will set up a payment plan with the client. If this is not followed through with, and the accountant is not paid like they should be, they can stop providing the service without further explanation.
No matter why the services have ended, it is really important to understand that the tax professional will keep all of the records that have already been gathered. When the letter of termination is created it will specify what the next accountant would need to do in order to obtain those records. There may be time lines on this information so it is always very important to read this section very carefully.
In the end, if you are willing to work with your tax agency in a respectful manner, respect their ability to do their job, and pay them as you originally agreed, you will have a successful relationship with them. They can certainly help you with the IRS and it is always best to have them on your side. Remember, they are there to serve you but they do have laws that they must comply with.
When you are interviewing tax resolution agencies to file your returns this year, make sure you ask them about termination clauses just to be sure you are always in compliance.