IRS Tax Problem- Solutions to Your IRS Tax Problem
The first thing taxpayers should do when they get the forbidding tax notice that
their tax return or their business enterprise is going to be audited and analyzed, is to seek professional tax advice. Do the same thing upon receiving solicitation letters threatening to levy and garnish wages or paychecks, or to levy bank accounts. Taxpayers should look for professional tax advice from IRS tax attorney to settle their tax problems. Take a look at the most common alternative to resolve tax problems:
1) Offer in Compromise. If the amount of money offered to resolve your tax problem is equal to or transcends the taxpayer's sound collection potential, an offer in compromise, will usually be admitted by the taxing authority to resolve your tax problem.
2) Compensate The Right Tax Only. A good solution to your tax problem is compensating the current amount of taxes if you can afford it. Functioning with the taxing authority will be entailed to slack off the penalty assessed. Reasonable cause and not willful negligence is the foundation for the success of penalty abatement.
3) Installment Agreement. A general way to resolve your tax problem is compensating the tax amount through an installment agreement. As the taxing authority will usually request for a large monthly requital, you should seek professional tax advice from the likes of an IRS tax attorneys, CPAs and IRS enrolled agents. These professional tax representatives will work on attaining an installment agreement that is reasonable and you can live with without inducing a financial and economic hardship on you and your family.
4) Payment in full is compensating the amount of money on the tax notice and deflecting the confrontation with the taxing authority. Since the tax bill is oftentimes inaccurate, this option is not the best alternative for the taxpayer to resolve their tax problem.
It is essential that the taxpayer comply with the tax law going forward. There is usually more than one feasible option to resolve your tax problems no matter which option is correct for it. All calculated income taxes and payroll deposits must be paid timely so is all tax returns.
The most surprising fact of all after digging the profoundness of what to do when the IRS contacts you regarding a tax problem is how shallow the situation really is. An experienced IRS tax attorney who specializes in tax representation would be the best person to have in your corner when the IRS contacts for you. At Instant Tax Solutions (ITS), we can immediately begin the process to ensure your financial rights and negotiate a favorable resolution with the IRS. ITS tax professionals will handle your personal information with confidentiality and relieve your financial stress.