Tax issues can be stressful when dealing with state or federal tax authorities (or the Internal Revenue Service). Tax resolution companies are a lifeline for those in a difficult situation, be it unfiled returns or back taxes, IRS auditors, or mounting debt. This guide gives you valuable information about tax resolution company services, financial solutions, and how to achieve financial success.
Tax Resolution Companies
Tax resolution services offer a range to tackle different tax problems. Here are a few of the services they typically provide:
- Reduction or Elimination of Tax Debts: Tax resolution experts help you negotiate your tax debt with the authorities. Tax resolution professionals explore options, including installment agreements and offers in Compromise, to make managing your tax burden easier.
- IRS Inspections: An audit by the IRS can be intimidating. A tax resolution firm can protect your rights during the process and help you gather the documents you need to prove your tax returns.
- Filed Tax Returns: For unfiled tax returns, tax resolution professionals can help with filing and preparing these returns. This will bring you in compliance with tax law.
- Tax Resolution Company Releases Wage Garnishments: If the IRS has wage garnishments in place to collect taxes, the tax resolution company will negotiate with the IRS to release the wage garnishments. They can also propose other solutions.
- Bank Levy Releasing: If the IRS has levied your bank accounts, tax resolution experts will help to remove the levy from your account and address your tax liabilities.
- Innocent spouse Relief: For joint tax obligations with a partner, tax resolution firms may be able to assist you in obtaining innocent spouse relief. This can shield you against the tax debts of your partner.
- Tax Liens & Levies: if you have an unpaid tax lien on any of your assets or on property that belongs to you, a resolution company for tax issues can negotiate with the authorities and arrange a plan to pay it off.
- Penalty Abatement: Tax Resolution Experts can request removal or reduction in tax penalties assessed by the IRS due to reasonable causes.
Tax Resolution Solutions
Tax resolution companies use a wide range of strategies to resolve issues. Here are some solutions they might use on your account:
- Installment Contracts: These enable you to pay back your tax debt through monthly payments.
- Offerings in Compromise: An offer in Compromise is an agreement that allows you, if eligible, to settle tax debts at a reduced amount.
- Current Not Collectible Status (CNC): The IRS temporarily suspends A CNC status if you are in financial difficulty and cannot pay off your tax debt.
- A Tax Appeal: If you disagree with a tax decision or assessment by the IRS, tax resolution professionals could represent you to achieve a favorable outcome.
- Spouse Innocent Relief: These reliefs are available to spouses who have yet to be aware or responsible for tax debts incurred by their partner.
- File for Bankruptcy: While it’s a good option in some situations, bankruptcy should only be considered if you have no other options.
Tax resolution companies provide valuable assistance in solving tax problems. It would help if you did not hesitate to consult with experienced tax professionals when dealing with tax issues. They can guide you, protect your interests, and help you achieve financial stability. With their dedication and expertise, you can work towards a secure financial future and navigate the complexities associated with tax resolution.