Every year, millions of Americans face tax problems. We all have to pay taxes, but each has a unique set of circumstances that can make collection difficult. Perhaps your tax debt is minor compared to others, or you are facing IRS tax liens, or perhaps you never filed the proper paperwork for your business deductions because your accountant did not properly explain things to you — whatever the case, there are many legitimate reasons why an individual may not have paid their taxes on time. Whatever brought you here today, any issues you have with the IRS can be resolved by our tax professionals. Here are five of the best solutions to resolve your tax issues.
IRS tax Resolution:
IRS tax resolution means working with a tax professional to solve your tax issues. The Internal Revenue Service may have concerns about your tax return or tax situation for various reasons. The IRS may choose to audit you if they suspect that your reported income or deductions do not match reality.
Working with a tax professional can help you understand which solution will go well with your problem. They can take your issue forward and make a stronger case for you. In this way, you can resolve your tax problems without incurring significant penalties or legal action.
File all your taxes
All your federal tax returns (income and payroll) must be complete, up-to-date, and accepted by the IRS before any resolution of a federal tax issue can be pursued. If you haven’t filed your taxes in a while, here’s a step-by-step guide to getting it done:
- Compile your records for the years in which you failed to submit tax returns.
- Verify the accuracy of your return by carefully reviewing any missing information.
- A salary and income transcript, which you will provide to IRS. This should also include lists of your wages and income for the year. If you’re self-employed, you might benefit from consulting our tax professional, who can reconstruct your financial records or make educated guesses based on your past work experience.
- File your back taxes with the Internal Revenue Service.
- Lastly, keep a close eye on any audits or refunds that may result from your past-due taxes!
One of our specialties is helping you file your tax returns on time and accurately. We will review your forms to ensure that you are complying with all local tax laws. We will do everything in our power to ensure that your returns are processed and submitted on time, regardless of the circumstances under which they were received.
IRS penalty abatement:
IRS penalty abatement is the penalty relief service provided by the IRS. Under certain circumstances, an administrative waiver lets you avoid certain penalties. First Time Abate is the administrative waiver people and businesses often use.
To be eligible for a first-time penalty abatement, taxpayers must provide an explanation for their error. Death or severe sickness, fire or flood, trouble acquiring documents, or simple human mistake or misunderstanding of tax regulations are all acceptable justifications.
Penalties on Forms 1120-F, 1120-FSC, and 1120-FSS may be abated for the first time. Furthermore, a first-time abatement may apply to penalties imposed on an individual under Internal Revenue Code section 6721(a) (Code).
Tax Audit Representation
Tax Audit representation is a service in which a tax professional will stand in for a taxpayer during an audit by the Internal Revenue Service (IRS) or a state revenue department. This service is also known as “audit defense.” Having a professional by your side is a good idea while facing an IRS audit. Business owners with representation during IRS audits are less likely to encounter complications.
Offer in Compromise
If you owe more than you can afford to pay, a compromise offer may be your best option.
Before deciding whether or not to accept an offer in compromise, the IRS will consider your ability to pay as well as the amount of taxes owed. You must provide information on your earnings, expenses, and assets. As with any bankruptcy proceeding, we consider your ability to pay and your family’s future needs.
Offers can be made on a monthly or annual basis. Examine all alternative payment options before presenting a compromise offer. Check the credentials of any tax professional you hire to assist you with this procedure.
The list doesn’t end here. In the end, every tax problem is different and has its own complexity. Having a second opinion will give you more clarity. Working with our tax professionals will give you access to the most recent laws and regulations regarding tax debts, irs tax liens, and how to file for business deductions properly. With our help, you can solve the challenge of resolving your tax problem once and for all. Call us today to discuss how we can help you get back on the right track with the IRS.