We will look at tax resolution services. Tax resolution services are offered through TaxFortress.com. The U.S. Internal Revenue Service (also called IRS is accountable for collecting federal taxes and ensuring that tax laws conform. The IRS is responsible for collecting tax money, processing tax returns, and distributing tax refunds. In 2018, the IRS received more than 250 million tax returns and distributed over $400,000 tax refunds to taxpayers.
When tax time is near, most people think about the IRS and look forward to the tax refund. Sometimes it is the case that the IRS is also visible at other times of the year. But, there are certain exceptions. The IRS might start an investigation if a person or business suspects that they did not declare enough income, haven’t been paid, or didn’t complete the tax returns required. In such instances, either the business or individual might require tax resolution services to resolve the issue, pay back taxes and receive relief from tax. We’ll go over more information regarding tax resolution services here in the article.
What is Tax Resolution?
Tax resolution involves cooperating with IRS tax specialists to resolve your tax problems. There may be an issue in your tax return or an issue related to taxes that the IRS cannot fix. If your tax situation is complicated and complex, the IRS could investigate you to verify that you’ve reported your income promptly and taken the correct deductions. The IRS might suspect that you’ve not properly reported income in specific circumstances and might have to look into the tax implications of your tax situation.
Another problem with dealing with the IRS is the case where you don’t pay your tax due every year. The IRS may be able to charge you more tax due if you do not pay your tax on time or at the correct time. We will talk more about tax resolution services.
Audit Representation
Don’t be concerned if you receive an IRS notice informing you that tax refunds are under review. While it might be intimidating, you don’t have to conduct the entire audit yourself.
The IRS scrutinizes taxpayers for various reasons. Simply because the IRS is examining you doesn’t mean you’ve made an error. It is possible to relax by having an experienced audit consultant present a defense of the audit.
Transcript Protest
We are talking about tax resolution services. The IRS may also make errors. Sometimes, it’s because the IRS thinks you earned more than you earned or considers the earnings of an ex- or former business partner in addition to your income. If this happens, the IRS may challenge your claim and present evidence to back your assertion. Tax professionals can assist you in preparing the Transcript Protest, so you do not have to settle any tax debt.
Debt
What happens if you find it is the case that your IRS payment is simply too big that you can’t make it back? In this situation, there’s no other option. You could take care of your IRS and leave the roof up.
The IRS might provide some relief to tax debtors in a position of need or who are unwilling to. The IRS cannot recover tax debts that are in “currently not collectible” status. Tax settlement services can be provided to help determine your eligibility and assist you in comprehending the possible disadvantages of this status, as well as its benefits.
Tax Penalties
If taxpayers or businesses cannot pay their taxes in time or are unable to pay their taxes due on time, the IRS may impose taxes and penalties as well as interest. The IRS could waive certain penalties in certain circumstances. You can get your tax resolution company to determine if this is feasible for you and help determine whether you are eligible.
Non-Filed Returns
It is required to submit an annual tax return. However, it may not be practical in all circumstances. An IRS representative might use this information to determine the amount you owe. Tax experts can assist you in the preparation of your tax return that has passed. They can also aid you with preparing your tax returns in the future and assist with tax planning strategies.
Getting Back Taxes
Taxes due to tax backs aren’t simple for you to settle in one large amount. You must review your tax returns to determine if you’re accountable for addressing tax problems. Collaboration with the IRS to develop a tax plan may be a tax-related settlement element. We will look at the tax resolution procedure here.
The IRS Is Compromising
There are occasions when the IRS will bargain with taxpayers. The IRS”Offer to negotiate” in the Compromise program permits the payment to be lower than the amount you are required to pay.
Talking with the IRS isn’t easy as they’re not usually willing to reduce the tax they pay. Tax professionals can help determine if the IRS is willing to negotiate or offer the best solution.
Payroll tax is a requirement for businesses that employ employees. The IRS could penalize companies that don’t pay the payroll tax. The most popular method is through the Recipient of the Trust Fund Penalty. Tax resolution experts can help with the penalties process for the IRS.
Wage Garnishment Help
The IRS can go to great lengths to collect its funds. One way is to reduce your earnings. It could result in your earnings being reduced or perhaps not even being available. Negotiating with the IRS concerning garnishing your income is an essential element of tax payment. Tax professionals are qualified to assist you in drafting the income and the payment schedule that you can submit to the IRS. This shows that you can pay the tax with no IRS accepting cash. We will go into more detail on tax resolution services
The sooner you resolve your tax problems, the more efficient. Quick resolution of tax problems can save you anxiety and stress. It also means that you don’t need to pay an extra fee tax to the IRS.
What Can Tax Resolution Do for You?
Contact the IRS for help with tax-related issues. It is recommended, however, to seek advice from tax professionals.
You have specific rights when you are a taxpayer. These rights are outlined within the IRS Taxpayer Bill of Rights. You are entitled to collaborate with a tax resolution firm that offers solutions to assist you in protecting yourself. A tax resolution company will assist you in:
Evaluate Your Position
If you’re working with a tax professional, the first step you have to do is to set up an appointment. In this meeting, you’ll be able to discuss your specific issue with an expert in tax law who will review your paperwork and evaluate the circumstances.
Consultation can help you determine whether you’re eligible for tax resolutions. Tax professionals can sit down with you and aid you in finding a solution.
A Defense
If your accountant or tax advisor thinks this is the case to be the case, the next step is to devise a strategy that allows you to work with the IRS in negotiating an agreeable agreement. The enrolled tax agents will review the entirety of your tax documents in the event you are scrutinized. They will then construct arguments for you.
Your tax advisor can design an installment plan to tell the IRS the amount you can pay. The plan and defense you have put in place will help you avoid being overwhelmed by tax-related debts.
The Go-between
The Taxpayer Bill of Rights allows you to seek representation. Tax professionals can act as a mediator or intermediary between you and the IRS. By working with a tax resolution business, you don’t have to shoulder the responsibility of managing the IRS alone.
An IRS Tax Consultant, in addition to the Enrolled Agent, has extensive knowledge and deep knowledge of tax law. They know your rights and what you can do and aren’t legally liable to the IRS. You’ll feel less overwhelmed and are more likely to receive a favorable outcome.
What is the tax relief system?
The IRS is a more loving and understanding organization than you imagine. The IRS offers several tax relief programs for individuals and companies who meet the criteria.
Fresh Start is one example of a similar program. The IRS started the program in 2011 to assist those and businesses who are having difficulties paying their tax obligations. This program resulted in three significant modifications:
Liens Fresh Start:
The IRS raised the threshold to $2,000 for liens. It became simpler to release the lien after the tax was paid.
Installment agreement:
Fresh Start enables taxpayers to collaborate with the IRS to arrange an installment agreement to pay tax. Because they can apply online and don’t need to fill out paperwork, It’s easier for people with less than $50,000 in tax debt. Fresh Start also extended the payment period to six from five years.
Compromise Program:
Fresh Start widened the offer for this program. This program allows more people to apply. A Compromise Offer can be described as the option of negotiating with the IRS to negotiate a reduction in the amount you owe. The tax-relief option will be offered when all other options are not working. The Offer in Compromise option is available to taxpayers who earn more than $100,000 or have tax obligations that are greater than $50,000.
Tax relief. Many people prefer working with an accountant to ensure they’re following the correct procedure and improve their chances of getting the relief they desire. If you seek advice on tax matters, it’s important to understand that only a few individuals are qualified to help in your representation. These are:
· Agents who are in the program
· Certified public accountants
· Lawyers
The IRS has authorized representatives (also called the registered agent) who may represent taxpayers. To Become An Enrolled Agent, you must pass a three-part test or prove a history of work for the IRS.
BC Tax Can Help You Resolve Your Tax Issues
We have CPAs who have been registered as agents who will assist you in analyzing your situation and work together with the IRS to lessen or eliminate tax burdens. They can also assist you in filing your tax return. Our main office is in Colorado. We also provide tax assistance to taxpayers in the 50 states.
Each person’s tax situation and results will be a different individual. Contact BC Tax to learn more about your tax situation and how BC Tax might help.
