Taxes may seem like a maze, but if you do not pay your bills on time, it can cause serious problems. There are tax professionals that can help with tax resolution in these difficult circumstances. Continue reading for information on tax resolution, how you can be affected, and the tax relief available.
What Does a Tax Resolution Look Like?
A tax Resolution Company can be referred to as a company that assists with your IRS debts. The goal is to minimize your debt to the IRS.
The IRS will usually need to resolve tax issues when someone owes them back taxes that they have waited too long to pay. The IRS can contact your bank to levy your property with a tax lien.
This allows IRS to seize your assets, and use them to pay taxes.
Signs That a Levy Has Come Your Way
If you owe IRS back taxes, there are likely concerns that a bank lien is coming your way. These warning signs can be helpful to you in identifying tax resolution companies that can help.
Notice of Action is a great sign that a potential levy may be on the horizon. The IRS can proceed with the levy procedure. The IRS can issue written notices stating the cause of action to the taxpayer who owes it.
This is the good news: you can appeal and contest these IRS notices with the help of a tax settlement specialist. This can prevent the levy from occurring.
If the levy does become a reality, or you establish a payment schedule, you can still request it to be released before the funds leave your bank account.
You can’t ignore the IRS. They will send IRS officers to your house. A collaborative approach with them is the best way to reach a solution.
Can a Tax Resolution Company Help you?
Tax resolution specialists are trained individuals who can inspect and assess your tax situation. They also speak on your behalf with the IRS.
It is essential to be able to determine what tax relief options you are eligible for based on your financial situation to become a skilled tax resolution specialist.
The installation package is eligible for most taxpayers. An installment package lets you pay both the old and the new taxes.
It might seem overwhelming but your tax expert will work on your behalf and get the lowest installments. The amount of the installment payments could have a significant impact on your finances or property.
If installment payments are not possible, you might consider other options. One option is a partial-pay agreement.
A partial pay agreement works in the same way as an installment package. This type of agreement will allow you to pay off the debt within the statutes of limitations. This length of time could be as long as 10 Years.
Your payments are much lower when you have such an extended time to repay your credit card debt. This can make it easy to pay back the debt.
The drawback to this plan? The IRS inspects your situation every two years and can raise your monthly installment amounts depending on your individual situation.
