Some taxpayers experiencing IRS tax debt that have done a small amount of research may consider themselves IRS problem solvers. Tax professionals recommend that individuals with any serious tax issues procure assistance in working with the IRS. Tax debt that is not handled properly can grow and lead to collection efforts from the IRS. Taxpayers that have debt and have hired a CPA or tax attorney should search the internet or get local recommendations for their IRS tax problem help.
There are several options available to taxpayers for IRS problem resolution. Depending on the issue, a tax expert may suggest several different actions. If a taxpayer has missed deadlines in filing or pays their return late, there are penalties assigned by the IRS that can result in a larger balance than previously owed. These fees can be charged up to a limit of 25% of the existing balance. The IRS will send out notices to taxpayers as the issue persists. Individuals that have received a notice should get help with IRS tax problem like this before collection efforts are taken.
Taxpayers that are facing collection efforts need an IRS problem solver like a tax lawyer to help them resolve their debt. The IRS will place a lien on an individual’s accounts to ensure that the funds will be held should the taxpayer fail to make the necessary payments. Liens need to be addressed quickly as they damage credit ratings and stay on credit reports for 7 years. If a lien has been placed and no action is taken to pay off the balance owed to the IRS, they can levy assets up to the amount owed. This allows the IRS to take money from bank accounts and repossess property with the ability to sell it, including cars and houses.
Without tax problem help IRS debt can cause significant stress on a financial and emotional level. Tax professionals with experience in problem resolution from IRS debt are available to start the settlement process and help taxpayers find relief. If you have any tax problems, from debt to concerns about proper filing techniques, tax experts near you are offering free consultation to anyone contacting them with questions. IRS debt does not end just from being ignored, and there are many options available for taxpayers in all kinds of financial situations. The worst thing you can do about a tax issue is nothing. Call a tax specialist right away and get help with IRS tax problems today!