Taxpayers looking for tax problem help can call a tax expert to receive the assistance they need. Tax issues can range from tax form confusion to significant IRS debt. Regardless of the tax concern, solutions are available. The more pressing the issue, the more quickly it should be addressed. Individuals struggling with a tax debt problem should contact a tax professional immediately.
Any taxpayer looking for IRS debt help should know that there are several resolution options. If possible, any debt owed to the IRS should be repaid in full in a lump-sum payment. Often times this is not an option for a taxpayer. This does not mean that a debt can be ignored. Inaction towards an IRS balance can cause them to take action on collecting their debt. Penalties can greatly increase the balance owed, making repayment more difficult. If this type of occurrence has made tax debt problems worse, the best course of action is to find a settlement option.
Tax professionals working to help with IRS debt owed by a taxpayer can explain all of the different debt resolution programs. Installment Agreements (IA’s) are a type of settlement that allows for a gradual repayment of debt. There are several variations on the IA that tailor the resolution to a taxpayer’s specific financial situation. A Streamline Installment Agreement is applicable to taxpayers owing less than $25,000.00 that are capable of paying the entire balance in 60 months or less. This program is one of the simpler options, as financial documentation is not required as long as the individual remains compliant. If a series of monthly payments cannot be made, tax experts can provide other help with tax problems.
If a taxpayer is struggling to make payments, it is possible that they can enter into an Offer-In-Compromise. This type of agreement is one in which an individual offers to pay the IRS as much as possible. The amount offered can be determined by tax experts based on financial obligations and income. Once the IRS accepts the offer, they can then release the taxpayer’s liability completely. While this is beneficial to both the taxpayer and the IRS (as they would likely collect more with this agreement than by normal collection efforts), it is a lengthy and complicated process.
It is important for taxpayers looking for help on tax problems to get in touch with a tax expert quickly. Idle time and inaction can only make tax issues worse. Tax professionals can help with anything from tax preparation to debt settlement solutions. They offer free consultation, so call today and get the help on IRS debt that you need.