If you are having to deal with the IRS in any way you probably already know just how time consuming and frustrating it is. While a lot of people tackle their IRS problems all by themselves, those that want real tax relief often reach out to tax professionals for help.
Try to come to an agreeable compromise if you owe more money to the IRS than you can afford to pay. This type of agreement can set you up on a payment plan so you can pay on the balance each month until everything is paid in full. This can potentially save you a lot of money you would otherwise pay in interest and penalties.
If the government has already placed a levy on you wages you may already be having trouble covering other expenses in your life. If this is the case you should ask about getting a garnishment release. Without asking they will not remove the levy until you have paid your debt in full.
If you are running late on filing tax returns, get those filed as soon as you can. There can be no final solution to your problem unless all returns have been properly filed. The more time that passes, the potential for more problems arises.
If the current situation you are in is because of experiencing some form of investment fraud you will definitely have to get a professionals help. A tax professional knows how to possibly get back around 40% of what you lost by ways of special tax codes designed for this type of thing. Doing this can result in you not be as liable for nearly as much as you thought. In fact, you may end up getting money back from the IRS instead of owing it to them.
The IRS has several options for payment plans that you can take advantage of. You can even make payments with your credit card if you need to. It will take a professional to negotiate the terms that are in your best interest and get a payment you can afford.
For those with any offshore bank accounts, now is the time to let the IRS know about them. If you do not let them know you risk facing criminal charges in the future as well as large tax penalties. The need to do this becomes even more serious if you believe you may owe back taxes on this money.
If you have already contacted the proper office and made adequate arrangements than you will have to ask for any levies to be released as well. The bank will continue to remove any money from the account until they are notified to stop doing so.
Collection appeals can also be helpful for many people. This will allow you to appeal any decision to levy wages or place liens on any property you own. By appealing the decision you will be given the chance to explain your specific situation and come to an agreement that both parties will be able to live with.
If your tax problems are because of a spouse you can try filing for what they call Innocent Spouse Relief. There are certain guidelines for qualifying, but doing this means you won't be responsible for your spouses tax debt.
The statue of limitations for the IRS to do anything is 10 years from the date of the initial assessment. This is all the time they have to collect any money from you. With the help of a professional you may be able to come up with a plan that will allow you to wait out the limitations period so that it expires and they can no longer bother you.
Tax issues can be overly complex and often confusing to people. Don't let the intimidation of it all cause you even more problems though. A tax attorney can speak for you and help you get the problem solved quickly and easily.
Emma Thompson has a financial background and has recently launched a site about choosing best tax relief attorney
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