Having a Tax Pro By Your Side Can Help When The IRS Comes Calling
Yesterday we discussed four situations that required a tax pro’s input and assistance: back taxes, a tax audit, IRS wage garnishments, and an IRS levy of your property to pay taxes. Here are four more reasons to consult a tax pro.
Tax Collection Appeal: No one likes owing the IRS money. In most cases it’s an unavoidable fact of life, but in other instances you may have the option of contesting the amount the IRS claims you owe for taxes. A Tax Collection Appeal is one way you can settle your debt with the IRS besides appearing in Tax Court.
A skilled tax pro who is qualified to negotiate on your behalf with the IRS will file a written appeal. They will then work with an IRS mediator to reach a settlement amount that is agreeable to you and works with your financial circumstances.
Not everyone will be able to appeal their tax debt, so it’s best to consult a qualified tax pro to see if you are able to appeal your tax debt.
While an ethical tax pro can’t promise the IRS will rule in your favor, they can answer your questions and help you gather the information you will need for the appeal.
IRS Penalty Abatement: The IRS is intent on collecting on the penalties they assess each year, but not every taxpayer can or should pay those penalties. This is where a qualified tax pro comes in: they can assess your unique tax situation, gather all the required information along with supporting documentation (providing complete and accurate records are key) and prepare your tax penalty abatement request.
Innocent Spouse Tax Relief: If your current or former spouse is subject to a Tax Lien or Tax Levy, you could be caught up in it as well, even if you had nothing to do with the taxes owed. Fortunately, the IRS has established a series of guidelines in determining whether or not you would be eligible for Innocent Spouse Tax Relief.
Generally, the IRS will take into consideration three factors in determining your eligibility for Innocent Spouse Tax Relief: whether or not your spouse operated a separate business from you, whether or not you shared a bank account or had access to the money generated from the activity in question, and whether or not you personally benefited from the money generated by the activity in question.
A qualified tax pro will review your case, determine your eligibility for relief, and then determine which program you qualify for if you meet the eligibility guidelines. They will also assist you in filing your claim and will answer any questions you may have regarding the claim process.
IRS Installment Agreement: If you owe taxes and are unable to come up with the lump sum requested by the IRS, enlisting in a qualified tax pro will be to your benefit. They will be able to assess your unique tax situation and determine of you qualify for an installment agreement that will allow you to pay your taxes over time without penalty or interest, provided you make your payments on time.
A tax pro can determine whether or not you qualify for an installment plan, answer your questions, and walk you through the process of filing for an installment agreement if you are eligible, and keep you informed on your case’s progress.
Dealing with the IRS regarding tax matters can be intimidating. Very few taxpayers have the skill, resources and time available to tackle complicated IRS tax matters on their own. Working with a tax pro can save you time and money in the long run, and give you peace of mind.
If you need a tax pro by your side, our staff is ready to assist you with a variety of tax issues and can provide an honest assessment of your unique circumstances.
Contact us at (888)224-3004 or click on the white “Start Chat” button in the upper right-hand corner of any of our webpages, and we will be glad to assist you with your particular tax matter.