One in five people in the U.S, majority of them being the new taxpayers, find themselves stuck in the IRS tax issues. Out of which many go for a quick fix. As they say, any decision made in the haste is an invitation to a problem. It is, therefore, advisable to do your due diligence before taking any course of action. While there are many accredited firms, attorneys, and enrolled agents who can help you resolve your IRS issues, there are also many unscrupulous companies waiting to encash on your insecurities. Any company that is making larger than life claims are definitely too good to be true. If you do not want to end up paying a fortune without any resolution, this post discusses a few steps that you must take when faced with any tax issue.
Try to Resolve the Issue with the IRS
If you have received any tax dues or penalties it is suggested to contact the IRS and address the issue as soon as possible. The revenue officer may ask you to submit required financial information to evaluate your ability to pay before discussing or negotiating a collection alternative. If any previous taxes are due it is best to try to keep the current year’s payments up-to-date before reaching out to the IRS. The IRS is willing to help people who have paid off all their tax dues for the current year or you have been clear on financial obligations before and after they encountered the IRS issue. By doing so, you will not have to pay additional fees to hire someone, as you would be able to deal with the issues yourself.
Have a Backup Plan
Taxpayers who fail to pay off their taxes, penalties, and other fees should enquire about their eligibility for the IRS Offer in Compromise program. When applying for the Offer in Compromise be ready with the backup documents and bank statements to support your claim for financial hardships. Depending on the situation an individual can also go for an installment payment program. If opting for any installment payment program it is important to understand that the interest under the program is charged on the outstanding balance and you are going to pay for an additional interest until all your dues get clear with the IRS.
Hire an Accredited Tax Attorney
Sometimes, having a little understanding of how the IRS works, people make things more complicated. That is when it is a good idea to hire a professional tax attorney who will explain to you the process to resolve tax problems without setting any wrong expectations. When hiring a professional tax lawyer or specialist, it is advisable to share all relevant information with supporting documentation to increase your chances of reaching an agreement with the IRS.
If you are looking for an experienced and professional tax attorney in Dallas or nearby areas, The Law Office of Nick Nemeth can help. Lets us know your IRS tax debt issues by filling out our contact form, and we will get back to you shortly.