Owing The IRS And Killer Owing The IRS Solutions
Owing the IRS money is a very serious matter. Often a collection officer is not sympathetic to your current financial situation, even if you feel that the error is theirs and that you do not owe the IRS tax! So if you want time to gather documents and receipts to prove that you do not owe the IRS tax, or owe substantially less, then you must still provide the revenue officer with the requested collection information. This information will reveal where you and your spouse work, and where your assets are, including bank numbers.
If you do not give the revenue officer everything they demand, whether they are right or wrong, you risk levies and seizures of your paycheck, bank account, retirement account, social security check, and any other source of income. No matter how friendly a revenue officer may appear, always remember that they work for the government, not you! It is their job to collect all the money that their computer screen shows, in the shortest period of time. Remember that there is also TAS, taxpayer advocate services, that can help you solve your IRS problems.
As an experienced Certified Public Accountant I have examined hundreds of cases a year, I have found that most people, when owing the IRS, in their attempt to resolve the matter, will overpay taxes, not file all required reports correctly, or suffer unnecessary levies and seizures of their assets. There are ways to remove taxes because of statute expiration, penalty removals, offers in compromise, etc. These things are often missed. There are ways to bind the IRS into an agreement that will stop them from additional collection action. In fact, I believe that over 90% of the people who tell me that they are in IRS installment agreements fail at least one of the five needed tests.
Solutions When Owing The IRS…
When owing the IRS, don’t call a revenue officer of the IRS without first visiting with a taxpayer defender who does this every day. There are too many things that can go wrong when someone who does not have the day-to-day knowledge and experience tries to handle a representation before the collection division. The collection officers are trained to use many tactics to their advantage. I represent CPAs and Attorneys who otherwise would be quite capable of handling financial matters. However, they recognize my expertise in this area, and that it is necessary to hire someone with my level of experience.
If you need a specialist to help fix or deal with your IRS trouble, look no further. If the IRS has garnished your wages or you are faced with an intent to levy that you want to dispute, a Certified Public Accountant is your best professional defense. IRS rules and strategies are constantly changing and a lot of times legal firms do not stay updated with these changes. An experienced fighter is your best defense to beat or settle your IRS debt.
If you hire an experienced Certified Public Accountant to advise you, it can greatly help your chances of getting settlement offers in compromise (OIC), payment plans, redemption of innocent spouse relief, release of liens, nonfiler assistance and many other tax reconsiderations. There are many advantages of hiring a certified tax resolution specialist. Often you should avoid large companies that are advertised on TV. You should find a trustworthy representative that can give references. An experienced fighter to help manage tax liability, penalties and other tax debt is needed.
There are times you may find yourself paying the IRS more than you need to survive. When you owe late or old taxes the IRS expects their money. The correct analyst can help you come up with arrangements that are in your favor.
You can also get information on how to set up a payment plan by clicking the payment plans link in the right side menu.
Hiring An Enrolled Agent As A Solution?
An Enrolled Agent (EA) is a tax professional that the federal government approves as a specialist and can represent the taxpayer before the IRS. Many taxpayers seek professional help when it is time to file their taxes. You are responsible for your tax return regardless of who prepares it. That is why it is very important to choose an Enrolled Agent wisely. The EA should be employed by a CPA firm to get the benefits of a licensed professional firm. They should be knowledgeable in recognizing audit triggers.
If you received notification of being audited you will want the right consultants on your side. Timing can be very critical. There are many things that can set off audit triggers. With the right tips you can audit proof your return and receive results that you find favorable, if you are audited.
You can also get information on how to set up a payment plan by clicking the payment plans link in the right side menu.
- If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
- Think your IRS matter is handled? Think again!
- For your analysis, click here to email me.