IRS tax issues can be intimidating to deal with if you have fallen behind on your tax liability or received notification of a tax issue. Some people want to bury their heads in the sand or evade the problem as long as possible.
Instead, you should address any problems head-on as quickly as possible. That is your best chance for the most favorable outcome. If you lapse further behind or wait until the IRS comes after you, that will only impede resolution in the long run. And you will have to fix it; there is no way around it.
Here is what you to do if you need to resolve an issue with the IRS.
Contact the IRS Right Away
Before calling up a number of a questionable company you saw in an advertisement for tax help, you might try contacting the IRS directly. If you are indeed suffering from financial hardship, they may be able to work out something with you that you can manage.
Typically, a revenue officer will need to see documentation and evidence of any claimed hardship to make a determination. Accordingly, you should gather as much relevant information as you can to be as prepared as possible.
If you owe back taxes, try to get caught up to the current year before reaching out to the IRS. If you have demonstrated that you are in good standing for previous years and can limit the need for assistance to the current year only, agents will be willing to be more flexible.
Understand Your Payment Options
IRS’s Offer in Compromise Program
If you believe that you cannot meet your tax, penalty, and fee obligations in full, you can inquire about this program. Again, agents will need to verify that this is the case through documentation and viewing your current bank account information if necessary.
If the IRS finds you eligible, it may settle with you for a lesser amount than what you owe.
IRS Installment Program
Another option can be to reach an arrangement with the IRS to meet your obligation over a matter of months through installments. That can be both a viable alternative for you and an agreeable one for the government. Note that you will still accumulate interest while making your installments, however, and need to pay that off as well.
If All Else Fails, Seek Professional Assistance
Not every company can help with tax problems as well as they claim to. However, you should look for a reputable and accredited professional if you need complex IRS tax help. Said professional might be a certified public accountant, enrolled agent, tax lawyer, or another accredited specialist.
For best results, be completely honest with your chosen professional and provide them with all the necessary data and paperwork they may need. Trying to withhold anything from them can backfire because it may slow down the resolution of your tax problems with the IRS and affect the IRS’ willingness to negotiate with you.
Looking for expert help resolving IRS tax issues? Contact Guardian Tax Law for a consultation and assistance.
Guardian Tax Law
310 S Williams Blvd Ste 260,
Tucson, AZ 85711
(520) 485-7371
