back taxes Archives - Page 3 of 3

2020 threw a huge wrench into everything and the IRS collections proceedings are no exception. With the tax deadline pushed until July 15th and a lot of the IRS closed under shelter at home orders due to COVID19, to the IRS being tasked with sending millions of Americans their stimulus checks, the IRS collections proceedings took a backseat.

If you owe back taxes you might just assume you got some breathing room. However, things are starting to pick back up.

According to the Taxpayer Advocate, as of late June 2020, the IRS generated more than 20 million notices, yet these notices were not mailed to anyone. It seems now that the IRS is once again starting to send threatening notices to taxpayers who owe back taxes.

In this article, we share a few things you must do in order to get out of tax trouble and settle your back tax debt.

IMPORTANT: We highly recommend readers to reach out to our firm first. Our clients never have to talk to the IRS, and tax resolution through our firm can save you money and time in the long run. You might also be eligible for other relief programs or get your penalties and interest forgiven. Reach out to our firm today for a consultation.

FILE BEFORE JULY 15th

Before we talk about any tax relief options, you must first get into compliance. That means being current on all your tax return filings, including your 2019 tax return.

If you missed the deadline, you must still file as soon as possible before you begin exploring tax relief options. If you have multiple years of unfiled tax returns, reach out to our firm for help today.

PENALTIES AND INTEREST

Any time you don’t pay your taxes, the IRS first hits you with a club called penalties and interest. Under normal circumstances, these penalties start accruing from day 1 after the tax deadline. Because of COVID19, The IRS is providing additional time to respond before interest or penalties apply.

If your tax bill already has penalties, our firm might be able to help remove some of the penalties by negotiating with the IRS on your behalf.

OFFER IN COMPROMISE

You might have heard advertisements about settling with the IRS, or the IRS Fresh Start program. Not everyone qualifies for it, but if your income or business was drastically affected by COVID19, there’s a good chance you can qualify now. This means the IRS will reduce your tax debt to a fraction of what you owe.

It’s important to hire a tax relief firm like ours to walk you through this process and properly represent you before the IRS. Talking to the IRS before talking to us would be like going to court without a lawyer.

DON’T TALK TO THE IRS IF YOU OWE $10K OR MORE.

Even though things are tough right now, the IRS’s main job is still to collect the taxes it thinks you owe them. That by nature pits them against you. Often talking to the IRS can be a treacherous path and you risk the chance of saying something self-incriminating. Save yourself the headache, time, and money by reaching out to our tax relief firm today. You wouldn’t go to court without a lawyer and you definitely don’t want to approach the IRS without expert representation.

Have you received a notice from the IRS only to leave it on your kitchen counter, desk, or worse, just hide it under a stack of bills? Unfortunately, those letters from the IRS will just keep coming. Your problem won’t go away on its own.

If you don’t take action now, the IRS WILL just keep piling on penalties and interest…and interest on top of the penalties…

The IRS doesn’t like being ignored so this is how they get your attention. They want to be sure you know they are not going away. It’s like they haunt you with their ongoing letters. If you don’t respond to them, the penalties they tack on is like a club they keep hitting you over the head with. Penalties are just the beginning of what they can do to your life.

But that’s just the beginning…

The IRS has a lot of power over your life. They not only can freeze your bank accounts—that’s right—but they can seize all the money in your bank accounts too.

They can garnish your wages. They can legally take as much as 90% of your net pay check. Can you live on 10% of your net pay? The IRS thinks and expects you can!

Besides slapping Bank Levies and Wage Garnishments on you, they can put a lien on your house, making it nearly impossible to borrow against it to pay the IRS off. And if you sell your house the IRS gets their money first from any equity there is.

Federal Tax Liens prevent you from borrowing any money—except for those high-charging money stores located in mini-malls. An IRS lien makes it harder to rent an apartment, get a car, obtain any kind of credit; An IRS Lien can even jeopardize your job!

And believe it or not, the IRS has the authority to show up and knock on your door! Make no mistake—the IRS is the most brutal collection agency on the planet.

If you owe between $10,000 and $250,000 plus, the IRS has many NEW flexible programs available to taxpayers such as Offer in Compromise, Partial Pay Installment Agreements, Payment Plans, Penalty Reduction, and Currently Not Collectible Status to name a few. Each carries with it its own unique process, procedures and qualifications. Having an experienced Tax Pro in your corner ensures you are taking advantage of the best options available to you.

If you want an expert tax resolution professional who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem Contact Me – Ron Friedman, CPA CTRS.

Till next time,

Ron

Founder and President of Ron Friedman Tax Relief Pro
taxreliefprowestchester.com
ron@taxreliefprowestchester.com
Stop IRS Hotline: 1-800-TAX-FIX0 (829-3490)

As the best tax resolution and relief company in Westchester County, NY, and the tri-state area, Ron Friedman Tax Relief Pro has specialists to stop the IRS and help troubled tax payers get out of IRS debt. If you have back taxes owed, unfiled tax returns, IRS levies, liens, seizures or wage garnishments, we at Ron Friedman Tax Relief Pro can help you settle for a fraction of what you owe. As trusted, credible tax resolution specialists, we are vested in our client’s well-being and financial security.

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