The oldest and strongest emotion of mankind is fear, and the oldest and the strongest kind of fear is fear of the unknown. – H.P. Lovecraft
Tax Relief vs. Tax Resolution
Tax Debt It is important to understand the difference between “tax relief” and “tax resolution.” individuals that do not have the ability to meet their IRS obligations, based on their current assets and their current/future earnings potential may be entitled to some form of tax relief. There are two forms of tax relief … Full and immediate … Or temporary. Facts and circumstances determine which, if either, of these forms of relief, are available for an individual taxpayer.
Tax Resolution is Possible
IRS Fear Most individuals will qualify for some form of tax resolution. Tax resolution involves an evaluation of the appropriate repayment strategies appropriate for the individual taxpayer. Again, we need to evaluate the facts and circumstances surrounding the debt and your ability to satisfy that debt to determine the correct repayment approach to allow you to meet your current needs while repaying your tax debt.
IRS Tax Collection Process
IRS Collaboration If you don’t pay your tax in full when you file your tax return, you’ll receive a bill for the amount you owe. This bill starts the collection process, which continues until your account is satisfied or until the IRS may no longer legally collect the tax; for example, when the time or period for collection expires.
The first notice you receive will be a letter that explains the balance due and demands payment in full. It will include the amount of the tax, plus any penalties and interest accrued on your unpaid balance from the date the tax was due.
The unpaid balance is subject to interest that compounds daily and a monthly late payment penalty. It’s in your best interest to pay your tax liability in full as soon as you can to minimize the penalty and interest charges.
The IRS has one goal … “Identify and Collect The Reasonable Collection Potential” from taxpayers with IRS Debt.
Our Objectives for Our Clients
Teamwork Our goal is to help you identify the best settlement option available to you, based on the amount you owe and your ability to pay. There are many options available for resolving your tax debt, including short-term options to allow you time to get through a difficult economic setback; long-term options to meet your tax obligations while meeting your other necessary living expenses, or some form of settlement option that allows you to pay an amount that matches the Reasonable Collection Potential without paying the IRS debt in full.
We begin our process with a FREE Discovery Session. We schedule this consultation several days in advance so we can have time for you to do some simple homework so we can have a productive discussion about the amount of your debt and your ability to satisfy that debt based on the IRS allowances and the array of options that are available to you.
If the IRS is threatening immediate action against you, we can generally get this suspended while we complete our due diligence on your case.
It all begins with a phone call. You can click the link below to schedule an appointment and to take the first step in resolving your tax debt.