Tax Solutions: Resolving Outstanding Taxes

Tax debt has long been overwhelming and excruciating for many businesses and individuals alike. Failing to pay taxes on time may attract interest charges, penalties, and sometimes, legal action by tax authorities like the IRS.

But it doesn’t always have to come to that. And luckily, there exist many tax solutions to assist taxpayers and companies in addressing their outstanding taxes and being in the right standing with the IRS or other involved tax authorities.   

Solutions to Resolve Tax Debt Problems

Offer in Compromise

This is an agreement between the IRS and the taxpayer, allowing the latter to pay a lower amount of the tax liability owed. It is a legitimate option if you can’t settle your entire tax bill and are at risk of bank levies or wage garnishment.

With the help of a tax attorney, you can assess your eligibility for an offer in compromise and have an easy time with the application process.

Penalty Abatement

Penalties for failure to file tax returns, late tax payments, or other tax breaches can quickly accrue, making it extremely difficult to clear your tax liability. However, by bringing a tax professional on board, you can request the IRS for penalty abatement, through which you can lower the full amount payable.

So, suppose you have a history of adhering to tax legislation but have stumbled on unexpected events – like a life-threatening emergency – that may have impeded your ability to settle your taxes on time; this is a viable solution.

Tax Court Representation

As mentioned earlier, unpaid taxes can attract legal action by tax authorities, and you may have to appear before a tax court. While you can represent yourself, it’s best to seek a tax attorney’s legal representation to help you resolve IRS issues.

This may be an excellent solution for disputing bank levies, wage garnishments, or tax liens. A tax attorney will file the necessary paperwork, offer you expert legal advice, and advocate to resolve tax disputes on your behalf.

Audit Representation

Whenever the IRS reaches out to audit you or your business, it would be best to seek legal counsel. A tax attorney, for instance, will assist you in understanding the IRS audit process better, compiling required documentation, and negotiating with tax authorities to resolve any discrepancies that may arise.

This is a solution to guarantee fairness in the audit process and ensure that any outstanding tax liability is assessed accordingly.  

IRS Tax Appeals

From a basic understanding, the IRS is liable for collecting federal taxes. It also boasts the power to assess tax penalties, conduct tax audits, and launch enforcement actions against individuals and businesses who don’t pay taxes.

Nevertheless, if you like to dispute the agency’s decisions, you may be able to appeal and contest it through a formal process. You may represent yourself or, even better, bring in a tax professional to help with the appeal.

A tax professional or attorney will help review your tax case and offer an honest opinion of your prospects of victory. They may also assist you in drafting a strong appeal letter and overall navigation of the IRS appeals process.

Back Taxes Help

Owing back taxes to the IRS can be very frustrating and stressful. But it doesn’t have to be and won’t be if you seek legal guidance.

A tax attorney can assist in getting you into IRS compliance by analyzing your tax situation and developing a strategy to address your tax liability. Moreover, they can negotiate an installment agreement with the agency on your behalf and help you maneuver the complex bureaucracy of the IRS.   

Innocent Spouse Relief

This tax solution enables individuals to avert liability for their partner’s outstanding taxes. With professional assistance from a tax expert, you may apply for innocent spouse relief and effortlessly navigate the application process’s rigorous criteria.

Suppose you’re facing a huge tax burden you didn’t directly incur; seeking innocent spouse relief might be the way to go.

Talk to an Experienced Tax Attorney Today

Dealing with the IRS isn’t plain sailing, so we recommend consulting a tax attorney for all your tax needs. A tax attorney can help you discover the most suitable tax solution for your tax needs and negotiate with the IRS for the most favorable deal.

That said, contact us today to learn more about IRS tax solutions and get assistance with anything involving taxes and the IRS.