1-800-548-4639Outstanding tax debt is becoming increasingly challenging for the population. Federal tax liens and levies filed by the IRS has grown significantly over the years leading to the IRS having to be tenacious in collecting outstanding tax debt. This can lead to overwhelming stress being placed on households, sometimes with disastrous outcomes. Often people avoid dealing with tax issues simply because they find the problem overpowering. There is a solution, professional tax companies are an endless well of knowledge and assistance that can be used when dealing with the IRS. Here is why you should consider consulting with them.
One of the greatest benefits of using a tax agency is that you will not have to face the IRS unprepared or on your own. When you have an attorney, CPA, or tax specialist working on your case you have a bounty of knowledge that they can put to work for you to ensure that you receive the best possible settlement or solution to your tax problem.
The penalties and interest are automatically added to your total IRS amount owed however you may not be required to pay these fees. If you work through a tax relief firm they may assist with having your situation evaluated and request for penalties to be removed based on your circumstances, this can reduce your balance owed and alleviate some pressure.
The last thing you want is for your assets to be seized by the IRS. This has been the result in some cases, although it is usually a last resort for the IRS. An experienced firm can assist you in avoiding this outcome.
The worst thing next to having a seizure of your assets is having the IRS dip into your bank account to recover past-due taxes. This will take place after you have received numerous written notices and warnings however you will still be left astounded by this unplanned levy if it should occur. In 2011 over $55 billion dollars was collected following enforcement actions, leaving people without living expenses. This is just another outcome a tax relief firm can help you avoid, however you should enlist their services as soon as you receive the first notice from the IRS; delays could mean that the consequences are unavoidable.
The IRS also has jurisdiction to require your employer to comply with recovering past due taxes by placing a garnishing order on your wages. Between 30 – 75% of your NET income may be garnished from you and this hold will remain in place with your employer until the IRS issues a release, which may be until the entire amount has been recovered. A tax relief firm may negotiate on your behalf to have the amount reduced to an affordable rate or stopped completely.
Aside from negotiating down garnishing, an efficient firm may also work in accord with the IRS to lower your total amount owed as well as to make the payment terms simpler and over a shorter period of time, thereby resolving your tax debt swiftly.
Dealing with the IRS is a daunting task and there is no resolution in hiding from the problem. The only way to gain true peace of mind from the situation is to tackle the problem. The complex policies and procedures along with legislation can make it difficult to unravel your tax dilemma however working with a qualified and experienced tax relief agency can relieve a great deal of anxiety and pressure.
Authored by the BC Tax Insights Team, this article reflects the collective expertise and experience of our seasoned tax professionals. The Insights Team at BC Tax comprises specialists with a deep understanding of various tax scenarios and solutions. With a focus on providing informative, accurate, and practical insights, our goal is to guide readers through the complexities of taxation and financial planning. Every piece is crafted with the intent to help individuals and businesses navigate the ever-evolving world of taxes, ensuring clarity and confidence in decision-making.
