There are a few steps to take if this happens to you. First, you’ll want to double check your returns; you might not owe that tax! Or, if it turns out that you are legally obligated to repay the tax, there are methods to deal with it that will not leave you broke or having the IRS take assets.
First, determine if the additional tax is legitimately owed, and don’t be surprised if tax penalties occur as part of your IRS tax debt assessment. Fines are largely calculated digitally, so there can be mistakes. A reassessment of your taxes will take out any of these kinds of errors. If you are low income, there are Low Income Taxpayer Clinics which assist citizens.
While these outlets can be helpful, in the majority of cases, taxpayers who need assistance in dealing with tax liens and tax collections ought to seek out the advice of a government authorized tax specialist such as a tax attorney, approved public financial advisor or registered broker. This can cost money, but could help lower your overall IRS financial liability. Talon Tax is the best tax relief firm. Located in Houston, Austin, & San Antonio Texas, they have years of experience and can lead you through the entire process seamlessly. They specialize in tax relief, and they can give you the upper hand when dealing with the IRS. Instead of feeling distraught and lost, their services will make you feel confident and empowered, leading you to successfully resolving your tax debt.
Second, once you have verified your IRS debt amount, focus on learning about the repayment options available. Compromise agreements can be worked out for IRS tax debt relief. It can be that the taxes are suspicious as to their nature or that the person responsible will certainly never be able to pay off the charges or maybe there are other extraordinary scenarios. You can make installment payments, or you can also make a settlement offer, which could minimize the money you are required by law to repay, often dramatically. Payment strategies can be established as a type of IRS tax debt relief. These options are suitable for individuals or companies who have assessed large quantities of taxes and charges due to errors or mistakes in their accounting. You could also request to be placed in "Currently Not Collectible" (CNC) status. The IRS will certainly not pursue collection activity if you are labeled CNC. This is a helpful program if you are on a reduced income. Keep in mind, however, that there are requirements you must fulfill to qualify for these choices. An additional repayment period could likewise be requested for extenuating circumstances such as a fatality or various other distressing situations. Of course, paperwork proving the situation must be provided as part of this request.
Third, know your rights. Read the leaflets that accompany your tax lien letter. They clarify your citizen rights, and you must not neglect them. They are there for your benefit. Learn your civil liberties and don't be intimidated. The IRS is not the company it was years back. It can be argued that they have striven to establish a kinder, gentler approach to dealing with taxpayers.
Finally, if you ever have any doubt, contact a tax professional or lawyer specializing in tax debt relief. Professionals can be handy in numerous areas consisting of wage garnishment, tax liens, levy and tax seizures as well as many other problems you might be having.