If you have been notified by the IRS that you owe over $10,000 or more in back taxes, you need to act quickly and decisively. Within four to six weeks of receiving a notice like this, the IRS can escalate your balance due to collections where they will take action against your assets and/or your livelihood. Luckily, you can easily get ahead of these issues with the IRS by choosing an elite tax expert to help you navigate these complicated waters. Here at Inside Out Tax Resolution Services, we know the best ways to resolve IRS tax problems because we used to work for the IRS. Here are two crucial steps that you need to take if you think you may have an outstanding liability with the IRS.
Respond To The IRS
It may sound like common sense, but you will be amazed by just how much you can simplify your situation with the IRS by communicating with them. Oftentimes, any discrepancies caused by calculation errors, missed tax credits, or even oversights on income statements can be rectified. The IRS as an agency is far from infallible, and sometimes even they make mistakes. If you think that the IRS has made a mistake, you can challenge their position in certain circumstances. By submitting an appeal when you can, you end up distancing yourself from collections while you try to work something out with appeals. If you already responded to the IRS and filed an appeal, it might be time to call in a tax expert who specializes in negotiating with the IRS.
Establish An Offer In Compromise
If you have exhausted previous options and you are still on the hook for a substantial amount due with the IRS, you may consider an Offer in Compromise. If the amount you owe is more than what you can afford to pay, then a well-crafted Offer in Compromise could be the answer. Many offers that are submitted by tax professionals have an even greater chance at success as most will do the necessary background to determine talking points and eligibility. To submit an Offer in Compromise, you will need to submit financial information along with a non-refundable application fee, unless you qualify for low-income certification.
If you are interested in having your $10,000+ tax debt resolved today, contact the tax resolution expert here at Inside Out Tax today. We have helped hundreds of clients resolve their tax issues, sometimes for a fraction of what they owe, and we look forward to working with you.