Why Avail Services of a Tax Resolution Companyby IRS Logics Tax Resolution Software for Tax Professionals
Even if you think you don't owe
any taxes, failing to submit a federal and state tax return each year might
result in significant fines. The IRS may impose a penalty of 5% of the amount
outstanding for each month that you fail to file a tax return. A 25 percent
penalty is the maximum, and the minimum penalty is either $205 or 100 percent
of the debt. If you don't owe taxes and were hoping for a refund, you'll have
to submit a return in order to obtain it. This is true for tax credits as well.
The good news is that if you break
the law, you're unlikely to find yourself in jail. When tax returns are
prepared with the goal to deceive the IRS, that is normally reserved for high-profile
instances of fraud. However, there is no assurance that you will avoid jail time,
and you might face a fine of up to $25,000, depending on your situation.
A common penalty is to pay back
the taxes you owe and any fines accrued over the years. You should have an A+
BBB-rated professional tax representation agency on your side to assist avoid
fines and give the best ways of tax relief programs and resolutions for your
Relief from Back Taxes
There are a variety of options to
pay off past taxes owed to the IRS and/or the state. A compromise agreement
might be made for those who have accrued big debt and are in the process of
clearing their records.
The IRS offers a monthly payment
plan for those who owe past taxes, allowing them to pay off the obligation
without placing themselves in financial jeopardy. Tax relief and resolution
without borrowing is the ideal alternative for individuals who are seeking tax
relief and settlement.
In an offer in compromise, you
make one lump-sum payment that is less than the whole balance of your debt. As
a rule, this is utilized when you owe more than you can pay but can only afford
to pay a portion of that debt at the same time. Saving thousands of dollars in
taxes, interest, and penalties is possible if you qualify.
You can pay off a portion of your
debt in installments up to a set sum under this relatively new strategy known
as "partial payment installments." To qualify for this, you must have
a large debt that you can't afford to pay off promptly.
Currently Not Collectible refers
to a situation in which the Internal Revenue Service (IRS) delays collecting
your tax bill for up to a year or longer. Unemployment or another equally
legitimate cause precludes liens, levies, or property seizures from being
placed on the taxpayer.
Why Use a Tax Representation
Unfiled returns, IRS and state
back taxes, employment 941 payroll concerns, and audits are all solid reasons
to use our experienced tax resolution
company or IRS resolution
software. Your rights will be safeguarded while any penalties and fines are
minimized by working with a skilled and experienced team for tax relief and
settlement. If you don't engage the correct team of tax specialists, your
rights under the law may not be protected. As a result, every legislation that
helps you will be referenced when you face possible repercussions.
We urge you to contact our well-known tax
representation agency right away if you are in need of tax relief and
resolution. To get out of your present predicament and into a relief program
that is tailored to your tax position, you must move quickly.
Created on Apr 18th 2022 00:33. Viewed 316 times.