IRS Resolution: Everything You Need to Know

Is a complicated tax matter currently causing you to stress? Need a professional tax resolution advisor's help? Why would you need tax resolution, and what exactly is it? All of these questions and more will be addressed in the following article. In fact, you will quickly see the benefits of IRS resolution.

Check out the remainder of this post if you need help finding a solution to your tax troubles and need some guidance on what to look for in an expert and how to best determine your tax needs.

What Exactly Is a Tax Resolution?

If you owe the Internal Revenue Service money and need help paying it off, you can hire a tax resolution organization to handle the procedure. The objective is to pay as little as possible in taxes.

If you need to pay the IRS what you owe them for a long period of time, you may need tax resolution services. When the Internal Revenue Service (IRS) finally gives up waiting for payment, they'll contact your bank to initiate a tax lien or bank levy against your assets.

The IRS has the right to seize and sell any property you own to collect any taxes owed.

How Do You Resolve Tax Issues With the IRS?

Different tax problems have other solutions. In addition to the official Taxpayer Advocate Service, the IRS resolution also recommends low-income taxpayer clinics and local tax professionals. Any taxpayer with questions or concerns should contact the IRS and ask to speak with a representative.

You can also hire a tax attorney, enrolled agent, or certified public accountant to represent you in negotiations with the IRS over your tax debt and provide you with comprehensive advice on improving your income tax returns to lower your tax liability and identify potential deductions and credits to apply for.

Methods and Procedures for Tax Resolution

Problems with taxes rarely disappear overnight. You can begin the following processes with the assistance of your IRS resolution expert:

Phases of Tax Resolution

Consultation

Appointments can be made with tax resolution companies so taxpayers can express their issues and learn more about their services. The expert will outline the potential next steps and explain how they will be taken. You can do this with a phone call or online video chat.

Investigation

After the Power of Attorney (POA or 2848) has been obtained, the main government bodies will be notified, demonstrating that you are now treating your tax affairs seriously. To determine how much you owe and whether or not there are any other compliance issues, the investigators will need access to your individual IRS resolution file.

Compliance

The preparation of any required paperwork follows the analysis phase. They'll help you catch up on past-due tax returns and ensure all the necessary paperwork is filed.

Resolution

At this point, the tax agent will do the heavy lifting of working up a repayment plan and settling your tax debt with the IRS tax resolution for as little as feasible on your behalf.

The next step is to keep an eye on things, which could take a few months. Keeping in touch with the status of your case and seeing the negotiating process through is essential, as the IRS may occasionally contact your tax representative for more information.

Conclusion

Managing one's taxes as an ex-pat is twice as difficult. Since time is of the essence, many internationals prefer to have their tax matters handled by experts so that they may get on with their lives.

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Created on Jul 19th 2023 00:51. Viewed 61 times.

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