Expert Tax Relief Can Help Protect Taxpayers Faced With Mounting IRS Back Taxes
Many taxpayers in the current economic downturn are struggling to make ends meet, have lost theirs job, are living off their 401K plans – and are facing a hefty debt to the IRS. The IRS is serious about its debt collection actions, appointing thousands of new collection personnel to ensure the federal agency collects on outstanding debts.
Owing thousands of dollars in back taxes to the IRS puts you in a tough spot, but having to owe double or triple that amount in penalties and fees during this economy can be financial suicide. Don’t wait until the IRS comes knocking on your door, the IRS has powerful enforcement tools – tax liens, levies, and wage garnishments, among them – to aggressively pursue delinquent taxpayers.
It is vital that consumers seek out a qualified taxrelief firm that offers transparency throughout the tax resolution process so clients have realistic expectations for resolving their specific tax problems. An expert tax attorney or Certified Tax Relief Specialist can determine whether a taxpayer’s lack of ability to pay back taxes potentially qualifies them for an Offer in Compromise (OIC), which settles the tax debt for a lesser amount. But in many cases, reducing back taxes is not possible.
Not everyone is eligible to save ‘pennies on the dollar’ on their back taxes- contrary to what some TV advertisements will have you believe. Even if you can’t get your IRS bill reduced, expert tax help can prevent or halt the IRS from managing your cash flow for you – via debilitating levies on your paycheck, bank account and assets – while helping you preserve your finances to the greatest degree possible.