What to Do When You Owe Back Taxes
The Internal Revenue Service can be scary. When they are pressing you to collect back taxes, they can be downright terrifying. But what can you do? They have all the options, it seems, and you have none. Well, you actually do have some options when the IRS comes at you calling for back taxes.
oYou can contact the Internal Revenue Service about your situation.
oYou can research your best settlement solutions and you and the IRS can attempt to negotiate the problem.
oYou can hire a team of specialists, many of them former IRS agents, to help you resolve the back tax problem.
These organizations are often coupled with CPAs and they will quickly attempt to stop the collection enforcement and make settlement with the Internal Revenue Service.
Contacting the IRS directly is not recommended. After all, they do not have your best interests at heart. They are considering the best interests of the federal government and their personal career aspirations. They are not likely to work out the settlement in your favor; they are more inclined to work out the settlement in favor of the federal government.
Researching your own settlement options is better than just folding, but you are not really qualified to negotiate tax liens or attached wages, etc. Unless you just want to make a payment arrangement and pay everything they are levying against you (back taxes, fines, interest, etc.), you should probably hire a professional to negotiate on your behalf.
If you decide to work with tax resolution professionals, you will want a diverse team to represent you. The best tax resolution teams consist of former Internal Revenue Service Agents, certified public accountants, and tax lawyers. It is best, of course, if you can find a team that will represent you with no upfront fees. Resolution professionals usually get strong positive results rather quickly.
Do not let anxiety slow you from taking action. When the Internal Revenue Service comes to you calling for back taxes, you must act quickly to protect yourself. Fines, and fees, and interest add up fast and can soon be running higher than you originally owed. Don’t just sit back and wait for the Internal Revenue Service to act.
Tax resolution professionals are good at their job. Don’t let the fact that you owe back taxes set you in a tailspin. There are options, as we have discussed, for getting out of this. Take action today, because I can guarantee that the Internal Revenue Service is not going to quit, even if you feel like quitting!
You can’t imagine a situation where IRS is behind you for recovery of back taxes. You feel helpless and can’t see any light. But don’t get panic. There is some hope for you. How to get over the situation? Chintamani Abhyankar explains in this article.