5 Common IRS Resolutions Our Tax Law Firm Can Help With
As a taxpayer, dealing with the Internal Revenue Service (IRS) can be a stressful experience. It is not uncommon for taxpayers to receive letters from the IRS regarding outstanding taxes, penalties, or interest. These situations can be overwhelming and confusing, especially if you are unsure of your rights and obligations under the tax laws.
Fortunately, there are several options available to taxpayers who find themselves in this situation. Working with an experienced tax law firm can help you navigate the process of resolving IRS issues and ensure that you are treated fairly.
To learn more about how IRS can collect on past due taxes, please refer to my article on that subject: IRS Enforcement Actions for Past Due Debt: What You Need to Know (taxterminators.com)
Here are some common IRS resolutions that our law firm can assist with:
Installment Agreement
This is a payment plan that allows taxpayers to pay their tax debt over time. The IRS will review your financial situation to determine the amount you can afford to pay each month. A tax law firm can help negotiate an affordable payment plan and ensure that the IRS does not take any collection actions against you while you are making payments.
Offer in Compromise
This is an agreement between the taxpayer and the IRS to settle the tax debt for less than the full amount owed. The IRS will consider the taxpayer's ability to pay, income, expenses, and assets to determine if an offer in compromise is appropriate. A tax law firm can help prepare and submit an offer in compromise and negotiate with the IRS on behalf of the taxpayer.
Penalty Abatement
The IRS may assess penalties for late payment, failure to file, or accuracy-related issues. In some cases, taxpayers may be able to request that the penalties be reduced or waived. A tax law firm can help identify circumstances that may warrant penalty relief and prepare a request for penalty abatement.
Innocent Spouse Relief
In some cases, a taxpayer may be able to seek relief from joint tax liability if they can prove that they were not aware of errors or omissions on their tax return. A tax law firm can help determine if innocent spouse relief is appropriate and prepare the necessary paperwork to request relief.
Audit Representation
If the IRS selects a taxpayer for an audit, a tax law firm can provide representation and guidance throughout the audit process. The law firm can help gather and organize records, respond to IRS inquiries, and negotiate with the IRS to minimize any tax liability.
In conclusion, dealing with the IRS can be a stressful experience. However, taxpayers have several options available to resolve tax issues and get back on track with their tax obligations. Working with an experienced tax law firm can help ensure that your rights are protected and that you receive fair treatment from the IRS. If you are facing an IRS issue, don't hesitate to contact a tax law firm to discuss your options.
Useful Website Links:
- IRS website - https://www.irs.gov/
- Taxpayer Advocate Service - https://www.taxpayeradvocate.irs.gov/
- American Bar Association Section of Taxation - https://www.americanbar.org/groups/taxation/
- National Association of Enrolled Agents - https://www.naea.org/
- Tax Foundation - https://taxfoundation.org/
-Published by Salar Tavangar, Esq.