More and more taxpayers are unable to meet their tax obligations, partly due to the downward spiral of the economy, job losses and financial problems such as credit card debt and out of control mortgage payments. Most individuals and businesses just aren’t aware of tax resolution services. In many instances, this compounds the problem because many are afraid to file and/or are just unable to pay the taxes they owe. Small business owners have also been hurt by the crunch and can run the risk of financial ruin if they end up owing more than they can pay the IRS.
Unfortunately, income tax problems just don’t vanish and you can bet that Uncle Sam doesn’t care about an individual or business owners’ ability to pay as long as he gets his cut But what many people don’t realize is that the IRS offers solutions to resolve income tax problems. Tax resolution services can act as a liaison between an individual or company and these specialist can arrange various repayment options for those who owe the government more than they have in the bank.
If you are one of these people who are unable to square up with the IRS, a third party service can be beneficial in negotiating with the government on your behalf. The benefit of utilizing a tax resolution service is that they can advise the IRS about your situation in order to work out a plan of repayment in installments. In most situations, it will save you interest or penalties that you would otherwise incurred. Finding the best IRS resolution is tricky since every specialist will offer up a different solution, especially with so many tax attorneys, CPAs, tax management consultants and tax counselors.
The IRS is aware of the current economic climate and has been a lot more willing to work with over-burdened taxpayers on a tax resolution. A program called (OIC) IRS Offer in Compromise can save hundreds or thousands of dollars in taxes, interest and penalties for those who qualify and it’s in your best interest to find out more. Basically, they are an agreement between the taxpayer and the IRS to settle for less than what is owed in order to satisfy the outstanding tax debt. Many people do not know about OIC and instead try to pay the back taxes over many years. There are even attorneys who specialize in OIC with the IRS (Offer in Compromise attorneys). A tax resolution service could be the best way to resolve IRS problems and disputes without years and years of tax headaches.