Your Guide to IRS Collections – 1
According to the IRS, 15% of all taxpayers owe back taxes. And this figure includes only people who have actually filed tax returns. Many people required to file tax returns haven’t.
There are several possible reasons for owing the IRS back taxes:
. You didn’t file a tax return; the IRS prepared a return for you and sent you a bill.
. You didn’t pay your income taxes in full when you filed your tax return.
. You believed you paid your taxes in full when you filed your return, but you later received an automated adjustment notice from the IRS. This probably means you forgot to report some item of income.
. After an audit, the IRS found that you owed additional taxes; you signed the audit report in agreement.
. After an audit, the IRS found that you owed additional taxes; you didn’t sign the audit report, but you neither appealed nor filed a petition in tax court.
. After an audit, the IRS found that you owed additional taxes; you appealed and lost, and did not file a petition in tax court. The tax bill became final.
. After an audit, the IRS found that you owed additional taxes; you filed a petition in tax court and came out still owing something.
Not doing something is about the worst thing you can do.
Solution: The sooner you get filed with the IRS, the better. IRS-SOLV can help you file, too. If you take control of the situation and allow us to help you file your returns before the IRS comes after you, the IRS usually will not bring criminal charges against you. So why wait another day? You’re only giving them another chance to come after you.
We file countless past due returns each year. If you’re behind in your returns a year . or several years . you’ve come to the right place. We can help you get into compliance with the IRS.
No matter which kind of tax problem you have, one thing is clear-you have a problem with the IRS. Let me tell you what passes for humor there: An auditor recently told me (with a straight face) that the IRS now requires a basic humanity test for all applicants. Those who flunk are hired by the Collection Division. He may have been joking, but you won’t laugh if an IRS collector calls. He’ll probably be the toughest bill collector you’ll ever face, with the possible exception of the East Coast Mafia torpedoes.
This is the meanness of the IRS: Unlike other creditors, the IRS has no legal obligation to take you to court before seizing your car or paycheck.
You can lose your business, your bank accounts and even your pension. As far as the IRS is concerned, your tax obligation takes priority over all other debts. If the IRS records a notice of tax lien, your credit rating may be ruined for years.
Luckily, this doesn’t have to happen to you. When we deal with the IRS-in particular, if a knowledgeable response is made to the IRS collector-chances are good that you’ll keep your property and survive the worst of what the IRS throws at you. The IRS goal is to collect the maximum amount of
taxes from you with the minimum amount of effort. Here’s how it works. The IRS starts by sending you computer-generated notices. Next, the IRS Automated Collection System, or ACS, kicks in, calling and sending you more threatening notices. Finally, if the IRS still doesn’t get its money, it assigns a human being from its Collection Division-a revenue officer-to get up close and personal with you.
Dealing With an IRS Tax Bill You Owe
You have six ways to deal with a tax bill you unquestionably owe:
. pay in full
. pay in monthly installments, by agreement with the IRS
. reduce, eliminate or pay the debt through bankruptcy
. reduce the debt and pay it through an IRS Offer in Compromise
. have the IRS determine that you are temporarily unable to pay and suspend collection, or
. wait for the statute of limitations on collection to expire.
All of these options are covered here. While reducing your bill through an Offer in Compromise, going into bankruptcy, or having the IRS determine you are temporarily unable to pay may be the most attractive options, they are the most difficult to get. Here is where IRS-SOLV can really help. Most people think (thanks to the IRS) that paying in full is the only alternative for working people who have assets.
But IRS-SOLV offers real hope! Recently, over 2.6 million taxpayers were on an installment plan, paying collectively in excess of $4.5 billion.
How do I win for you? I give clients an edge of their own-a plan to beat the IRS, legally, morally, and ethically. After 35 years, I can tell you that there’s a right way to handle an IRS case and there’s a wrong, wrong way to do it. A long time ago I figured out the key to winning and now I use it every day. So click on the left column and get a quick quote. Or give us a call at 1-877-IRS-SOLV (877-477-7658). We’re always happy to help.
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