What Happens If I Don’t Pay My Taxes?
Trust us; we know the fear that accompanies tax-related concerns. Essentially, the act of paying taxes—financial charges imposed on citizens with the intention of funding government spending and contributing to state revenue—is deemed compulsory in the United States. As a taxpayer and a citizen, failure to pay these mandatory fees on time and effectively keep track of deadlines often results in a tangled web of legal challenges. More specifically, it can result in alarming notices from the Internal Revenue Service (IRS): the U.S. revenue service in charge of fundamentally collecting taxes, enforcing laws and overseeing the activities of all taxpayers. After identifying those who have yet to pay their fees and are consistently skipping deadlines, the IRS possesses the authority to forcibly recover unpaid charges and legally punish those involved. If you’ve stumbled upon this blog, chances are you’ve received a warning or fine in regard to this very crucial legal matter — but you need not worry! If you’re not sure how to effectively settle these alarming complications and fully proceed in life, tax resolution services are here to save the day!
What Exactly Are Tax Resolution Services?
Tax resolution services provide much-needed relief to taxpayers and thoroughly guide them as they aim to resolve tax-oriented problems. These companies understand the stress of being indebted to the IRS as well as the dread and trepidation that must be coursing through your veins at this very moment — which is why they offer comprehensive solutions to all of your tax-oriented problems! To elaborate, tax resolution representatives assess your particular case with the utmost dedication and proceed to speak on behalf of you or your business. After a preliminary consultation and the rigorous assessment of your paperwork, these specialists develop a strategic approach, draft a comprehensive financial analysis, and then contact the IRS to fully resolve your case, keeping you in the loop every step of the way. Thanks to their vast depths of knowledge and expertise in the realm of financial affairs, such experts know exactly which resolution would serve as an ideal option for you. Regardless of how simple or complex your particular tax problem is, tax resolution services remain wholeheartedly prepared to ease your burdens. You are not alone. Contact a professional relief company today — and embark on the journey of tax resolution together! Though these specialists provide a myriad of important resolutions, read ahead for two of their key services!
Tax Resolution Services Provide Bank Levy Relief
Needless to say, the IRS takes taxes seriously. If the federal government agency notices a taxpayer not filing a significant amount of taxes and then ignoring the problem at hand, it proceeds to enforce a legal action with severe consequences: a bank levy. To elaborate, a bank levy is a court-sanctioned measure in which the government issues a levy to the taxpayer’s bank and demands the owed taxes. Considering the fact that the IRS possesses the authority to withdraw assets and funds from your account, it is important to not take this matter lightly. When the levy is on your bank account, the revenue code grants you a 21-day waiting period in order for you to contact the IRS and make proper arrangements. During the course of these three weeks, your bank account is officially frozen — which means you won’t be able to access or transfer any of your funds. This is a great deal of concern — especially for those who typically rely on automatic withdrawals to pay their bills. After 21 days have passed, your money is then sent directly to the IRS. Luckily, there is still a solution!
It is imperative that you act immediately in order to ameliorate the situation and avoid long-term legal consequences. If you contact tax resolution services right away and book an appointment for the assessment of your case, the various experts will evaluate your documentation, develop effective methodologies, and help in the process of getting the levy removed immediately. By presenting your case in front of the IRS with pure confidence and determination and proceeding to request a levy release, these reliable representatives aim to resolve your issue as quickly as possible. If you feel as if there has been a mistake, tax resolution specialists can help you dispute the levy if they feel it is justified. Reach out to your nearest company to obtain practical solutions, garner valuable insight, and receive some peace of mind!
Tax Resolution Experts Help You Find Relief Through Payment Plans or An Offer in Compromise
If you find yourself seeking tax relief, an ideal option for you would be an IRS payment plan. For taxpayers in need of additional time to manage their finances, these plans pave the way for payment in smaller amounts over a period of time. By helping you qualify for short-term or long-term installment plans, tax resolution companies allow you to pay your overdue tax bill in a more manageable way. After evaluating your case, tax relief specialists accumulate your records, set up an agreement with the IRS, and present your case in an incredibly candid manner. Ultimately, the goal is to help taxpayers during times of dire need and stress!
Perhaps these installment agreements do not serve as the correct resolution for you. If such is the case, consider finding relief through an offer in compromise (OIC). To elaborate, an OIC is a binding agreement with the IRS that allows you to settle your tax debt for less than the full amount under certain circumstances. Generally regarded as the last resort, this resolution is perfect for those unable to pay the entirety of their tax liability without facing major financial repercussions. Before accepting the request, the IRS considers an array of factors, the likes of which include your income, expenses, and equity. The three categories for OIC relief are as follows.
- Doubt as to Liability — doubt regarding the existence or exact amount of the tax liability
- Doubt as to Collectibility — doubt pertaining to the taxpayer’s ability to fully return the owed amount
- Effective Tax Administration — the realization that the collection of the tax would contribute to unfair economic hardships for the taxpayer
If you’re interested in this particular offer, consult with a tax resolution firm near you for the best possible outcomes! To be candid, these services play a great role in providing relief and navigating you through the entire process with the utmost professionalism, integrity, and courtesy. After diligently assessing your case, confirming your eligibility, and gathering all of the requisite forms and records, the tax representatives form a strategic report for optimal support and strongly present your case in front of the IRS. By supporting their claims with evidence and justifying your situation as best as possible, these experts stay true to their primary goal: to help clients struggling with tax debt and resolve their crises.