When it comes to tax resolutions, most of the time people are often clueless about it. People are also not aware that it is possible for them to achieve a positive tax resolution. This is usually possible when an individual is involved in a tax dispute. And most especially the dispute must be between you and internal revenue service. If you desire to get a tax debt relief it is crucial for you to involve an agent, a certified public accountant, and even a tax attorney. These people are usually very knowledgeable when it comes to tax matters. Therefore, do yourself a favor and hire one of these people. Examples of reliefs you may be able to give include the following; offer in compromise a well as innocent spouse relief. Others in the list include; injured spouse relief, currently not collectible and the collection due process.
Despite the fact that there are usually people who have not been filing their taxes for a number of years, it will be possible for them to resolve their tax issues. This is also the case if a certain person has a huge tax liability. It is crucial for people to be aware of this since people have many assumptions when it comes to the matter. People think that they will face tough consequences if they o not file their taxes on time. This can be the case; however, you can still avoid the consequences by hiring a tax professional to assist you in the process. Failure to file the taxes even after you realize that you have not been filing your taxes can lead to very huge penalties. Examples of these penalties include; a tax lien being filed against you and your bank accounts been attached. In other cases, your wages can be garnished or your property can be confiscated.
However, if you opt to resolve your tax issues with the tax authority, you may have a chance to escape these results of your actions. People think that it is often impossible for you and the tax authorities to settle a dispute where the tax resolution is much less than what is owed. This can be the case through an offer in compromise. This is a situation where an individual together with the tax authorities agrees for a delinquent tax. In such a scenario it will be possible for you to pay the tax authorities an amount that is much less compared to the tax that you have been owed. If you want to go down this road, you have to make sure that you have someone who has to be a tax professional by your side. He or she will help you find a favorable approved rate. This whole process can be quite hard if you are alone unless you are a tax professional yourself. Otherwise, just hire an accountant or tax personnel to guide you through the whole steps. It is as well possible for one to reach an installment agreement with the tax authorities. This is also a way of a tax resolution. You will then have a chance to pay small amounts of money over a certain period of time.