It’s difficult to breathe when a tax problem is impacting your life. You probably have questions about what tomorrow might bring, what your options are, and what you can do to fix your tax problems before they get worse.
You’re not alone – more than 20 million Americans have a tax liability. How you move forward will determine how much of an impact a tax issue will have on your future. Remember, you don’t have to succumb to fear or intimidation from the IRS if you have a team of professionals on your side.
What Are the Main Tax Problems People Have?
IRS tax problems can stem from intentional and unintentional actions. Most problems start out as a failure to file taxes or pay what’s owed to the IRS and then compound from there. You may have simply failed to handle the important task of tax preparation properly. Additionally, you may have been unable to file or pay taxes due to a serious life event. This can include things like a serious illness or natural disaster that impacted your ability to access or tend to your financial documents.
Some tax issues stem from a person’s failure to file due to financial hardship. You may not be able to reasonably pay taxes because doing so would leave you without enough money to cover living expenses. Unfortunately, the IRS will look to consequences like liens, levies, wage garnishments, and penalty fines if you don’t seek relief.
One of the most problematic issues is an IRS audit. It’s important to take an audit very seriously even if you believe that an investigation into your tax returns has been triggered by something simple like a math error. The IRS could decide to look back at several years of tax returns to investigate your financial dealings.
Has the IRS contacted you about tax debt problems? It’s important to know about the solutions available for debt forgiveness or payment management. Take a detailed look at common tax issues that should never be ignored.
Unfiled Returns
Have you received a letter from the IRS regarding a past-due return? Failing to file a tax return is a very serious offense, and you can face serious penalties if you fail to file your tax return by April 15 without an extension. You may be able to have your penalties and fines waived or reduced if you act quickly.
IRS Penalties and Interest
IRS penalties are very serious. The most worrisome penalty on the table is jail time, but those who fail to file tax returns on time face very high interest penalties. Interest on an unpaid balance compounds daily from the due date of the return until the balance is paid in full. The IRS charges an interest rate that equals the federal short-term rate with an added 3 percent. A special failure-to-pay penalty is also added on top of any interest you owe.
IRS Tax Audits
You may receive a letter in the mail from the IRS informing you that your tax return is being audited. The IRS will require documentation to verify what you’ve claimed on your tax returns. It is important to know your rights to avoid penalties or incrimination while navigating the audit process.
Tax Levies
The IRS has the right to issue levy permits for the seizure of your property if a tax debt needs to be satisfied. You could see your wages garnished, money removed from your bank account, and personal property seized. Act quickly to exercise your right to a hearing if you receive a notice of levy.
Tax Liens
A tax lien is a claim against your property due to failure to pay a tax debt. The government can seize your real estate, personal property, and bank accounts if you fail to pay owed taxes or take appropriate steps to stop a lien. Paying your tax bill in full is the quickest way to address a lien. However, you do have other options for settling your debt if full payment isn’t possible at this time.
Unpaid Payroll Taxes
Failure to pay payroll taxes can cost you your business. Market changes, delinquent vendors, and other issues can make payroll taxes difficult once all other necessary expenses have been paid. There are options for providing documentation or reaching an installment agreement that can make the problem of unpaid payroll taxes manageable.
Wage Garnishments
The IRS can go after your wages if you owe back taxes – even going directly to your employer to enforce garnishments. You do have options for working something out with the IRS that won’t involve your wages being redirected by your employer.
What Are Common Types of Tax Relief Issues?
We can introduce you to solutions for all of the common types of tax problems you may face. Our team of experts handles audits, penalties, interest, unfiled taxes, liens, levies, unpaid payroll taxes, garnished wages, and much more. We’ve already helped thousands of clients with the following tax issues:
- Offer in Compromise (OIC)
- Expiration of Statutes
- Innocent Spouse Relief
- Penalty Abatement
- Currently Non Collectible (CNC)
- Bankruptcy
- Installment Agreement (IA)
- Tax Audit Appeals
It’s important to resolve tax problems because the IRS doesn’t back down. In fact, the IRS has access to many aggressive tactics for getting what is owed. This can include liens, levies, and jail time, and every day that you wait to address a tax problem moves you further into a defensive position instead of an offensive position.
These penalties provide some pretty strong incentives for getting your tax issues squared away. What’s more, taking a proactive approach to handling your tax issue can help you take advantage of solutions and programs that are available through the IRS. The Tax Group Center can show you how to proceed in the best way possible from whatever stage you’re in with the IRS right now.
Who Has Tax Problems?
Tax problems can happen to any taxpayer. The fact of the matter is that understanding tax obligations and laws isn’t easy!
It’s no secret that self-employed people and owners of small businesses are often disproportionately singled out by the IRS. The IRS may be scrutinizing every deduction and claim you make on a return if you handle a business. In addition, there are many factors and life events that can put an individual on the radar of the IRS. The Tax Group Center offers tailored solutions for IRS tax problems faced by both individuals and businesses.
Why You Should Never Ignore Tax Problems
Tax debt problems won’t go away on their own. In fact, ignoring or pushing aside your tax issues could cause you to miss important deadlines and opportunities for settling your debt with the IRS. Ignoring problems could cause you to lose your business or property, owe large amounts of money, and spend time in jail. In addition, wage garnishments and property seizures can create embarrassing situations. Both individuals and businesses face the common tax situations that are caused by late payments or outstanding returns.
At Tax Group Center, you’ll work with qualified employees who have the knowledge and experience that will save you both time and money. These professionals can:
- Resolve Tax Debt
- Settle Tax Liabilities
- Protect you from Bank and Wage Levies, Property liens, etc.
In addition, you’ll also work with a professional case manager who will assist you through the entire process. They will inform you of required steps, notify you when action is needed, and oversee your case from beginning to completion.
Tax Group Center is the top choice for tax problems and solutions because our team of professionals speaks the language of the IRS. In our 30 years of experience, we’ve helped thousands of taxpayers to come up with solutions for avoiding penalties. Let our team of licensed professionals, tax attorneys, enrolled agents, and tax agents support you and design a plan to protect your rights, address problems in a timely fashion, and give you the confidence to look forward to a clearer future.
How Can Tax Group Center Help You?
At Tax Group Center, our team of trusted tax professionals isn’t concerned about the why regarding your unfiled or unpaid taxes. We simply want to get you on the right page with the IRS. We’re in a unique position to do this because we speak the language of the IRS. Let us walk you through your options to discover the best path forward. No matter what your particular tax problem is, you can put our expertise to work for you!
