Nothing strikes panic more than receiving a letter from the Internal Revenue Service (IRS) about underpaid or misreported tax returns. If the tax agency has you on their radar, don't panic. Far-reaching consequences come with a notification from the tax authorities, and hiring a tax resolution specialist to represent you is your best bet of resolving the issue.
The IRS can take drastic measures against tax defaulters. They can foreclose on your home, garnish your wages, or charge your bank account to recover their dues. Such actions can deplete your savings and assets, but a tax resolution professional can approach the IRS to mediate a favorable settlement. Getting resolution services enables you to repay your debt through an installment agreement or a bankruptcy plan if you're financially declared insolvent.
Here are some reasons why you need tax resolution services.
Tax Resolution Protects Your Rights
After receiving a notice from the IRS, you might not know what to do or what your your rights are. Luckily, contacting a reputable tax resolution professional boosts your chances of getting tax relief. You have the right to representation when the IRS marks you for a tax audit.
Getting professional representation doesn't make you guilty, and a tax resolution pro knows the ins and outs of dealing with the agency to safeguard your rights and assets. For instance, if you've accrued an amount you can't pay, a resolution specialist can invoke the "currently not collectible" status. This keeps the agency from hounding you until your financial situation improves.
Avoiding Garnishments And Levies
The IRS has special powers when it comes to claiming underpaid or owed taxes. Surprisingly, it doesn't need a court order to impose tariffs on your bank account or garnish your wages to recover what you owe. When you engage a tax resolution specialist, they can help you avoid garnishment or property seizure. Indeed, they protect you from the overbearing power of the tax authorities and push for tax penalty abatement measures.
Pay Tax Debt For Less
Reducing penalties and runaway interest imposed by the tax agency significantly reduces the amount you have to pay. With a tax resolution professional in your corner, you can skip punitive tax penalties and settle your dues for less.
These professionals leverage existing tax codes, and they can push to have you pay the principal amount when they complete negotiations with the government. You must work with highly trained and recognized resolution agents if you expect a substantial tax penalty reduction. These agents can exploit legal loopholes and show why the IRS shouldn't claim the full amount of your tax liability.