Tax problem resolution… just a catch-all term for ‘beating the IRS’ right?
Well, not to paint ourselves as Jacks of all trades, but there’s a bit more involved in the process of resolving tax problems with the IRS. And if you’re someone who has ever considered reaching out to a knowledgeable Mount Vernon specialist to help you resolve your conflict with the IRS, it’s important for you to know exactly who you’re dealing with.
Most people with tax problems think their only option for dealing with the IRS is a long-term payment plan. But there are other ways for you to reduce penalties, avoid legal action, and even save on your total amount owed.
Tax resolution specialists (like me) typically take a more holistic approach that goes way beyond basic payment plans. We offer a whole toolbox full of strategies to untangle your tax mess and get you back on solid financial ground.
So, let’s open that toolbox and look at the things you may not have known that tax resolution specialists can do.
Slash penalties with penalty abatement. The IRS can tack on hefty penalties for late filing or non-payment, but depending on the case, these fees can be reduced or even altogether eliminated. Tax resolution specialists can negotiate with the IRS on your behalf, citing “reasonable cause” for your tax issues — which could include anything from a serious medical emergency to a natural disaster. These negotiations can often save taxpayers thousands of dollars.
Alleviate unfair tax burdens with Innocent Spouse Relief. Aside from the emotional strain, a divorce can sometimes leave one party with a mountain of tax debt from the other spouse. Innocent Spouse Relief is a program many Westchester County taxpayers don’t even know exists, though around 50,000 people apply for it each year. A tax resolution specialist can guide you through the complex application process and ensure you’re not held liable for someone else’s tax errors.
Settle your tax debt for less. The IRS offers an Offer in Compromise (OIC) program, where they agree to accept a lump sum payment in exchange for forgiving the rest of your debt. However, getting an OIC approved is tricky, and the success rate is only about 40 percent. An experienced tax resolution professional will typically increase your chances of a successful OIC and save you a significant amount of money.
Stop wage garnishments and bank levies before they happen. Wage garnishments and bank levies are no joke. (I’ve talked about this in detail recently. See the blog on my www.lekmanagementinc.com for more on that.) The IRS can legally take up to 25 percent of your paycheck or drain your bank account to settle your tax debt. The good news is that filing a Collection Due Process Appeal can delay or even stop these actions altogether. A tax resolution specialist can navigate this process and intervene before these aggressive collection measures disrupt your finances.
Now, all of this has hopefully made the concept of tax resolution less obscure for you, and in turn, helps you get to know us better. If you’ve been confronted with any of the above conflicts, I hope it is a comfort knowing there are people out there (like me) who specialize in handling these issues quickly and competently.
So, if you’re trying to decide between ignoring the issue or spending hours upon hours handling it yourself, know that there’s a third option, and we’re here for you.
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Here with all the tools and skills you’ll need,
Lynn Karam