Orange County Accountant

With the recent downturn in the economy, Americans find themselves not only facing unsecured credit card debt problems, and difficulties handling their home and vehicle loans, but oftentimes unable to pay their IRS taxes in a timely manner. There is IRS tax debt help available to anyone who finds they owe money for back income taxes to the Internal Revenue Service. The federal government offers many tax relief programs that are designed to help the taxpayer repay the delinquent IRS tax debt due. But if you are a struggling taxpayer with a large IRS tax debt, then repaying the full IRS back tax debt may not be an option for you and your family. In fact, it may seem like an insurmountable financial hurdle you will never be able to overcome. That is why there is an IRS tax relief program called Offer in Compromise.Federal law does grant the IRS the power to agree to a settlement of your IRS tax debt for less than the actual amount you owe. Sometimes, the IRS can accept significantly less to end your IRS tax debt. However, the process of actually getting the IRS to agree to a tax settlement is not simple or straightforward. You may need expert IRS tax debt settlement help to insure that you have filed everything correctly and that you give yourself the very best chance to be approved for a reduced tax debt settlement offer. The IRS does not widely promote this program and it is not a full amnesty program. It is however, a way to significantly reduce your IRS tax debt, and have the “compromised amount” be considered payment in full for the IRS back tax liability. It is as close as you can get to a “fresh start” with the IRS!Knowing when it is prudent to seek professional IRS tax debt settlement help can be crucial to your success. The paperwork for the IRS tax debt settlement program is complicated. You are required to prove that you will never be able to pay back the entire tax debt, or that paying off your tax debt will cause “undue hardship”. You must commit to a full financial disclosure. The IRS looks at your income and all your “lifestyle expenses”. They even require an inventory of all your accounts, possessions, and the equity in your home. Getting approved can be a lengthy process and there are no guarantees you will quality for this form of IRS tax relief. The process can take up to a year. Having professional tax debt help can “make the difference” between success and failure. You simply cannot be expected to know all the complexities of the IRS settlement process to insure your tax debt settlement offer is accepted. But IRS tax relief professionals can give you this “much needed edge”.There are a number of companies that are able to provide delinquent taxpayers with the IRS tax debt settlement help they need. Some of these firms are actually tax law firms, while some are companies with tax specialists that assist with IRS back taxes. These firms are typically staffed with tax attorneys, enrolled agents, CPAs, and even previous IRS employees who have the “inside track” on how to successfully secure a tax debt settlement offer from the IRS. These companies will offer a free tax analysis which allows you to have your tax matter reviewed at no initial cost. These tax firms are also aware of all other IRS tax relief programs available should it not appear that you are likely to quality for tax debt settlement through the Offer in Compromise program. It is always advisable to check the record of any professional tax debt help firm or company you intend to contract with to handle your IRS tax debt problem. It goes without saying that successful resolution of your IRS tax debt is important!

It’s important you do not to ignore IRS back taxes for long. When IRS collection notices are ignored, the IRS has to resort to collecting from taxpayers by force. They do this with their dreaded IRS tax levy. By law, the Internal Revenue Service has the right to issue an IRS tax levy on you. This means it’s completely legal for the IRS to levy your bank accounts, issue wage garnishments, and even seize your assets in extreme cases.The most common IRS tax levy collection tools are the IRS bank levy and the IRS wage levy. If you receive notice from the IRS that either Tax Levy is going to be issued on you, you need to act fast. Your income and bank account funds are at stake and the matter is now extremely urgent! IRS Bank Levy: The IRS bank levy is an extremely harmful way to collect IRS back taxes. All of the money you scrimped and saved can be gone in and instant. Here’s what happens when the IRS Issues a bank levy:1. First, the IRS freezes your bank account.2. They give you 21 days to contact them and explain why you should receive the money. If you do not comply, the IRS will keep all of the money in your account for good.If you received a Notice of Intent to Levy from the IRS, it’s imperative to act fast and get your tax debt taken care of. It’s a smart idea to consider professional help at this point. Timing is crucial and a tax professional has a better chance of negotiating with the IRS and getting the bank levy removed in the short 21 day time frame. Remember that once the IRS seizes your account funds with the bank levy, you will not be able to get them back. IRS Wage Levy: The IRS wage levy is another brutal method used to collect IRS back taxes. It’s also known as wage garnishment. Basically, the IRS can take a percentage of your paycheck until your tax debt is paid in full, or until the statute of limitations on your tax debt expires. You do not want the IRS to seize money from your paycheck for years. Remember, they can seize up to 70% of your paycheck. It’s important to work fast to find a better solution for paying off your IRS back taxes. Stop the Bleeding: Your bank account and paycheck are being threatened. How do you stop the tax levies, and fast? You have to start by giving the IRS what they want. You have to make an arrangement to pay on your IRS back taxes. You can pay by settling your tax debt (for less than the full amount due) with an Offer in Compromise, or your can pay them monthly through what is called an Installment Agreement. Hiring Professional Help: Once an IRS tax levy or federal tax lien has been issued against you, things get tricky. Negotiating with the IRS is tough once they’ve opened a direct route to your money. If you’ve already received an official IRS Notice you might need professional assistance with your tax debt. With a tax professional working on your side you have a better chance of being successful and getting your tax debt issues resolved once and for all.

It’s important you do not to ignore IRS back taxes for long. When IRS collection notices are ignored, the IRS has to resort to collecting from taxpayers by force. They do this with their dreaded IRS tax levy. By law, the Internal Revenue Service has the right to issue an IRS tax levy on you. This means it’s completely legal for the IRS to levy your bank accounts, issue wage garnishments, and even seize your assets in extreme cases.The most common IRS tax levy collection tools are the IRS bank levy and the IRS wage levy. If you receive notice from the IRS that either Tax Levy is going to be issued on you, you need to act fast. Your income and bank account funds are at stake and the matter is now extremely urgent! IRS Bank Levy: The IRS bank levy is an extremely harmful way to collect IRS back taxes. All of the money you scrimped and saved can be gone in and instant. Here’s what happens when the IRS Issues a bank levy:1. First, the IRS freezes your bank account.2. They give you 21 days to contact them and explain why you should receive the money. If you do not comply, the IRS will keep all of the money in your account for good.If you received a Notice of Intent to Levy from the IRS, it’s imperative to act fast and get your tax debt taken care of. It’s a smart idea to consider professional help at this point. Timing is crucial and a tax professional has a better chance of negotiating with the IRS and getting the bank levy removed in the short 21 day time frame. Remember that once the IRS seizes your account funds with the bank levy, you will not be able to get them back. IRS Wage Levy: The IRS wage levy is another brutal method used to collect IRS back taxes. It’s also known as wage garnishment. Basically, the IRS can take a percentage of your paycheck until your tax debt is paid in full, or until the statute of limitations on your tax debt expires. You do not want the IRS to seize money from your paycheck for years. Remember, they can seize up to 70% of your paycheck. It’s important to work fast to find a better solution for paying off your IRS back taxes. Stop the Bleeding: Your bank account and paycheck are being threatened. How do you stop the tax levies, and fast? You have to start by giving the IRS what they want. You have to make an arrangement to pay on your IRS back taxes. You can pay by settling your tax debt (for less than the full amount due) with an Offer in Compromise, or your can pay them monthly through what is called an Installment Agreement. Hiring Professional Help: Once an IRS tax levy or federal tax lien has been issued against you, things get tricky. Negotiating with the IRS is tough once they’ve opened a direct route to your money. If you’ve already received an official IRS Notice you might need professional assistance with your tax debt. With a tax professional working on your side you have a better chance of being successful and getting your tax debt issues resolved once and for all.