IRS Tax Resolution: What Is It?

Working with the IRS and tax experts to come up with a solution to your tax issues is known as tax resolution. If the IRS isn't happy with your tax filing or financial situation, it could be for a number of reasons. The Internal Revenue Service (IRS) may conduct an audit of your tax return if it is particularly complicated, in order to ensure that the income reported and the deductions claimed are accurate. Sometimes, the Internal Revenue Service (IRS) believes that you have underreported your income, which necessitates an investigation of your tax situation.

When you don't file your taxes for a number of years, you run the risk of running into issues with the IRS. When the problem becomes serious enough, you may require outside assistance to get you back on track and to keep you from being charged more than you should be by the Internal Revenue Service.

A few situations in which tax resolution services may be useful include:

Representation in an audit

Do not be alarmed if you receive notice from the IRS that you will be audited. You don't have to go through the audit process on your own, despite the fact that it can be intimidating.

If the IRS decides to audit you, it doesn't mean you've done anything wrong. The IRS audits taxpayers for many reasons. With the help of a professional tax consultant, you can rest assured that the audit results will be as accurate and equitable as possible.

Transcript Protests

Of course, even the IRS is not perfect. It may include income from an ex-spouse or a former business partner if it thinks you made more money than you actually did. When that happens, you have the right to challenge the IRS and present evidence to support your position. It's possible to avoid having to pay the money you don't owe by putting together a transcript protest with the help of tax experts.

Debt that Cannot Be Repaid

Suppose you owe the IRS a large sum of money, but you can't afford to repay it and still maintain a reasonable standard of living. There is no need to choose between keeping your head above water and paying the IRS in that situation.

If you are unable to pay your tax debt, the IRS does provide some assistance. At this time, the IRS will not attempt to collect any of your unpaid taxes because you are in a status known as ” Currently Not Collectible.” There are many benefits and drawbacks to using tax resolution services to determine whether you qualify for the status.

Penalties for tax evasion

When people or businesses fail to pay their taxes on time or at all, the Internal Revenue Service (IRS) typically charges interest and penalties. The good news is that the IRS will waive the penalty in some cases. With the help of tax resolution firms, it is possible to determine whether you are eligible for tax penalty abatement.

Unreported Income

Despite the fact that you're obligated to file a tax return each year, life and other circumstances can make it impossible. Because of the documents it receives, such as W-2s and 1099s, the IRS may make an educated guess as to how much you owe. If you need help preparing your tax returns from previous years, a tax consulting firm can help. It can also assist you with your current tax returns and assist you in developing a long-term tax strategy.

Paying Overdue Income Taxes

Paying off all of your back taxes at once may not be an option if you owe money to the IRS. Part of tax resolution is determining whether you are liable for the back taxes you've accrued. If you work with the IRS, you can come up with a strategy to make paying your tax debts more manageable.

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