Life happens. As a business owner or self-employed person, you must juggle a lot of balls on a daily basis. From pitching new business to invoicing, collections, marketing, and managing staff, running a business is complicated. Add to this the challenge and complication of properly filing multiple taxes like sales tax, property tax, corporate taxes, withholding and of course income taxes. It can quickly become overwhelming. If you have a business downturn or unexpected expenses, you can quickly find yourself behind with the IRS. Fortunately, there are ways to resolve this, and one is called an IRS Installment Agreement.
If you owe the IRS money, they will do everything in their power to collect. If it’s over $50,000, it may be in your best interest to work with a tax resolution specialist. Taxes are complicated, life shouldn’t be. If you have an issue with the IRS, letting a tax resolution specialist take on that stress can give you the time to get your business back on track.
Facing Your Tax Issues with the IRS
Tax issues with the IRS can be scary. You can feel intimidated and overwhelmed. Owing money is always stressful, and when it’s owed to the government, it can make you feel helpless. There are a lot of “fly-by-night” companies who offer to negotiate with the IRS on your behalf, promising to resolve your tax problems for “pennies on the dollar.” Often, you’ll find yourself with even less money than when you started and no lasting resolution.
When you’re researching potential providers, look for a company with a reputation for honesty and integrity. Find a company that will allow you to speak with a licensed professional before hiring them. Ask questions about their process, fees, and the type of IRS installment agreement they may arrange. Make sure that the person you speak with is not just a licensed professional who does sales, but someone who has real-world experience working on cases with the IRS.
Not all tax relief agencies are created equal. Look for a firm with experts who have the experience to solve your tax problems. They should provide you with a personal approach that addresses your concerns, needs, and individual situation. Ultimately, they should provide you with peace of mind.
No matter how worried or scared you may be, it’s never too late to resolve tax issues with the IRS. Choosing the right tax relief agency can help you get through the process, and get you back on track, fast!
What is an Enrolled Agent?
Any tax professional with an IRS Preparer Tax Identification Number can file federal returns including CPAs, attorneys, and others. If you have a problem with back taxes, no matter who you choose to work with, you must make sure that they are licensed, professional, and preferably, enrolled agents (EAs). Enrolled Agents are federally licensed, recognized practitioners who are legally allowed to represent taxpayers before the IRS when it comes to audits, appeals, and collections.
Authorized by the Department of the Treasury’s Circular 230 regulations, an EA is granted unlimited practice rights to speak of the behalf of taxpayers before the IRS. They are also authorized to advise, represent and prepare individual, partnership, and corporate tax returns. They are also legally allowed to represent estates, trusts and any other entities who are required to file taxes.
Enrolled agents, like attorneys and CPAs, are Federally Authorized Tax Practitioners. As such, they have the unlimited right to represent taxpayers on tax refund, collections, and audits before the IRS. This is a classification and license that is a critical requirement for any tax relief agency you may choose to work with.
Along with an EA license, any taxpayer relief agent you choose to work with should also have several other qualifications. When vetting potential agencies ask questions and look for agencies who:
• Are licensed, professional enrolled agents
• Understand and have experience with individual tax relief including levies and liens, penalties, offers in compromise, innocent spouse, audit prep and more.
• Understand and have experience with business tax relief including payroll levies and liens, penalties, IRS installment agreements, delinquencies, proper incorporation and more.
• Will work closely with you to help you understand the IRS and will negotiate directly with them on your behalf.
• Offers proper tax preparation services to help you avoid future problems and tax issues in the future.
A good company will work to understand your position and support you in achieving the best possible resolution of your tax issues.
Reaching A Settlement: The IRS Installment Agreement
Many people experience tax liens including imposing fines and penalties, property seizure and wage garnishments. Working with a tax relief agency can help you deal with your tax issues, assuage your fears, and take the burden off of your shoulders as they work to negotiate an agreement on your behalf. The typical arrangement is known as an IRS Installment Agreement. This allows you to pay your prior years’ taxes in affordable monthly installments until you’ve met your obligation.
A professional EA tax relief specialist can work with the IRS to possibly reduce or eliminate fees and penalties and reach an arrangement that can allow you to pay your back taxes while staying in business. They understand the latest tax laws and are aware of any programs, amnesties, or tax law changes that may affect your IRS Installment Agreement. They will work with you, and with the IRS on your behalf, to guide you ethically and confidently to a more secure financial situation. Engaging a tax relief agency will provide compassionate guidance, and the peace of mind to allow you the freedom to focus on what’s most important for you and your business.
If you live in the Denver area and would like to learn more, give the licensed tax experts at True Resolve Tax a call. Their team of specialized, licensed tax professionals offer commitment, experience and the expertise to solve your tax problems today, and their unique personal approach will provide you with the peace of mind to know that your tax issues are in good hands. They can help you with business or individual tax resolution, tax preparation, bookkeeping, accounting, payroll, understanding the IRA and all your income and tax-related needs. Call today and schedule a free consultation to discuss your tax issues.