Because they are not aware of the rules governing tax debt and the requirements imposed by the IRS, many taxpayers opt to employ expert tax settlement counsel. When it comes to decreasing tax debt or collecting past taxes, the Internal Revenue Service (IRS) is required to follow the principles that are outlined in the Internal Revenue Manual. Because of this, taxpayers need to have a solid understanding of the tax regulations that pertain to their specific tax debt case.
Those taxpayers who can pay for expert assistance and who choose to do so will be rewarded in the following ways:
1. Deciding On The Appropriate Payment Strategy
The Internal Revenue Service (IRS) provides several different options for the resolution of tax debt; however, a taxpayer is not eligible for all of these plans. Every plan includes a variety of qualifying criteria, each of which must be satisfied to qualify for the plan. You can choose the payment plan that will save you the most money and the most time with the assistance of a professional tax service. If you apply to the IRS for a payment plan for which it is obvious that you do not qualify, the agency will often assess a penalty against you.
2. Achieving The Greatest Possible Deduction In Tax Obligation
Taxpayers who are unable to pay their total tax obligation may be eligible for a reduction in that obligation. The Internal Revenue Service requires a financial statement to reduce tax liability. They look at the applicant’s financial statement to assess whether or not they have the means to pay. A tax aid professional will negotiate with the IRS to offer you the greatest possible reduction in the amount of tax debt that you owe, taking into account the specifics of your situation.
3. A Decrease In The Amount Paid In Penalties And Interest
Even if you are not able to qualify for a tax debt payment plan like the Offer in Compromise or the Partial Payment Installment Agreement, you may still be able to minimize the overall amount of your tax debt by strategically making your payments. For instance, if you are eligible for an Installment Agreement and you make larger payments in the first few months of the agreement, you will have a lower overall balance due to penalties and interest.
4. Preventing The Occurrence Of Non-Compliance
It is not only annoying for a taxpayer to not know all of the tax rules, but it can also result in penalties from the Internal Revenue Service (IRS). Even if you are accepted into a payment plan, you still need to be familiar with all of the terms and conditions of the plan to effectively settle your back tax debt. If you use a professional tax resolution company likePolston Tax, you won’t have to worry about the possibility of making mistakes that could result in a violation of the law because they have tax attorneys and other tax specialists on staff.
5. Efficient Use Of Your Time And Labor
When you hire a professional tax service, you may relax and focus on other things while the resolution of your tax debt matter is being worked out. You spare yourself the hassle of paperwork, preparing, being represented, and negotiating.
The combination of all of these variables makes it extremely helpful for taxpayers to employ an experienced tax agency to obtain a resolution to their tax problems. Taxpayers who are unable to pay for professional assistance on their own might contact the Internal Revenue Service or the Taxpayer Advocate Service for assistance in finding a solution.