Approximately 20% of the United States population has an outstanding back tax debt and major tax problems. The primary reason for tax delinquencies is the taxpayer’s inability to pay. In today’s economic atmosphere, the IRS is willing to work with your tax relief company to arrive at a mutually beneficial resolution. Instant Tax Solutions is here to help you if you are facing a bank levy, wage garnishment or any other kinds of IRS tax problems.
Common IRS Tax Problems
Unfiled back tax returns that contribute to serious problems:
- Increased penalties and interest compounding daily
- Substitute for Return (SFR) prepared by the IRS in place of your tax return
- Possible criminal action
- Statute of Limitations is extended
- Loss of Tax Refund
- Inability to negotiate for IRS tax relief programs
Inability to pay outstanding back taxes to IRS
- Unable to pay the full amount of back taxes due
- Unable to meet deadlines
Tax Penalties and Interest
- Penalties for filing late
- Penalties for failure to pay
- Accuracy related penalties
- Interest compounding daily increasing the amount owed
- Over 150 penalties available for IRS use
IRS Pre-Collection Notices and Actions
- Harassing and intimidating phone calls
- IRS notices and threats
IRS Collection actions
- Bank Levy
- The IRS can levy the funds in your bank accounts
- Wage Garnishment
- The IRS can garnish your current wages, 1099 income and your Social Security
- Asset Seizure
- The IRS can take your personal property and apply it to your tax debt
- Federal Tax Lien
- The IRS can place a lien against anything you own as security for an outstanding tax liability
Settling Back Taxes
Call a tax attorney for help to obtain the most satisfactory resolution of tax problem.
There are many IRS programs available:
- Filing Back Taxes with the IRS
- Submitting an Offer in Compromise
- Negotiating an Installment Plan
- Releasing IRS Levies and Liens
- Requesting Penalty Abatement’s
- Qualifying for Innocent Spouse
- Qualifying for Currently Not Collectible (CNC) status