Tax Resolution – A Quick Guide

Many think of the IRS only during tax season and when they await their tax refund. But if the agency believes an individual or business hasn’t filed appropriate tax returns, or has committed any other tax related discrepancy, the IRS makes its presence felt. In such instances, the person or company in question might need tax resolution services to help resolve the said issue.
Tax resolution is the process of working with the IRS and tax professionals to find a solution to your tax problems. The IRS might have an issue with your tax return or tax situation in a few instances like to verify you are reporting the appropriate amount of income and claiming legitimate deductions. Such cases call for tax resolution. Some exact instances when you might use tax resolution services include:
1.Audit Representation
The IRS audits taxpayers for a range of reasons. Hiring a professional tax resolution specialist to help put together an audit defense as your representative in front of the IRS can assure you a professionally sound defense.
2.Transcript Protest
There are instances when the IRS misunderstands the amount you owe. Here tax professionals can help you put together a transcript protest, so you don’t have to pay money you don’t owe.
3.Non-Collectible Debt
The IRS does offer a form of relief when you can’t pay your tax debt. During what’s known as a “Currently Not Collectible” status, the IRS won’t try to collect the debt you owe. Using tax resolution services can help you see if you qualify for the status and can help you understand the benefits and drawbacks of using it.
4.Tax Penalties
The IRS tends to charge interest and tax penalties when individuals or businesses for late or no payment of taxes. Fortunately, there are some instances when the IRS will waive the penalty. Tax resolution specialists can help you determine your eligibility for the same.
5.Compromising With The IRS
If you owe a hefty amount and aren’t able to pay it, the IRS’ Offer in Compromise program might accept a payment that is less than what you owe.
·Who is a Tax resolutionSpecialist?
A tax resolution specialist is a tax expert who represents taxpayers in their dealings with the IRS. Whether you need to pay back taxes, handle an IRS audit, or fix other tax issues, the specialist will use his or her extensive knowledge of tax laws to serve as a liaison between you and the IRS.
A tax resolution expert may work in a private firm that provides tax resolution services, operate his or her own tax resolution firm, or work as an accountant who performs a variety of tax-related tasks.
Tax issues are common when it comes to the IRS and the tax returns filed every year. Tax resolution specialists help the tax payers get out of the said tax issues, in a manner professional and accurate. Our tax experts at National Tax Preparers of America assure to help you get through any tax issue that you as a tax payer might face.