Internal Revenue Service is agency part of the Department of Treasury that is responsible for collecting taxes and the interpretation and enforcement of the Internal Revenue Code. It is the duty of the bureau to ensure that the citizens pay their taxes honestly and punctually. If you think you have an IRS tax problem, it is best to deal with them immediately.
The fines and penalties are harsh if you commit a fraud or evade your taxes. Be aware of the prevailing laws especially when filing tax returns to avoid mistakes. If you have been sent a notice from the IRS and you cannot interpret them, seek help from professionals who can help you understand the laws and they may be able to provide you with a figure based on you assets and income.
Record all your payments and receipts and you can use them in determining your balance with the help of a revenue officer. Yet, there are times when you cannot pay your debts due to being short on fund or other circumstances. It might be helpful to seek advice from lawyers and experts.
All taxpayers should file all the required returns that are past due to avoid additional penalties and interest. All problems start small, so it is best to handle them while they are still small rather than waiting for them become a big headache in the future. Recognize and avoid tax scams since they can result in fines and imprisonment and you will be required to pay penalties and interests.
Dealing with incurred debts are never simple so when you hear an offer that sounds to good for it to be real it is usually a scam. Look out for people who ask for sensitive information over the phone, like credit card numbers. Sensitive information should never be given to anyone and should never be discussed over the phone.
If you did not take care of your debts and have become too big for you to pay, the IRS can levy, or seize, all your money and accounts from the bank. They can levy your sources of income and inform your company and business associates. If it is still not enough, they can also levy all your properties and other assets to be sold at public auctions to compensation your penalties.
If you owe the IRS, there are many options that are legally available to you to help solve your issue. The most straightforward option you have is to pay the incurred balance in full assuming that you have the resources to do so. Once you have paid in full, all collection activity will be stopped.
However, you can file for an Installment Agreement if you have cannot pay in the full amount. Installment Agreement allows you to settle unpaid debts through installments, but penalties and interests will still be charged until you are fully paid. Other ways in settling your taxes are through, Currently not Collectible, Offer in Compromise, Bankruptcy, or Statute of Limitations.
When going gets tough, it is best to find an expert to help with IRS tax problems you otherwise you will just be exhausted and frustrated. It is important to adopt good habits and use them consistently, especially when dealing with important matters. And, if you learned something new, which is more efficient and safe, then do not doubt to use them.
If you have an IRS tax problem, let us solve it for you right now. Visit our official website at http://kellytaxlaw.com and find out the tax law and your rights.