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Settling your tax debt the correct way requires an expert evaluation of your particular issues to determine the best way to move forward. Dealing with the IRS and state may be intimidating, stressful and time consuming. TaxSmith is here to relieve you of those worries and resolve your tax matter. We not only want to eliminate your current tax problem but also establish a game plan so that you do not become a repeat client. TaxSmith has the expertise to help you with your unresolved tax problems. The following are some options that taxpayers have with their tax debt.
You do not have to wait until a tax problem arises to contact TaxSmith. We are here to prepare your tax return(s) before you have a tax problem with the IRS or the state. Staying current on filing your tax returns is one of the most important steps in working with the IRS and the state. Whether you have no other issues with the IRS, you are required to file taxes each year as a citizen in America. Often the IRS will waive this obligation if your income is of a certain type of is below a threshold amount, but even then, filing a generic Viagra loans here tax return can be a good way of obtaining a refund. If you do have back tax debt, then filing new returns and staying current is part of the deal in working with a tax resolution. Many offer in compromises, settlements, and other various deals with the IRS are denied because the taxpayer failed to remain current on their tax filings.
There are normally two deadlines each year for income tax filings, in April and October. If you filed an extension to file your returns by October, you do not have to wait until October to file and can have these returns filed anytime between April and October. However, if you are late and miss the October filing deadline, then penalties and interest will accrue on your tax debt and eventually a substitute for return may be filed on your behalf by the IRS.
If you need older years filed, TaxSmith can order your master file for each individual year. While the statute of limitations for a refund is three years, to be compliant with the IRS, and therefore to be able to enter a resolution, the last six years of returns must be filed. Please contact TaxSmith for all of your tax preparation needs now and in the future.
Most taxpayers cannot pay their debt in full or qualify for an Offer in Compromise. In these cases the IRS offers installment agreements allowing taxpayers to make monthly installment payments based on their ability to pay. TaxSmith professionals will negotiate affordable payment plans based on your budget and financial profile that will allow you to regain financial control and to avoid any IRS or state collection activity in the future.
If a taxpayer cannot make monthly installment agreement payments and does not qualify for an Offer in Compromise the IRS may consider a Currently Non-Collectible (CNC) status. If a taxpayer is placed in a CNC status the IRS agrees that the taxpayer does not have the ability to make any payment on their back owed debt at this time. If a taxpayer is placed in the CNC status, the statute of limitations continues to run and the IRS will not pursue collection activities. However, if the taxpayer’s financial status does improve substantially, the IRS can remove the CNC status and request additional financial information.
An Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. If you qualify an Offer in Compromise (OIC) is frequently the ideal solution to resolving your delinquent tax debt. The OIC was created by the IRS in 1992 by Section 1772 of the Tax Code. The two primary grounds for which an OIC can be successfully negotiated with the IRS are: Doubt as to Collectibility (e.g., the taxpayer is unable to pay the full burden) or Doubt as to Liability (e.g., the taxpayer contends that they do not owe the debt). A very small percentage of taxpayers qualify for an OIC and thus pre-review of an OIC is an important step before submitting an OIC to the IRS and it being rejected.
Abatement of tax penalties means that the IRS will eliminate certain penalties that have been assessed to the tax debt if there is reasonable cause. However, the burden of proof to prove reasonable cause lies with the taxpayer. TaxSmith has the expertise and understanding of what the IRS will accept as a reasonable cause for the abatement. If we believe that after a review of your case that you have reasonable cause we will present it in a well-documented format to the IRS for consideration.
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