Equity Search Services: Tax Solutions
When a taxpayer files a return without paying the full amount owed, the IRS sends a bill for payment. That bill is the first step in the collection process.
This first bill from the IRS explains the reason for the bill and demand full payment. The bill will reference the tax form; the year involved and the amount of tax due. Penalties and interest are assessed. At this point, further communication from the IRS becomes increasingly threatening.
If it looks like the IRS' assessment is erroneous, the taxpayer can contact the IRS and discuss the bill. The IRS will make any corrections they deem appropriate. But if the assessment is correct, and the full amount is unpaid, the taxpayer has some options. This is the time to hire professional tax representation—in order to protect your rights and to obtain a solution that benefits you. Equity Search clients have often attempted to handle a problem alone before coming to us. Others will attempt to consult books, do-it-yourself kits or flat fee “tax specialists.” In the long run, they find that those attempts cost them more time and money than if they had hired a qualified, experienced professional from the very beginning.
Following are some of the most basic options available to a taxpayer. However, the Equity Search philosophy is ensuring your long-term success. A tax problem is most often only a symptom of a bigger problem—we can help fix the tax problem and not only ensure that it doesn’t happen again, but devise a plan and strategy to get you on the right track to future financial success.
Installment Agreement.
This is a negotiated agreement with the IRS to make payments over a specified period to pay the taxes owed. Equity Search can help ensure that you get the best arrangement for you (vs. the IRS recommendation, which will be what is best for the IRS), handle all of the paperwork and negotiations, and maximize the chance that your proposed agreement will be accepted by the IRS.
Currently Not Collectible.
If a taxpayer is unable to make any payments, the IRS may defer collection efforts for a specified period. Interest and penalties continue to accrue during this time. Equity Search can help you walk through the intricacies of this approach, help determine whether this is the best strategy for you and handle the case before the IRS on your behalf.
Offers in Compromise.
The IRS will sometimes negotiate a deal with the taxpayer to settle for less than the full amount owed. The taxpayer gets a fresh start. Equity Search has handled thousands of Offers in Compromise. They can help decide whether this is the best solution, find the best compromise for you and negotiate on your behalf to maximize the chance that the IRS will accept your offer.
Innocent / Injured Spouse.
If your taxes due are actually a result of your spouse or former spouse’s actions, you may be protected as an ‘Innocent Spouse’ or ‘Injured Spouse’. Equity Search can help make this determination, advise you as to how to move forward and handle negotiations with the IRS on your behalf.
Call Equity Search today for a free, confidential consultation. Your consultation will take place with a tax professional, not a salesperson. The worst way to deal with tax problems is to ignore them … the problems only get worse. Contact us today, and get some sleep tonight.
