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DEFINITION OF TAX RESOLUTION AND ITS EXPLANATION

Collaborating with the IRS and tax experts to determine a solution to your tax issues is known as tax resolution. The IRS might find faults in your tax returns for some reason. The reasons might be that you have confusing tax returns so they might request that your returns be audited and cross-check your calculations, find out the accuracy of your return statements and scrutinize the legitimacy of the deductions claimed by you. At times the IRS might suspect that you have recorded a lesser amount of income than what you have earned and might decide to examine your statements. Other issues found by the IRS could be that you might not have filed your returns for many years. This could quickly escalate into a serious situation where you might get taxed more than what you owe. In such circumstances, it is highly advised that you seek professional help from external agencies.

Know more about Late or Unfiled IRS Tax Returns

Examples of situations where you might require help to resolve certain tax issues are:

  • Audit Notice

If you have received an alert stating that your accounts are going to be audited, then there is no reason for you to lose your mind. Hire a tax professional to analyse your situation and come up with the best audit argument to be presented to the IRS. Receiving an audit notice does not necessarily mean that you have presented any false statements. Trust your tax expert and they will be able to take care of your audit by ensuring that it is conducted in a fair and just manner.

  • Disagreement With The IRS

The IRS is bound to make certain errors while assessing and collecting your taxes. They might accidentally include the income of your ex-partner or spouse and assume that you have presented false statements. Tax experts are well equipped to manage such situations by preparing a transcript protest in order to make sure that you don’t pay any amount in excess of what you owe.

  • Non- Attainable Debt

There could be certain instances where the tax debt is so overwhelming that you will not be able to repay such a huge amount and continue to afford necessities. In situations like these do not be confused as to what decision will be right for you. The IRS offers an option of not collecting your debt if you can present a compelling argument stating that you are the right candidate and qualify for such a service. Hire a tax professional to help you understand the pros and cons of qualifying for this beneficial service.

  • Late Penalties

If you have filed your returns after the deadline or have not filed the returns at all, then the IRS will charge a late fee for such negligence on your part. But there are instances where the IRS may decide to waive or terminate your penalty. It is called the ‘Tax Penalty Abatement ‘ and tax experts might assist you in determining whether you are eligible for such a service.

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