Settle Back Taxes
Many U.S. taxpayers find themselves in significant tax debt with the IRS when they don’t settle their back taxes. Many U.S. taxpayers find themselves in significant tax debt with the IRS when they don’t settle their back taxes. Billions of dollars in back taxes go unpaid each year. As your debt from due taxes continues to build, it can become increasingly overwhelming. The thought of dealing with the IRS on your own can also be intimidating. Tax relief experts Platinum Tax Defenders provide individuals and businesses with the necessary support to settle their back taxes. When the calls and letters from the IRS start rolling in, it might seem less painful to ignore them. However, once the IRS takes collection actions, they will not stop. Get assistance from the tax relief experts at Platinum Tax Defenders before your tax problem takes control of your life.
WHAT ARE THE PENALTIES FOR NOT SETTLING BACK TAXES?
Millions of Americans owe money in back taxes to the IRS. Many Americans also think that negotiating with the IRS is impossible, but there is help available. Working with expert tax resolution professionals can help you resolve your tax debt with the IRS. Platinum Tax Defenders can get you relief from having to pay more in back taxes in the long run. When you owe back taxes, the IRS can and will act to collect that money. Below are some penalties that can arise as a result of not settling your back taxes with the IRS. Contact the tax resolution experts at Platinum Tax Defenders today to help you avoid these consequences.
Increased penalties and fines:
The longer you go without settling your back taxes, the more you will have to pay in fines and penalties. Platinum Tax Defenders can help you significantly decrease the total amount owed to the IRS, depending on your situation. However, the longer you go without attempting to settle your back taxes, the more your total debt owed will be. There are also penalties for filing your returns late. The late-filing fee is typically 5 percent of the tax you owe for each month your tax return remains outstanding. Penalty fees max out at 25 percent of the tax owed.
High interest compounded daily:
Like credit card debt, the IRS charges a daily interest rate on your tax debt. Interest is charged on unpaid taxes from the original due date of the return until you pay your back taxes. The interest rate is set by the IRS every three months, and interest adds up daily. The interest rate is the federal short-term rate plus 3 percent. Most recently, the interest rate charged on unpaid taxes has been approximately 5 percent.
Loss of property:
The IRS will take whatever measures are necessary to collect the money you owe in taxes. If you have unpaid taxes, the IRS may choose to seize your personal property. The IRS can take your home, vehicle, or business, as collateral for the amount owed.
The IRS can also freeze your bank accounts. If the IRS takes control of your accounts, they will seize your current financial assets as payment for your tax debt.
The IRS will go to whatever lengths necessary to retrieve the money you owe them in back taxes. Some of these lengths include the garnishing of your wages. Wage garnishment is when the IRS recovers a percentage of your income every month directly from your employer.
GETTING HELP WITH SETTLING BACK TAXES
Seeking out the advice from a professional tax resolution company can get you the back taxes help you need. Conversing with the IRS can be confusing and intimidating, so it’s best that you don’t go at it alone. Our professional tax resolution team at Platinum Tax Defenders can represent you in IRS negotiations and help to settle back taxes for you. We have a strong history of success in obtaining favorable tax debt resolutions for our clients.
With so many financial obligations and other responsibilities on your plate, it’s easy to fall behind on your IRS or state income taxes. It happens to millions of Americans each year. However, unfiled and unpaid taxes do not have to become a problem that causes you severe financial hardship. Platinum Tax Defenders offers free consultations to help you determine what your federal and state tax issues are.. Our trusted team of experts can advise on what the best options available to you are.
WHAT IF I DON’T KNOW HOW MUCH I OWE IN BACK TAXES?
If you don’t know what you owe in back taxes, or what to do to settle your back charges, we can help. After an initial consultation, our expert staff will launch an investigation with the IRS to determine what you owe. We will evaluate what years you defaulted on back tax payments and place a hold on further collections. While the collections are on hold, we will find what tax returns you may need to file. Our team will also analyze your financial documents to determine the best resolution for you to settle your back taxes. When the IRS is demanding you pay what you owe in taxes, but you can’t afford to, that’s not your only option.
Platinum Tax Defenders can help you determine how much time the IRS has left to collect from you. We will speak with the IRS, so you don’t have to. We can obtain information directly from the IRS that will provide us with the timeframe you have for settling your back taxes. It’s crucial to know where you stand with the IRS, and we can help you uncover those details.
IS THERE A STATUTE OF LIMITATIONS ON SETTLING BACK TAXES?
The IRS does have a statute of limitations on collecting taxes. They have ten years to collect back taxes from you. After ten years, the IRS is prohibited by law from continuing any collection activities against you. This ten-year window starts when the IRS initially determines the amount you owe in back taxes. If you file for a tax relief request and the IRS denies it, the IRS will have more time to collect from you. For example, if you submit an offer-in-compromise request, it may take six months for an answer. In that case, if the IRS denies your claim, six months will be added to the statute of limitations on your account.
Before you attempt to settle your back taxes on your own, seek out the help of tax resolution professionals. Platinum Tax Defenders can help you navigate the IRS and help you achieve the best outcome for settling your back taxes.
WHO WE ARE
Platinum Tax Defenders is a full-service tax resolution firm in Los Angeles that has been helping taxpayers resolve their IRS and State tax issues since 2011. Our team of tax attorneys, accountants, and enrolled agents have a combined more than 90 years of experience in the financial services industry. Our team is ready to provide tax relief services to clients facing wage garnishments, bank levies, liens, and other challenges.
WHAT WE DO
Platinum Tax Defenders is a full-service tax resolution firm that includes a tax attorney, IRS enrolled agents, and certified public accountants specializing in providing tax relief services for taxpayers facing IRS or State tax debt. We work with the IRS on your behalf to come up with reasonable payment options and settlements. Our tax professionals are knowledgeable and experts in tax negotiations. The consequences for unpaid taxes vary by each individual taxpayer’s situation. But unpaid tax debt can lead to wage garnishment, property liens, and bank account levies.
Platinum Tax Defenders will help you reach a tax resolution plan before it’s too late. We offer fast response protection to our clients and a commitment to gaining major tax reductions. Whether this is your first time facing a tax problem, or you have previously hired a tax relief firm in Los Angeles to resolve your tax debt, we have a track record of consistently garnering IRS settlements for our clients.
WHY TRUST US
At Platinum Tax Defenders, we’ve developed an impeccable reputation for doing what’s best for our clients, 100 percent of the time. We are honest and upfront with you about your tax debt situation, and the type of tax resolution services we can provide. Each individual tax situation is different, and we’ll do whatever we can to negotiate with the IRS to help you reach a tax relief plan that works for you. We are experts in our field and work diligently to resolve the specific tax issues that each of our clients face. Platinum Tax Defenders offers fair and honest tax resolution services, and you can count on us to operate professionally and legally.
Many tax relief services in Los Angeles tend to make promises that are unrealistic. You can count on us to always be honest and upfront about your financial situation, and what type of tax resolution results you should expect.