How Can A Tax Resolution Firm Help Me With IRS Debt?

Do you owe back taxes to the IRS? Don’t panic. A tax resolution firm can help you negotiate a settlement or payment plan to make your IRS debt less stressful. Tax resolution firm, like Platinum Tax Defenders, employ tax attorneys and certified public accountants. The professionals at tax resolution firm have the knowledge and authority to work with government authorities on your behalf.

What services do tax resolution firm provide?

Tax resolution companies work with individuals and businesses to resolve a variety of tax issues. Many of the tax issues these professionals deal with are complicated. Tax relief companies provide a range of services, which typically include:

–    Negotiating penalty abatement

–    Arranging an Installment Agreement with the IRS

–    Negotiating an Offer in Compromise, in which you can settle your tax debt for less than you owe.

–    Suspending your tax debt if you are unable to pay what you owe.

What are IRS tax relief programs?

The IRS understands that not every taxpayer is always in a financial position to pay back taxes. For that reason, the IRS offers several free programs to assist struggling taxpayers. While taxpayers can undoubtedly work to arrange deals with the IRS independently, we don’t recommend it. Tax relief companies have unmatched experience in often navigating complex tax law. Additionally, tax resolution firms can help you provide the necessary information you need to qualify for tax relief.

What is the IRS Fresh Start Initiative?

One of the free programs the IRS offers to taxpayers is the Fresh Start Initiative. This installment program allows taxpayers to pay back their tax debt over time instead of all at once. Through the Fresh Start Initiative, taxpayers can negotiate an Offer in Compromise. An Offer in Compromise requires the taxpayer to prove they cannot pay the full amount of tax debt. In turn, the taxpayer can request a new settlement amount, which may be much lower than the original amount.

What is the Taxpayer Advocate Service?

Struggling taxpayers can also work with the IRS through the Taxpayer Advocate Service, which is free for all U.S. taxpayers. The Taxpayer Advocate Service provides taxpayers with representation on IRS matters. A tax relief professional will strive to uphold your rights with the IRS. Your rights as a taxpayer include:

–    The right to information about your case

–    Having representation

–    The opportunity to challenge and appeal your case

What questions should I ask when choosing a tax resolution firm?

Before you decide to work with a tax resolution firm, there are questions you should ask. Many tax relief firms will prey on those who feel the pressure of the debt they owe. If you have debt, you will likely receive mail from companies offering to settle your tax debt for a fraction of what you owe. You must be aware that many of these businesses are not legitimate. Do not give money or personal information to any tax relief firm until you have thoroughly vetted their qualifications. 

Gather the tax resolution company’s credentials

Before you decide to work with a tax relief company, gather their credentials. Call the company to find out what their services entail. Also, ask the tax resolution company how many years of experience they have. You also want to know the certifications their representatives have, and how many years they have been in business. Generally, the longer a company has been in business, the more likely they are a reputable company. Also, make sure the representatives have the required credentials to negotiate with the IRS on your behalf. Additionally, make sure the representatives have the authority to represent you in a court of law if needed.

Questions to ask a tax resolution firm

There is a set of questions you should ask a tax resolution company before you hire them. Some of these questions include:

–    How long does the tax resolution process take?

–    What documents will the tax relief company need to get started?

–    If I don’t have my old tax documents, is that a problem?

–    With whom will I be discussing my case?

–    How much does your service cost?

–    Can you represent me during an IRS audit?

If the tax relief firm you’re speaking with only offers vague information, don’t trust them. You should avoid working with a firm that requires you to pay a hefty retainer before working on your case.

What is the difference between a tax attorney and a CPA?

Platinum Tax Defenders employs both CPAs and tax attorneys. Both professionals have tax law expertise and the legal authority to represent you against the IRS. However, CPAs and tax attorneys have different specialty areas. Tax attorneys assist with matters such as estate planning, trusts, business, and corporate taxes, tax resolution, and tax disputes. If you hire a tax attorney to resolve issues with back taxes, they’ll analyze your complete financial history. Tax attorneys typically do not prepare tax returns or provide advice about deductions, exemptions, credits, and tax planning.

When should I hire a tax attorney?

You may want to hire a tax attorney if:

– You’re starting a new business and need advice about the tax structure

–    A lawsuit against the IRS is underway

–    You need tax treatments or contracts for international business

–    The IRS is placing criminal charges against you

What is a CPA?

A CPA specializes in helping individuals and business owners plan for, maintain, and prepare their finances and taxes. CPAs can prepare annual tax returns and submit them to the IRS. Additionally, CPAs will ensure you comply with the tax code and amend tax returns that have errors. CPAs will also help you file overdue or prior-year tax returns. Similar to tax attorneys, CPAs can also represent you during IRS negotiations, audits, trials, and hearings.

Need the help of a tax resolution company? Call Platinum Tax Defenders today

If you have questions about taxes or facing tax debt, call Platinum Tax Defenders today. We can determine whether you should work with a CPA, enrolled agent, or tax attorney. Our experienced team has been serving clients across the country since 2011. We can help you with tax resolution by negotiating with the IRS. If you need to make changes to previous tax returns, we can help you with that too. Our tax relief specialists understand the complicated tax code, especially when your tax refund is at risk. If you’re worried the IRS may seize your tax refund, call Platinum Tax Defenders for a free consultation today.