An IRS letter is possibly one of the most undesirable letters you can ever receive. It’s quite difficult not to feel a mild panic after having received one. Unfortunately, this panic can cloud your judgment, converting a simple notice into a death sentence.
Expert tax relief services in Shelby County, Alabama understand this phenomenon. As such, their expert accountants can help you decipher an IRS notice and deal with it in a simple and effective manner. Here’s how…
Non-Filed Tax Returns
One of the most common reasons for receiving an IRS letter is non-filed tax returns. Failure to file can result in penalties and interest charges, but the good news is that this situation is often easily rectified. A tax accountant can help you gather the necessary documentation and file the overdue returns accurately. They can also negotiate with the IRS to potentially reduce penalties and interest.
Back Taxes Owed
Owing back taxes can be stressful, but ignoring the problem will only make it worse. If you’ve received a notice regarding unpaid taxes, a tax expert can assess your situation and develop a plan to resolve it. They can help you set up a payment plan with the IRS, ensuring that you can pay off your debt in manageable installments. Additionally, they can identify any errors in the IRS’s calculations and ensure that you are not overpaying.
Offer in Compromise
An Offer in Compromise (OIC) allows you to settle your tax debt for less than the full amount you owe, provided you meet specific criteria. This option is particularly useful if paying your full tax liability would create financial hardship. A tax accountant can determine if you qualify for an OIC and assist you in preparing and submitting the necessary paperwork. They will work with you to present the strongest possible case to the IRS, increasing your chances of acceptance.
Payroll Tax Problems
For business owners, payroll tax problems can lead to severe penalties and even jeopardize the operation of the business. If you’ve received a notice about payroll tax issues, it’s crucial to act swiftly. A tax accountant can help you understand the nature of the problem, whether it’s due to missed deposits, incorrect filings, or other issues. They can assist in correcting these errors and setting up proper payroll systems to prevent future problems.
Commonly, panic when dealing with such notices can lead to making the situation worse than it needs to be. All you need to do is contact an expert tax accountant! This individual can decipher the IRS notice, and recommend the best course of action to negate any potential legal trouble. It’s as simple as that!
