Tax relief specialists can provide essential IRS help and tax help when trying to resolve back tax debt. If you need tax relief services or help with your back taxes, contact Austin & Larson Tax Resolution. We have the knowledge and expertise to handle the IRS and resolve your outstanding tax debt.
Tax help can be found in many different forms for those with a tax debt. Once a tax debt is formed, it can be a very difficult scenario to attempt to keep up with paying all your personal bills, keeping your business going, and maintaining all the other elements in your life. Therefore, it is especially important to choose the correct tax relief specialists and get help with the IRS.
What to look for when choosing a firm for tax help
You want a firm that has the ability to fight for your rights and has the knowledge and expertise required to negotiate your resolution on your behalf. This is usually achieved by picking a local firm with the abilities and credentials to handle this type of work.
It is normally going to be in your interest to choose a local firm over a national firm for tax help and tax relief services because they will be able to meet with you and give you up-to-date guidance on how your case is going and what is required next. A local firm will also usually put more time and effort into getting the best results available on your case as you are more than just “a number” that you would be with a national firm. Lastly, would you rather be able to put a face with who you are working with or would you only want to talk to someone over the phone and hope they are doing some of what they say they are doing?
You should also make sure the tax help firm you are going to have resolve your tax debt and help you with the IRS has the credentials to handle that type of work. Your local Accountant who prepares current year returns is normally not going to have the expertise to determine if you qualify for an offer in compromise or an installment agreement. They are also probably not going to get you a very good result with the IRS on either of these programs. You want to choose a firm who specializes in these areas of tax help to make sure your money is being used as effectively as possible.
Prior stories and testimonies from clients
We have had and resolved tax debt for clients that required many different forms of tax help. Many people have a great fear of going with a tax resolution firm because it can be expensive and they do not want to share their personal information. We have also had many clients who went with a different resolution firm only to come to our firm after stating that the other firm charged them $5,000.00 or more and essentially did nothing for them to move closer to resolving the debt.
At Austin & Larson Tax Resolution, we take a personalized approach to tax help to get you the best results possible on your tax debt. As long as you communicate with us and timely provide your information requested, we will keep your case moving forward toward the goal you have wanted for so long. Many clients have stated that we have significantly changed their lives once the tax debt was eliminated and they could move forward with their life without the burden of wonder how the IRS is going to continue to attempt to collect on the debt.
What options are available to me
Austin & Larson Tax Resolution handles all kinds of tax help depending on your personal scenario. Some of the different resolution options available are the Offer in Compromise, Installment Agreement, Currently Non-Collectible, and Bankruptcy.
The Offer in Compromise program is a tax help program for taxpayers who do not have the ability to make payments on their tax debt without causing a financial burden. The IRS will evaluate your income and allowable expenses as well as all of your assets to determine if you have the ability to make payments on your tax debt. If the IRS determines you do not have the ability to pay the full balance of your tax debt they may accept an offer to settle it for less than the full amount. Once you have an accepted offer, you will need to continue to timely file and full pay any balance due with your return for the next 5 years. The IRS will reinstate your tax debt in full if you do not remain in compliance with these standards.
For those who do not qualify for the Offer in Compromise program, the IRS has various Installment Agreements based on the amount you owe and/or your financial information. Taxpayers owing less than $50,000 may qualify for a streamlined 72-month installment agreement. Those with a balance between $50,000 and $100,000 may qualify for a streamlined 84-month installment agreement while this test program is still in effect. For taxpayers with a higher balance than this or the inability to make these payments due to financial difficulty; the IRS also has an Installment Agreement based on collectability. The IRS will require all of your financial information to determine your qualifications for an Installment Agreement based on collectability. They will also want all of your asset information to make a determination if this type of Installment Agreement is in their best interest.
The IRS also has a Currently Non-Collectible Status available for taxpayers suffering from a temporary financial hardship. They will go through your financials to determine if you have the ability to make a payment monthly. If they deem you to be at risk for a financial hardship due to making a monthly payment, they will place your account into a Currently Non-Collectible Status. This is not a permanent resolution option though as your account will continue to accrue interest and penalties while you’re in this status. The IRS can also request new financial information or place your account back into active collections at any time if they believe your financial condition has changed.
Another tax help option is a bankruptcy. Some of your older tax debt balances are dischargeable in bankruptcy. This option will usually be a good option in the case that you have filed all of your returns and they are from older periods. Current year return balances are not dischargeable from bankruptcy.
Dustin R. Larson, EA; Bridgette M. Austin, Esq., EA
Austin & Larson Tax Resolution will help you determine your best tax help option for dealing with your tax debt burden. With all of the options available, you will want to make sure you choose the right one. An incorrect decision could cost you thousands of dollars and a lot of time going down the wrong path, without providing any tax relief.
Disclaimer: Austin & Larson Tax Resolution has prepared this website for informational purposes only. This website is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. To get advice regarding your specific tax situation or questions, please contact our office at 866-668-2953.
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