IRS Debt? Yes, it is more common than you might believe and you are not alone. In most cases, IRS debt occurs because taxpayers have gotten behind in paying their taxes because of unexpected situations. You may have lost your job, had a long term illness, gotten divorced, etc. Small business owners can become overwhelmed with payroll expenses and the penalties and fines for unpaid payroll taxes mount quickly.
Whatever the reason for the IRS debt, there are ways to recover. The first step if you owe a substantial amount of money to the IRS is to contact a tax professional. They will work on your behalf so that you do not have to deal with being in a one on one situation alone, across the desk from an IRS revenue officer.
Wanting to bury your head in the sand is a typical reaction to IRS debt. The fear of the unknown paralyzes you so you don’t file returns, you don’t call for help for fear you’ll get into additional trouble. You hope that you might just disappear off of the IRS radar. Unfortunately, none of these things will help you avoid paying your IRS debt. Instead, your tax liability will continue to grow. Penalties and interest continue to accrue and it is just a matter of time before a revenue officer shows up on your doorstep. Next, your worst fears happen, or maybe you are already facing liens or a levy. Your bank account is at risk of seizure, your payroll check could be garnished, the IRS can take your house.
Do not let the fear of dealing with the IRS stand in the way of resolving your IRS debt. Let a tax attorney assist you in creating a financial profile, file back returns, investigate your options, and work on your behalf in speaking to the IRS for you. It might be an Installment Agreement, an Offer in Compromise, or qualifying for Currently Not Collectible status. There are options, there are answers and you can be free from your tax debt.
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