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Frequently Asked Tax Questions

One of the major benefits of using a tax relief company is the fact that they have many professionals with different educational backgrounds to help you. By having a wide range of experts who understand how the IRS works (such as attorneys, CPA’s, or other specialists), they are able to put that knowledge to work for you so that you can reach the best possible settlement or solution for your tax problems. After all, when dealing with the IRS or State Tax Authority, you can never have too many professionals working on your side.

In most cases, yes! Our team will work to show the IRS that you are taking active steps to pay your back taxes, and we are proud of a great success rate for reducing penalties and fees. In some cases, such as the Offer in Compromise, we might even be able to reduce the overall balance (after reducing penalties and fees), and get you on an approved schedule for paying off your debt.

The IRS can get a lien on your home if you are a homeowner and failed to pay your federal income taxes. In most cases, the IRS will get paid when you sell or refinance your home, but it is possible that they may decide to foreclose on your home in order to collect the debt. In many cases, the IRS could place a lien after they assess your liability, send you a notice and demand payment, and you fail to fully pay the debt in time, causing them to place a lien on your home.

Yes, although wage garnishment cannot exceed a certain percentage. However, if the IRS places a freeze on your checking, savings or other bank account, they can remove all the funds that are in that/those accounts as the time of the freeze, up to what is owed. But, a skilled tax relief firm can appeal to the IRS on your behalf and have the garnishment of your earnings reduced to a more reasonable amount or, best case scenario, stopped altogether.

Yes, unfortunately. Garnishing your wages is another tool the IRS can implement to collect past due amounts owed to them. This adjustment, which can be anywhere between 30 to 75 percent of your net paycheck, can be financially devastating to your household income. The IRS legally requires an employer to comply with their collection efforts and the wage order stays in effect until the IRS releases it. While this is most often when the entire amount owed to them is collected, our firm will be able to either reduce the amount owed, or, in some cases, secure a payment plan instead of garnishment.

Yes! Not only is there an immediate effect, but there can also be long-lasting effects for not paying your taxes. Unpaid taxes can result in a tax lien, which will be reported on your credit report, and can remain on it for up to 10 years. This will drop your credit score, which will be a problem if you are looking for credit from a credit card, mortgage, auto loan, or more.

Yes. In most cases, the IRS is willing to negotiate with taxpayers in regard to outstanding debts owed. This is largely due to the fact that they would rather collect a lesser amount than nothing at all. Our team members will be able to negotiate with the IRS on your behalf and can usually reach an agreement that will not only significantly lower the total amount you owe, but will also make the terms of payment simple and for a shorter period of time.

The forms will vary person to person and are based on the services you’d like. In general, most cases will require past W2s, client tax organizers, and an IRS Form 433. But, our specialists will assess your specific case and can give you a list of all required documents that they will need when they contact the IRS on your behalf.

On average, we can agree on a resolution with our clients and the IRS anywhere between four to eight months. There are some cases that can take around one year to resolve, but it just depends case by case. Overall, we will work diligently to come to a resolution as quickly and efficiently as possible so you can get your finances back in order and have peace of mind again.

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