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10 Things You Need To Know When You Owe The IRS


 

 

Owing money to the Internal Revenue Service can be scary. The IRS can garnish wages, seize asset and place a lien on your property until th debt is satisfied.This action can be prevented by keeping in comunication with the IRS, wich can be through a professional tax specialist, or by contacting the IRS on your own. In addition, there are several other things you should be aware of when you own the IRS.

Don’t Ignore Any Notice

Ignoring any notices that youreceive from the IRS is the absolute worst thing you can do, and results in both more notices, as well as adverse actions such as garnishments and liens. Keep the lines of communica­ tion open with the IRS at all times, and contact them as soon as possi­ ble when you receive a notice.

Understand Your Rights

Even though you owe money, the IRS does not have the right to treat you poorly. You have rights, particularly if you go for an interview. The IRS must explain and clarify your rights in the interview, and you must receive a copy of the document entitled “The IRS Collection Process.” This document outlines the collection process, as well as all opportuni­ ties you will have to state your case.

Consult a Tax Specialist

If you are going to an interview with an IRS revenue officer, take the time to consult with a tax specialist on the matter. These experts are well versed in how to deal with the IRS and can prov ide excellent guid­ ance on what to look for during the interview process, as well as how to obtain the most favorable settlement for your situation.

Bring  Representation

At the same token, some people feel better if they bring representation to their IRS interv iew. Having someone who specializes in tax matters representing your interests will often lead to a more favorable result than if you had gone to the interview on your own. It is well worth the cost for both peace of mind, as well as for negotiating a reasonable settlement of the amount owed.

Keep Good  Records

Keep track of all payments made to the IRS on your debt. Depending on your situation, you may receive yearly statements showing what has been paid. Double check to be sure you have received credit for all payments made, as the IRS is also capable of making mistakes. In fact, a recent audit showed many errors in record keeping. Don’t be afraid to dispute the balanced owed if you have documentation to support your contention.

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If you owe the IRS and can’t pay, you may qualify for the IRS Debt Forgiveness Program subject to your financial condition.

Contact us and we will provide the best strategy based on your unique situation to apply for IRS debt forgiveness.

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