IRS Debt Forgiveness

IRS Debt Forgiveness
June 15, 2016 0 By QuickBooks Proadvisor Certified

IRS Debt Forgiveness: Best Kept Tax Secrets Unveiled

Though the IRS always seems to have tricks up its sleeve to trip up the average tax paying American, your trusted tax professional knows one of the best kept secrets: relinquishment of tax debt. IRS debt forgiveness involves either total or partial amnesty for owed tax debt. Your tax professional can discern your eligibility for these programs as well as guide you through the process of applying for tax debt forgiveness.Moreover you can dial Intuit QuickBooks Help Phone Number to learn more about tax savings .

Here are some examples of programs which can either totally wipe out your tax debt or settle your debt for cents on the dollar:

Non-Collectible Status: This tax relief option applies to those who are either unemployed or underemployed. If you are eligible for this temporary tax relief solution, the IRS will cease collection attempts, lift liens or bank levies, and stop garnishing your wages. This program offers breathing room enabling you the time you need to get your finances in order and apply for a more permanent tax relief solution.

Offer in Compromise: Under the IRS’s “Fresh Start” initiative, more people than ever can qualify for this program. Under the Offer in Compromise program, you can settle your tax debt for less than you owe, significantly decreasing your tax debt.

Repayment Plans: Your tax professional can negotiate with the IRS to reduce your debt and set you up with an affordable repayment plan. This plan is manageable and stifles the growth of your tax debt due to delinquency penalties and fines.

If you are faced with an IRS audit, there is no need for panic. Your tax professional can perform most of the necessary correspondence with the IRS on your behalf. Keep in mind many IRS audits are random but those who are self employed are more susceptible to audit inquiries. QuickBooks Payroll Support Number will guide how to claim tax refunds while using QB software .

IRS audits can be performed by an automated system or in person. Though automated audits may seem less intimidating, they are in fact more difficult to undergo. Automated audits are performed by phone or mail. You are not assigned an IRS agent or case number; this can make things extremely difficult when attempting to find out information pertaining to your audit.

Audits can be time consuming. Allowing your tax professional to handle the details with the IRS frees up your much needed time in your schedule for more important endeavors.

If you are being audited, it is highly recommended that you contact a professional tax attorney. Besides being able to work with the IRS on your behalf, you tax attorney will maintain attorney client privilege. This can come in handy if the IRS finds shady information on your tax returns. Your attorney will not disclose any information that can harm your case and also will be able to represent you in court if the need arises.

If you are being audited by the IRS or you are overwhelmed by tax debt, contact the experts at Optima Tax Relief. They can help you get your debt under control and get you life back on track. Call now for help .