Tax debt can leave you confused and worried about the potential repercussions if you cannot pay your taxes. However, it’s essential to address tax debt immediately, as putting off seeking a resolution will only cause the penalties and interest you face to compound. If you are suffering from IRS tax problems, the first step you should take is contacting a tax accountant for help.
Be Proactive
As soon as you know that you are facing tax debt, such as receive a notice from the IRS, it’s time to take action. Many individuals ignore or put off responding to IRS communications in the hopes that they will be forgotten or overlooked. However, putting off the resolution of your debt will ultimately increase the amount you may be forced to pay and could lead to serious consequences such as wage garnishment and property seizures. Rather than forcing the IRS to pursue your case and impose ever-increasing penalties, the best way to address tax debt is to proactively seek the assistance of an accountant specializing in tax debt and tax relief.
Assess Your Financial Situation
Your accountant will work with you to assess your current financial situation, including calculating your complete financial assets and income. This allows you and your tax accountant to determine the right tax payment option for you. There are several tax debt repayment solutions, including paying the total owed, enrolling in a monthly Installment Plan, making an Offer in Compromise, or seeking Currently Not Collectible status. While these options can delay, reduce, or spread out your tax debt to make it more manageable, the outstanding total owed will often continue to accrue penalties that should be taken into account when you and your accountant explore the options available to you.
Tom Scott, CPA is a Tucson accountant specializing in helping clients solve IRS tax problems to achieve tax debt relief. If you are facing tax debt, please reach out to our office by calling (800) CPA-4005 to receive the assistance you need today. You can also find out more about our tax resolution services and the steps to achieve tax debt relief when you visit our website.
Tucson Accounting, Bookkeeping, and Tax Preparation Experts
145 E. University Blvd., Suite 1A
Tucson, AZ 85705
145 E. University Blvd., Suite 1A
Tucson, AZ 85705
(800) 272-4005
