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When Do You Need Professional Help to Resolve Tax Debt?

July 23, 2015

You can resolve your tax debt yourself if you have the ability to satisfy the full amount in a single payment. The IRS is not patient with taxpayers who request plans they don’t qualify for. For instance, if you apply for a payment plan and you clearly do not meet the eligibility requirements, the IRS may charge you a penalty.

When you apply for a payment plan, the IRS will attempt to collect as much as they can in as little time as possible. You may need to negotiate the terms of your plan. If the IRS asks you for a financial statement, which has all the information about your income and assets, negotiating can become limited.

To Avoid Liens and Levies

When back taxes remain unpaid, the IRS can employ liens and levies. The IRS can seize your assets and garnish your income. They can seize and sell your house, car, boat; even garnish your retirement savings. Moreover, the IRS does not need permission from the court to place a lien or a levy. They will, however, send you Notice CP 90 Final Notice of Intent to Levy before placing a levy.

To Avoid Penalties and Interest

Each month, a tax debt increases due to penalties and interest. If you postpone a resolution or do not to respond to IRS notices, even if the IRS does not place a lien or a levy, your tax debt will continue to increase every month.

To Get a Comfortable Resolution

Even if you obtain a resolution, it might not be the best resolution for you. You can request a consultation from a tax professional, who can provide you with resolution options tailored to your financial situation and liability specifics. It is wise to explore all of your options when attempting to resolve a tax issue, including using an experienced tax professional.


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