When you owe money to the IRS, it can be a stressful and overwhelming experience. The fear of having your assets seized, wages garnished, or bank accounts frozen can be paralyzing. If you find yourself in this situation, a tax resolution company can help.
Tax resolution companies specialize in helping individuals and businesses resolve their tax debts with the IRS. In this article, we’ll discuss what tax resolution companies do, how they can help you, and what to look for when choosing a tax resolution company.
What is a Tax Resolution Company?
A tax resolution is a business that specializes in helping individuals and businesses resolve their tax debts with the IRS. Tax resolution companies can help with a variety of tax issues, including:
- Unfiled tax returns
- Tax audits
- Tax levies and liens
- Wage garnishments
- Offer in compromise
- Instalment agreements
Tax resolution companies typically employ tax professionals, such as enrolled agents, certified public accountants (CPAs), and tax attorneys, to help clients resolve their tax issues. These professionals have the knowledge and expertise to navigate complex tax laws and negotiate with the IRS on behalf of their clients.
How Can a Tax Resolution Company Help You?
If you owe money to the IRS, a tax resolution company can help you in several ways. Here are some of the ways a tax resolution company can assist you:
- Negotiate with the IRS on Your Behalf
Tax resolution companies have professionals who can negotiate with the IRS on your behalf. They can work to reduce the tax debt you owe, negotiate a payment plan, or even settle your debt for less than you owe.
- Provide Expert Advice
Tax resolution has professionals who deeply understand tax laws and regulations. They can provide expert advice on resolving your tax debt and help you understand your options.
- Help You File Unfiled Tax Returns
If you have unfiled tax returns, a tax resolution can help you get up to date with your tax filings. They can help you gather the necessary information and file your returns with the IRS.
- Stop Wage Garnishments and Bank Levies
Tax resolution can work with the IRS to stop wage garnishments and bank levies. They can negotiate with the IRS to lift these actions and help you avoid future garnishments and levies.
- Help You Avoid Penalties and Interest
Tax resolution can reduce or eliminate penalties and interest on your tax debt. They can help you navigate the complex tax laws and negotiate with the IRS to reduce your overall tax debt.
What to Stare for in a Tax Resolution Company?
If you’re considering working with a tax resolution company, there are several things to look for to ensure you’re choosing a reputable and effective company. Here are some things to consider:
Experience and Expertise
Look for a tax resolution with experience and expertise in resolving tax issues. Choose a company that employs professionals such as enrolled agents, CPAs, and tax attorneys with the knowledge and experience to help you resolve your tax debt.
Transparency and Honesty
Choose a tax resolution that is transparent and honest with you about their services, fees, and expected outcomes. Avoid companies that make unrealistic promises or guarantees.
Accreditation and Credentials
Look for a tax resolution accredited by the Better Business Bureau (BBB) and has good ratings and reviews. Also, verify that the company’s tax professionals have the necessary credentials, such as being enrolled agents, CPAs, or tax attorneys.