IRS DEBT HELP INFORMATION
IRS debt can be the most far reaching and serious form of debt. The IRS has the greatest power. This is due to to fact that your wages and property are effectively collateral for the IRS. The IRS can take your property and or garnish your wages without filing a lawsuit. Unless you are planning on being a nomad and living in a fold up tipi you will need professional assistance when addressing your IRS debt. There are options, fill out the contact box and we will cover your options with you.
3 Action Steps You Need to Take with an IRS Letter
First open it. Sounds simple enough but 50% of those who receive an IRS letter don’t open it. And the clock is ticking; IRS letters have different time frames to respond. Second, decide if you need help. Do you understand what the letter is asking from you? If there is any doubt contact a Tax Attorney. Third, gather all your documents; tax returns, paychecks stubs, etc to meet with your Tax Attorney. Together you will create a plan to resolve any tax issue.
Do I have to File a Tax Return Every Year?
In short the simple answer is yes. Failure to file a tax return is a crime punishable by a fine up to $25,000 and one year in prison for each year you don’t file.
Do not panic! If you owe taxes or have not filed a refund, gather your documents and give us a call. If you are prepared and contact the IRS before they give you notice you will avoid most of the penalties.
The IRS motivates tax payers in two ways; penalties and loss of refund.
Penalties: If you owe taxes, you can fined a “failure to file” penalty and interest on the amount owed, adding as much as 25% to your tax bill.
Loss of Refund: If you are due a refund, you won’t be penalized, but you will not be able to collect your refund either. There is a three year window to file a return and receive your refund.
IRS can be the most intimidating creditor, gather your documents, seek good council and handle it in a timely matter.
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