If you do get hit with a surprise tax bill and lack the money to pay it, you need to settle your tax problem as soon as possible. The IRS wants their money, and they have unbridled authority to get it, so simply avoiding the tax bill will not make it go away, but make it worse.  A lot worse.   However, dealing with the IRS is often intimidating for most taxpayers. Talking to the IRS and trying to resolve your own tax problem is like going to court without a lawyer, you’ll most likely get crushed.

The team at David F. Bott, CPA/PFS, P.C., wishes you the happiest holiday season ever and prays for a smooth ride through 2022.

In short, there are (currently) no full-proof ways to prevent tax identity theft. However, you can dramatically reduce your risks of falling victim by filing your tax return as early as you can.  Read this article to learn more ways to safeguard your identity.

The IRS can seize your property, take money from your bank accounts, or sell your assets to  satisfy the balance due.  This is a levy of your property.

When you owe the IRS back taxes, it’s best to have the right tax relief firm representing you so you can get the best result possible. Don’t try to face the most brutal collection agency on the planet alone. You’ll be sorry you did.

Make your tax season easier by being prepared for filing.

OWE BACK TAXES?

Our firm specializes in tax problem resolution. We serve clients virtually so don’t hesitate to reach out.  If you want an expert tax resolution specialist who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem

While filing taxes is mandatory for all US citizens who are earning an income, there are many people who, through no fault of their own, cannot afford to pay their taxes. The reason for this may be the loss of a job, becoming disabled, being fined for tax return preparation problems, squandering everything into a gambling addiction, or a host of other reasons. Irrespective of the cause, the non-payment of taxes can lead the IRS (Internal Revenue Service) to inquire into your tax status and even penalize you if you fail to make timely payments.

Whether you are due a refund or writing a big fat check to the IRS, there are some steps you should take after your return has been filed. In this article, we discuss three critical steps to take once the tax filing deadline has come and gone.

 

Most taxpayers dread the tedious task of compiling their financial records, tax documents and filing their taxes. Unfortunately, the longer you procrastinate doing your taxes, the greater the chances that something will go wrong.  And if you owe money to the IRS, the more penalties and interest you will have to pay. Often, it is a better idea to file your taxes sooner rather than later.

Whether it is a global pandemic shutting the economy down for months on end, a stock market crash that leaves formerly giddy investors frightened and nervous, or a housing crisis that makes real estate a risky bet, living through tough economic times is never easy.

In this article, we walk you through IRS installment agreements and what to do if you can’t afford to pay your back taxes.  Though paying your taxes through an installment agreement is just one of many tax relief options, you likely have other options and might be able to settle with the IRS or lower your amount owed.  We encourage you to reach out to our firm for a tax relief consultation to determine your options.

In just the first 6 weeks of the pandemic, 30 million people filed for unemployment, with that number continuing to climb. We’re now almost certainly in the midst of the most difficult financial crisis we’ve seen in the last 100 years.  As an expert tax resolution firm, our job is to help restore the taxpayers financial life when they find themselves in tax trouble, often because of a difficult financial situation.

With the coronavirus affecting taxpayers income and asset values dropping, it creates a favorable case for an Offer in Compromise. It’s important to structure it properly in order to have a good chance of settling for less than you owe. A qualified tax resolution firm like ours can help.

 Every year, there are millions of taxpayers who find themselves unable to pay their taxes in full to the IRS. The IRS knows there will be some taxpayers coming up short. The good news is the federal government is happy to work with you. The bad news is, they’re relentless in their collection of back taxes and if left unattended, they can levy your bank account, garnish your paycheck, or put a lien on your property to settle your tax bill.

Most taxpayers with uncomplicated returns without filing mistakes can expect a refund in about three weeks. . . .with exceptions. 

The Internal Revenue Service is not your friend. They are there to collect what they believe you owe in taxes. Contact a professional experienced in tax resolution to help you with your case. Would you go to court without a lawyer?  Well, it’s the same with the IRS.  You need professional representation from a CPA, Enrolled Agent or tax attorney who is also a tax resolution specialist.

Running a small business is hard enough. The last thing you want to do is add more tasks to your already busy plate or getting into tax tax trouble. If you are still doing your own business tax returns, it may be time to hand off this vital service to a professional.  Call Bott CPA Services at (405) 721-8558.

Believe it or not there are laws that have gone into effect to help financially strapped taxpayer’s today.  The IRS announced their “Fresh Start Initiative” which allows more taxpayers than ever before to settle up with the agency.  Now is the time to take advantage of these less-stringent, more flexible programs before the IRS changes its mind again.    

An experienced tax resolution specialist will have thorough knowledge of all the IRS programs, including the offer in compromise option.  Call us today for help.  (405) 721-8558.