Tax Relief Blog
Unpaid back taxes can attract serious penalty from the IRS, and getting professional tax help is the best option to resolve this issue. Individual and business taxpayers in San Diego, CA metro area of greater San Diego, Carlsbad, San Marcos and National City with back taxes accumulate when you have not paid your federal or state taxes for a variety of reasons. You may not have been sure of your tax liability or could not afford to pay the tax or simply just did not get around to filing your tax return. Whatever the reason, the IRS is sure to catch up with you soon and enforce their aggressive tax collection techniques.
Unpaid Back taxes need to be Resolved Now
When you fail to file your tax returns on time (including the extension granted), you attract a steep failure to file penalty. Over and above this, an interest applies to the amount of taxes you owe. The penalty and the interest accrue for as long as the taxes remain unpaid, creating a financial situation that rapidly slips from under your control. Thus the longer you wait to start paying your back taxes, the more enormous the bill becomes. So get tax help now to resolve the issue of back taxes by calling us today at 877-788-2937.
Consequences of Unpaid Back Taxes
The IRS has a numerous means to collect what is owed to it. So your back taxes just won’t go away. Getting tax help to resolve them is the best way forward. On realizing that you have unpaid back taxes, IRS first sends you a series of system generated letters (CP501-CP504), which mention the amount of tax owed along with the interest and penalty. The tone of each letter becomes increasing aggressive if you have failed to respond to the previous one. The last notice CP504 mentions that the IRS intends to place a tax levy on your assets. If you still fail to respond, they will garnish your paycheck, levy bank accounts and accounts receivable if you’re a business, then you will also receive a Notice of Federal Tax Lien (NFTL).
The IRS places a federal tax lien on your physical properties and can start selling them to recover your unpaid tax liability. An IRS tax lien is a public record and can affect your creditworthiness, making it difficult for you to borrow money from institutions, buy a home or vehicle and generally impacts your life significantly and not in a positive way.
Next comes the tax levy, which is the most dangerous weapon with the IRS. The tax levy can be in the form of wage garnishment where the IRS can hold on to almost 80% of your wages, and freezing your back accounts, denying access to your money.
The best way to prevent all of the above is to get tax help on back taxes and file them even before you receive the first notice from the IRS.
Benefits of Tax help to Resolve Unpaid Back Taxes
With appropriate tax help, it is possible to settle the problem of unpaid back taxes and rid yourself of stress on this account. There are various options available to you.
You can reduce the total tax amount owed by availing of the penalty abatement policy (if it applies) that removes the penalty component from the total owed.
A powerful tax relief tool for unpaid back taxes is an offer-in-compromise agreement, where the total amount owed is considerably reduced by negotiating with the IRS. Naturally, certain conditions have to be fulfilled and it is best to get professional tax help in this regard.
It is also possible to get into a settlement agreement with the IRS, where the agency agrees to let you pay what you owe in back taxes in the form of installments, instead of a lump sum.
Of course every solution is not applicable to each tax situation. Our tax relief site specializes in offering the most apt solution for unpaid back taxes resolution. Mike Habib, founder of the company is an IRS licensed enrolled agent with the A+ Better Business Bureau rating. He will offer the tax help for your unpaid back taxes by negotiating personally with the IRS for an offer-in-compromise or to work out a suitable installment repayment plan.
He can help release your IRS tax lien and prevent a tax levy by guiding you appropriately for repayment of your back taxes.
Contact us today at 877-788-2937 for tax help to resolve your unpaid back taxes.
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