The demand for tax relief services has reached an all time high. Business owners whose Companies are struggling have lost their houses and savings. They can’t pay their employment taxes and they still owe money. Taxpayers may owe taxes on debt that was forgiven. Taxpayers may have lost their job or withdrawn money from their retirement accounts and owe early withdrawal penalties in addition to their regular taxes.
The IRS sends a series of notices, each getting more urgent. When the taxpayer is unresponsive, its easier to push the lien or levy buttons that trying to work with someone to set up a payment plan or debt reduction.
Taxpayers often believe they cannot afford tax relief services and try to resolve the problems themselves.
“The layperson is at a significant disadvantage dealing with the IRS”, says Mitch Helfer, CPA, Managing Partner of CPAMiami™; a Florida Certified Public Accounting Firm. Taxpayers are not familiar with debt relief programs and ultimately do not know their options or rights in dealing with the IRS. Too often, this results in paying more than you may actually owe, not applying for penalty relief, not qualifying for payment plans and not exploring settling tax debt or incorrectly applying for settling tax debt for a reduced amount.
“We are a highly-trained, experienced, certified public accounting, who deals with IRS problems on a daily basis”, says Mitch Helfer, CPA. Hiring a local, licensed CPA firm or licensed tax attorney offers taxpayers a distinct advantage over national, debt relief companies, where your case is assigned to a lower-level marketing specialist; unfamiliar with tax law, IRS policy and procedure, IRS negotiations and taxpayer rights.
In many cases you can reduce your tax debt significantly – whether this is the reduction of the penalties and interest that may have been assessed, a correction of errors or underreporting of deduction that may be available or a negotiated settlement amount of the overall tax debt. The key is to have the “right” person on your side; handling your account.