Do you need clarification about how to navigate the tax system? In that case, it is high time you learned about tax resolution. Working with the IRS and tax experts to find answers to your tax issues is known as tax resolution. People usually talk to their local finance companies, such as Tampa Bay area CPA, for tax resolution since taxes vary depending on your area of residence. If you have yet to pay your taxes, these finance companies can help you. 

The Internal Revenue Service (IRS) may impose harsh fines on people and companies with unpaid tax debts, which may even involve seizing assets. But don’t worry; tax resolution experts from finance companies can assist you since they can significantly lower or completely erase the amount the customer owes the IRS. Keep reading to learn more about tax resolution and finance company experts who can help you.    

What Is Tax Resolution?

Tax resolution is typically required when someone owes the IRS back taxes and has been delaying payment for a while. A tax resolution expert will help you with any IRS debt you may have by handling the tax resolution procedure, and the intention is to reduce your IRS debt as much as possible.  

Who Should You Contact First to Settle Tax Issues? 

Contact certain offices to solve your tax issues before hiring a finance service in Tampa Bay. 

• Taxpayer Advocate Service (TAS) – You can use this free service to find solutions for your tax issues, such as unpaid taxes, unfulfilled or delayed refunds, etc. 

• Low-Income Taxpayer Clinics (LITCs) – LITCs help those in disagreement with the IRS by offering instruction on the rights and obligations of taxpayers.  

• IRS Office of Appeals – This IRS division assists in resolving tax issues without requiring you to appear in court.   

Contact Tax Settlement Companies for Tax Resolution  

Tax settlement companies can intervene to reduce the tax bill by hundreds or thousands of dollars. The tax settlement industry performs similarly to the debt settlement sector, and most tax settlement firms have former IRS workers who are tax professionals ready to fight for their customers. 

A tax resolution specialist’s primary goal is to assist customers in resolving a particular tax dispute they may have with the state or the IRS. Most customers seek guidance and consultation from tax resolution companies when they owe money to the IRS. Still, many also seek representation during a tax audit, and these experts can help in both situations. Tax resolution companies usually offer installment agreements, penalty abatement, audit representation, tax liens, tax levies, and trust fund recovery, among other financial services. 

Offer in Compromise 

Tax settlement companies lower their clients’ taxes by utilizing an IRS process called an offer in compromise. Certain taxpayers may enter into a special agreement with the IRS to settle their tax arrears for less than what is owed. However, to achieve this, the taxpayer must provide the IRS with comprehensive information on their assets, liabilities, and anticipated future income. Compromise offers usually need many months to process, and there are few offer-in-compromise applications that the IRS accepts.

Conclusion 

Tax resolution services have a variety of professionals on staff who have specific knowledge, experience, and skills in tax conflict, as well as several other disciplines. To provide its clients with the finest assistance possible, these companies work quickly and achieve results in less time than it would otherwise take without their help. However, before hiring an expert for tax resolution, you need to check the company’s previous records and customer testimonials to ensure they won’t waste your time and that your tax issues will be resolved.