What is Tax Resolution?
Tax Resolution addresses outstanding tax balances, filing obligations and disagreements about tax notices. Available approaches can include payment arrangements, an offer in compromise or responding to a proposed adjustment.
A CP2000 notice proposes changes based on differences between a return and third-party information; it is not a bill or an audit. Review the notice and respond by its deadline, whether you agree or disagree.
Negotiate a Payment Plan
An IRS payment plan allows eligible taxpayers to pay a balance over an extended period. Available arrangements depend on the balance, filing compliance and ability to meet the payment terms. Interest and applicable penalties generally continue until the balance is paid.
Extend the Filing Deadline
Individuals can generally request an automatic filing extension by the regular filing deadline, usually giving them until October 15 to file. An extension of time to file does not extend the time to pay. Request it using the IRS extension options or Form 4868 and follow the applicable payment deadline. Special rules may apply to disaster areas and other eligible taxpayers.
Make an Offer in Compromise
An offer in compromise may settle an eligible tax debt for less than the full amount owed. The IRS evaluates the applicable grounds and supporting circumstances.
Taxpayers can apply directly through the IRS or choose a qualified representative for assistance. Review other payment options and the current application instructions. Acceptance is not guaranteed.
Hiring a Tax Resolution Company
A qualified representative can review IRS correspondence, organize supporting records and explain available resolution options. Hiring a representative does not guarantee a particular settlement or prevent an audit. Confirm the representative’s credentials and agree on the scope and cost of assistance.
Conclusion
Respond to IRS notices by their stated deadlines and review the available options for any balance owed. Family Tax Relief can help organize the next steps for your circumstances.
Official references: CP2000 notices · Filing extensions · Payment-plan requirements · Offer in compromise.
Family Tax Relief Can Help Resolve Your Tax Issues
Family Tax Relief is committed to helping taxpayers find a way to reduce their debt. If you’re facing a hefty tax bill, have years of unfiled tax returns, are being audited or have another tax-related issue, our team can review your situation and help evaluate payment arrangements and potential relief, subject to tax-agency eligibility and approval. We’re based in California, but we serve people and businesses across the United States. We assist taxpayers with both federal tax concerns and state tax issues.
Everyone’s tax situation is unique, and the type of results you get will depend on your circumstances. To learn more about the tax relief options that might be available to you and how Family Tax Relief can help you solve your tax problems, contact us today.
