Tax Relief Lake Forest
It’s a beautiful day in Lake Forest as you walk to your mail box. The sun shining bright in perfect concert with the song of birds and the gentle breeze, perfect synchronicity until you open and reach in the mailbox to find a letter with the IRS logo on the upper left corner. Your heart seemingly stops, your stomach leaps up in your throat, and a feeling of dread rolls in as you read the notification that you owe over $10,000. What do you do now? Close it back up and place it in a desk drawer and hope it just goes away? This is not recommended. Ignoring the IRS or procrastinating will only make matters worse.
For Lake Forest, CA residents and business owners that experienced this situation, the recommended option is to call your local Tax Relief Systems office for a free consultation and begin the process of IRS and State of California Tax Settlement, with one of our tax attorneys. Your tax situation is as unique as you are, thus the solution that works for you may not work for the next person. We will look at your situation in its entirety; determine the best course of action and work to settle your tax debt, while protecting your precious rights as a taxpayer.
We have found that taxpayers looking for suitable answers for their IRS Back taxes related situation tend to fall for the Offer in Compromise (OIC) program as a result of quick fix TV commercials claiming to settle all of your back-tax debt for pennies. The initial conclusion for most taxpayers is this is their only answer. That could not be farther from the truth. The good news, there are other options. It’s easy not to refuse the chance to settle your IRS tax debt ‘for pennies’, though it might work for some, it doesn’t work for everyone. The other available options include the following:
- IRS Collection Procedures for Filing and/or Paying Late – Pros: The ability to wipe out back taxes debt. Cons: IRS can attach a levy or/and lien on taxpayer property, longer resolution period, and may even unknowingly trigger an exception which might result in an extension of 10 years period. The 10 years period is the time statute of limitations on tax collections unless extended by the IRS.
- File/Amend Past Tax Returns – Pros: Reduction of tax liability and the Reduction in the chances of potential penalty and interest. Cons: Acquires tax code information and issues with statute of limitations.
- Installment Agreement – Pros: Flexibility, IRS becomes content, the prevention of further collective IRS action, and available any time. Cons: Interests continues to accumulate, longer period to pay off the debt, and you must keep the track of payments.
- Offer in Compromise (OIC) – Pros: Debt lowered through settlement, collection actions suspended, and the retention of certain assets. Cons: higher initial payments, strictness of noncompliance, possible liquidation of assets, and could be lengthy time to complete.
You have options and rights. Do not let the IRS intimidate you either way. The IRS has been directed to adhere to the rights; however, it is an institution created and ran by humans, which makes it fallible. Mistakes can be made and your rights as a Lake Forest taxpayer can be infringed. You need the protection only a tax relief company can provide.
Contact our Lake Forest office today at (424)264-5854 and let us help you get your life back to normal!