Freedomtax Accounting’s irs enrolled agents have been providing honest tax debt relief services in Orlando, FL and Kissimmee for 15 years, and we know that since the Internal Revenue Service has eased tax collection policies, many struggling taxpayers have become eligible to avail tax breaks. This great opportunity has resolved financial problems of a great number of people. Due to the current economy’s depreciation and resulting challenges, the IRS offers back taxes help in Orlando, FL and Kissimmee through different means. You can negotiate an appropriate payment plan with the IRS to manage your back taxes. Alternatively, for people who are unable to make regular payments and are not eligible for tax debt relief services in Orlando, FL, there are several other options to resolve their financial hardships.
Orlando Enrolled Agent Tip 1 – IRS Payment Plan
A taxpayer can negotiate a payment plan with the Internal Revenue Service. According to this agreement, a person is allowed by the government to pay all liabilities over a defined period of time. Once you have established a payment plan with the IRS, it won’t take any collection action against you. In this scenario, the only condition you have to meet is to fulfill all payment and filing obligations. Nevertheless, interest and penalties are charged on your debt’s unpaid portion until this amount is satisfied. Moreover, you may have to file a tax lien as a part of the conditions of the payment plan, depending on your entire liability.
Orlando Enrolled Agent Tip 2 – Make Negotiations with the IRS
The Internal Revenue Service recommends all taxpayers to pay their owed amounts as quickly as they can. For individuals or organizations that cannot make immediate payments, an installment plan can be a viable payment option. If you want to negotiate an installment plan with the IRS, you have to satisfy the following set of rules and conditions:
- You have to file all applicable tax returns.
- You must disclose all your assets including bank accounts and cash.
- Your checking, brokerage, or savings account shouldn’t have enough cash to make payments to the Internal Revenue Service.
- You shouldn’t be in a position to borrow money from any other sources to pay to the IRS.
- You’ll have to provide your personal/business financial record to the IRS.
An IRS payment plan is a great back taxes help that requires you to make monthly payments. The amount you have to pay depends on the total amount owed as well as your capability to pay. The Internal Revenue Service has an authority to collect all taxes for a period of 10 years from the evaluation date. It is vital to understand that the IRS will review your financial situation before allowing you to avail an installment plan.
If you owe back taxes and are in need of tax debt relief services please contact us at 407-344-1012 to get your FREE Consultation. Freedomtax Accounting is a full service accouting and tax firm in Kissimmee, FL. We proudly offer honest accounting and tax services in Central Florida, Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL, but our services can be offered nationwide as well. We specialize in bookkeeping, tax preparation, irs audit defense, tax planning, tax debt relief, incorporations, and non-profit 501 (C3) tax exempt status application.