Our experience providing tax services in Lake Nona, Fl tells us that individuals and small businesses are often left alone to face the IRS and its various methods of collecting due taxes. To make matters worse, they may have to negotiate with multiple departments. Plus, they may find themselves wondering why a particular individual doesn’t honor an agreement that they had with another IRS employee.
If you cannot afford to write a check, the best bet to clear the money you now “owe” would be to avail the tax services in Lake Nona, Fl. You will have more options the earlier you try to settle the problem using tax services in Lake Nona, Fl. Once the tax return has been filed without being paid in full, the applicant is going to receive three letters, which are to be followed by phone calls. Given that you are still unable to meet their demands a year later, you will be receiving them on your doorstep, coming to close down your businesses most likely. To avoid this please use professional tax services in Lake Nona, Fl
Hire Professional Tax Services in Lake Nona, FL
If you want to be prepared beforehand for the IRS situation, handing over the power of attorney to enrolled agents, tax services in Lake Nona, Fl. attorneys, and CPAs is the least you can do. They know how the IRS Collection Division operates. Seeing as you are not unemployed, out of business, or broke and knowing that the IRS has the power to seize everything from wages and bank accounts to homes and other assets, tax services in Lake Nona, Fl can map out a strategy for you and represent you in a manner to ensure that you are not in a defensive position when it happens.
Get the Forms Mailed
Answering the questions over calls from the IRS Automated Collection System means you are in fact helping them fill out your Forms 433-A and 433-B for you. Don’t take these forms lightly as some people tend to do. Even though you are not legally accountable to disclose your financial information to the IRS, it’s important that you are cooperative with tax services in Lake Nona, Fl, and fill these forms accurately and timely. A better alternative then is to have them mailed for you to fill in individually.
Borrow and Ask For an Installment Agreement
All amounts that remain unpaid afterwards have penalty and interest charges added to them; the interest is compounded on a daily basis whereas the total amount of penalty, interest, and taxes combined doubles after two years approximately. Take a loan from a friend or a bank for them to accept and work out the monthly payment plan with you with the help of tax services in Lake Nona, Fl.
Moreover, there are four types of installment agreement so know which one you qualify for. These include guaranteed installment agreements, streamlined installment agreements, partial payment installment agreements, and non-streamlined installment agreements.
Make an Offer in Compromise Deal
Frankly speaking, it isn’t the ideal thing to aim for. However, if you are that one in four businesses who can settle the bill through this process, you should request the IRS to accept a percentage of what you owe.
If your case has become too complicated for you to handle, tax services in Lake Nona, Fl, will suggest the temporary “uncollectible” status or even ask you to file for bankruptcy as a last resort to take the IRS off your back for that time period.
If you need more information about our Lake Nona, FL accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.