Tax Resolution
Tax Wealth Network helps clients to reduce the taxes they owe and the stress of dealing with the IRS. While many are focused on tax filing deadlines in April of each year, there are other times throughout the year when the IRS may make their presence known especially if the tax service believes that an individual or business hasn’t properly reported income, has underpaid, or didn’t file a tax return as needed. When that happens, a person or company might need tax resolution services to help resolve the issue, pay back taxes, or request tax relief.
The Tax Wealth Network team will review your situation and what’s been filed to see what needs to be done next to resolve your outstanding tax issues, unfiled tax returns, or back taxes owed.
The goal of our tax resolution center is to reduce your back taxes if possible and work to correct the situation before tax liens are filed and before the tax authority uses aggressive action to recover what you owe. Our tax professionals are honest and provide you with as many options as possible while offering you realistic and accurate information.
What Is Tax Resolution?
Tax resolution is the process of working with the IRS and tax professionals to find a solution to your tax problems. The IRS might have an issue with your tax return or tax situation for a few reasons. If you have a complicated tax return, for example, the IRS might audit you to verify you are reporting the appropriate amount of income and claiming legitimate deductions. In some cases, the IRS might believe you have underreported your income, and it might want to take a closer look at your tax situation.
Another example of an IRS problem occurs when you don’t file your taxes for several years. Eventually, the issue can be serious enough that you need outside help to get you back on track and to avoid being charged more than you owe by the IRS.
How Tax Wealth Network Helps
Unfiled Returns
You’re expected to file a tax return each year, but in some instances, life and other circumstances can prevent you from filing. When that happens, the IRS might guess at how much you owe based on the documents it’s received, such as Forms W-2 and 1099. A top tax planning and preparation firm can help you prepare tax returns from past years while also helping you file current tax returns, and helping you plan ahead.
Paying Back Taxes
If you owe back taxes, you might not be able to pay the full amount due in one lump sum. As part of our role in tax resolution, we can help evaluate your returns to confirm if you are responsible for back taxes you’re being charged. And our network of tax professionals can also help by working with the IRS to put together a plan that makes paying the tax you owe more manageable.
Offers in Compromise with the IRS
There are cases when the IRS is open to compromising with taxpayers. If you owe a hefty amount and aren’t able to pay it, the IRS Offer in Compromise program might accept a payment that is less than what you owe. Compromising with the IRS can be tricky, as the agency usually doesn’t take requests for reduced payments. Working with a network of experienced tax professionals can help you see if compromising with the IRS will help you resolve your tax issue or if another option, such as a payment plan, might be more appropriate.
If you’re facing a hefty tax bill, have years of unfiled tax returns, are being audited or have another tax-related issue, our network of tax professionals includes CPAs and enrolled agents who can review your situation and act on your behalf to put together a payment agreement with the IRS or reduce the amount you owe. While we’re based in Massachusetts, we help people and businesses from across the U.S. We can 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 Tax Wealth Network and Boston Tax Planners can help you solve your tax problems, contact us today.
