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SOURCE: Platinum Tax Defenders
Not filing for taxes and worrying about the IRS finding out might be what makes people more nervous than actually filing their taxes. The anxiety and fear associated with owing back taxes, and the possibility of the IRS taking actions sooner or later can impose tremendous amounts of stress on taxpayers.
(PRWEB) January 13, 2013
The fact that the IRS has 10 years to collect back taxes owed to them makes this problem a nightmare that will not go away quickly. Laying low is definitely not one of the ways to settle back taxes. Instead it’s one of those things that are best faced and handled as quickly it as possible.
What to do when dealing with Back Taxes Debt?
Ignoring the IRS’s notices and putting off filling back taxes is a sure way of making them worst and piling up interest and penalties.
Unlike tax penalties, which stop accruing when the maximum is reached, monthly interest still accrues indeterminately until the back taxes are paid. Once the IRS receives back tax returns, they send out a notice of the exact penalty and interest charges an individual is responsible for. Whether the IRS is demanding full payment of back taxes up-front or a payment plan that is substantially higher than what an individual can afford to pay, it’s important to not be fooled to think that this is the only or best option. There are programs designed by the IRS to assist taxpayers with their tax burdens, the issue is not everyone is aware of them or has the time, skills or the knowledge to take advantage of them.
Programs like Offer In Compromise and the IRS Fresh Start, and Penalty Abatement are put in place to encourage and help taxpayers to pay up on their tax debt. But just like tax laws they do also change and it’s essential to keep up with those changes and to utilize them to ones best interest.
Avoiding back taxes can only lead to many serious financial hardships. Ignoring notice letters and phone calls is never a solution. Once collection action has begun, the IRS will not yield.
Unless an individual has the knowledge and negotiation skills to directly deal with the IRS to settle their back taxes, they should contact a trusted tax resolution firm or tax attorney like Platinum Tax Defenders without delay to avoid:
The assessment, which normally takes between 20 and 45 minutes with a tax resolution professional, examines the individual's specific tax situation and provides custom-tailored information on how to deal with the Federal government.
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