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IRS Wants Money, a CPA Can Help
Whether it's back taxes, money owed following an audit, or taxes due from the current year, owing money to the IRS can have devastating repercussions if left unpaid. The IRS has the right to place levies and liens against your property to insure tax repayment. This could lead to seizure of your home, automobile, or bank account with serious effects on your credit. When the IRS wants money, there are several options available. There are many ways a CPA can help.
Notice of Tax Due
When an individual doesn't pay the total tax amount due to the IRS by the annual filing date, they will receive a "Notice of Tax Due" letter. Within a few months, the debt will be in collections status and penalty fees will continue to add up. It is important to act quickly when you owe taxes to the IRS. A person who doesn't agree with the amount stated has the right to ask for an assessment by an IRS manager. Copies of bank statements, receipts, and other finance related records will be needed for the hearing. Many taxpayers choose to hire a CPA to represent them at this point.
Finding a Qualified CPA
Retaining the services of a Certified Public Accountant can be very beneficial when you owe tax money to the IRS. Not all CPAs are qualified to represent taxpayers during the IRS collection process so it's important to choose the right one. Beware of tax debt relief scams that may end up costing you even more money in the long run. Look for a CPA that specializes in working with the IRS on the taxpayer's behalf. Read client reviews and look into their previous case history if possible before deciding to hire a professional. The right CPA can offer sound advice and get the best IRS payment deal possible.
What to Expect from a CPA
The first thing a CPA will do is discuss the available options. An "offer in compromise" is usually the best strategy. This allows the taxpayer to make a settlement with the IRS and pay less than the total tax amount. The CPA will help you decide on the best plan of action and will make sure it is executed correctly. He or she may file necessary paperwork with the IRS and will represent you in meetings with IRS agents. The CPA will also assist with appeals, hearings, or audits that may be required to help lower the tax amount you must pay.
The IRS can be brutal when it comes to collecting taxes that are owed. Doing nothing when you owe money to the IRS can lead to wage garnishments, frozen bank accounts, and the loss of your home. There are several options available to pay back the tax money owed to the IRS. A qualified CPA can help you make the best decision and can even reduce the amount you owe. Hiring a CPA also brings peace of mind. It's easier to be confident when there's a knowledgeable, experienced professional working for you.
Author Resource:-
Reno CPA Tim Nelson has been helping individuals and businesses with their tax preparation and financial planning for years. Tim has a passion for numbers, so that you don't have to. Visit Tim Nelson's Website to download the FREE Business and Tax Preparation Organizer.
To see what else Tim is talking about, visit Tim's Blog.
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