As soon as the IRS files a Federal Tax Lien against a delinquent taxpayer, it becomes public record that the person or business has a balance due to the IRS. The lien is filed very soon after a liability is assessed. The fact that the lien is public record means that anybody who cares to
Back Taxes is a term for taxes that were not completely paid when due.
Tax Relief is generally considered to be any program or incentive that reduces the amount of tax owed by an individual or business entity. However, in a broader sense, Tax Relief may include any action, program or incentive that provides “relief” to an individual or business entity who is in collections with a taxing authority.
Back Tax Relief comes in many shapes and sizes: Offers in Compromise, Installment Agreements, Partial Payment Installment Agreements, Currently Not Collectible Status, Penalty Abatements, Innocent Spouse Relief, Tax Lien Avoidance or Withdrawal, Prevention or Postponement of Enforced Collections, and Releases of Levy, to name a few. If you or your business are in collections with the IRS or a state taxing authority, it is absolutely critical that you not only determine which type of back tax relief strategy best suits your specific needs, but that you give yourself the very best chance of actually implementing that strategy.
There is much at stake. The wrong choice could result in repaying thousands or tens of thousands of dollars more than you would have repaid had you selected and implemented a back tax relief strategy that was a better match for your unique circumstances. Individuals making the wrong choice could face wage garnishments, the seizure of assets (e.g. bank accounts, real estate, and retirement accounts), and serious difficulties meeting basic living expenses such as keeping a roof over your head and food on your table. The wrong choice for a business could result in bank levies, accounts receivable levies, merchant card account Levies, an inability to meet payroll and other necessary business expenses and, in severe cases, the demise of the business.
So, with the thousands of pages of tax laws, myriad complex IRS collection policies and procedures, and the dizzying array of tax professionals from which to choose, how on earth is a person supposed to determine the best back tax relief solution for a given situation and give themselves the very best chance of actually implementing that solution?
A phone call to one of our knowledgeable and compassionate professionals is a great starting point. Fortress is fortunate to employ some of the brightest, most ethical, and most experienced tax professionals in the United States. We will take the time to listen to you — really listen to you — and ask the questions that need to be asked in order to custom tailor a back tax relief strategy that will work best given your unique needs and circumstances. The call is free and there are no obligations whatsoever.
Attorneys vs Accountants
Which is Best for You?
Most people who have had the misfortune of getting behind with the IRS have heard about tax settlements, otherwise known as Offers in Compromise (OIC), as a method for repaying far less than the full amount owed. Many fewer realize that there is an alternate method that can effectuate a similar result: the repayment of
To some business owners, the accounting part of their business is the last thing they want to deal with. “Leave that to the accountant or bookkeeper and let me get to work” is the sentiment I get from a lot of small business owners. Accrual Method of Accounting Many business owners just don’t have the