Back Taxes
Back taxes are the taxes you owe to the IRS that are wholly or partially unpaid the year they were due. Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether. This type of tax debt regularly accrues penalties and fines, and in serious instances, individuals can face serious legal consequences when they owe back taxes.
Should You Seek Professional Help if You Owe Back Taxes?
Sometimes, repayment can be as simple as sending a check to your local IRS office or even pay online through the IRS website. Though at other times, paying Back Taxes can be more complicated than that. You can find help through various IRS repayment programs offered through the Fresh Start Program.
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Depending on what program you qualify for, you can enter into a payment plan, temporarily halt penalties, or settle your tax debt for a fraction of the original cost. We strongly advise for those struggling with significant tax debt to pursue a IRS Fresh Start program. A taxpayer who owes Back Taxes may reach the best outcome by contacting a tax professional. A tax expert can support you in communicating with the IRS and help you determine which option offers the most effective resolution for your specific set of circumstances.
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The Taxpayer Bill of Rights secures the right of taxpayers to retain an authorized representative of their choice when dealing with the IRS. The IRS does prefer to work with tax professionals, as it makes their job easier. Meaning, professional tax representatives will often have a much higher chance at negotiating a favorable outcome for a case. Tax experts also know the details of resolving tax debt; and are familiar with the tax code, your Senior Settlement Officer will know how to handle the repayment of your Back Taxes.
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Tax professionals come with experience, knowledge, and resources need to navigate your case. An expert can assess your situation and can expertly negotiate with the IRS. Thereby, drastically decrease the time needed to resolve your case. Leaving you with more time to continue working and spending time with your family.