Pro Tax Solvers Newsletter
Navigating IRS Collection with Expertise and Precision
Dear Valued Clients,
Navigating the IRS collection process can be a challenging endeavor, but at Pro Tax Solvers, we are committed to helping you achieve the best possible outcome. In this newsletter, we provide you with a comprehensive guide on how to handle IRS collection matters with clarity, detail, urgency, and the utmost professionalism.
Step 1: Assess Your IRS Collection Stage
It’s essential to understand where you stand in the IRS collection process. If you’ve received a Final Notice of Intent To Levy, time is of the essence. Contact us immediately or seek professional representation to avoid unwanted levies, liens, or garnishments. Ensure your chosen representative uses IRS Form 2848 for proper representation.
Step 2: Ensure Accuracy
Accuracy is paramount when dealing with the IRS. Review your tax debts to confirm their accuracy. Address any issues such as identity theft, audits, CP 2000 Notices, or Substitute For Returns promptly. We are here to assist you in resolving these matters efficiently.
Step 3: Choose Your Resolution Wisely
When it comes to resolving your IRS debt, you have several options:
- Offer In Compromise: This is often the best choice if you’re struggling to meet your monthly living expenses.
- Currently Non Collectable Status: An alternative to Offer In Compromise, it allows you to enter into a payment plan with zero monthly payments.
- Payment Plan: If your debt is less than $50,000, you can opt for an 84-month payment plan. Balances over $50,000 may result in a Federal Tax Lien.
- Bankruptcy: Income tax debts over three years old can be discharged in bankruptcy, subject to certain conditions.
- Pay In Full: Settle your debt by making a full payment.
- Do Nothing: In some cases, it may be best to let the IRS collection timeline expire.
Step 4: Submit Your Resolution
Ensure you send your chosen resolution to the IRS before any collection deadlines. Use certified mail with a return receipt for added security. If you have a revenue officer assigned, confirm receipt with a follow-up call.
Step 5: Respond to IRS Communications
Stay vigilant for IRS letters and respond promptly, especially if they request additional information. Use certified mail for your replies. Remember that the IRS collection process is typically on hold while they process your request.
Step 6: Complete Your Resolution
Depending on your chosen resolution:
- For Offer In Compromise, follow the payment instructions upon acceptance or consider appealing if denied.
- For Currently Non Collectable Status, you are done if accepted; if denied, explore alternative options.
- For Payment Plan, ensure you make the required payments on time.
- For Bankruptcy, verify that all eligible tax debts are included.
- For Pay In Full, complete the payment as instructed.
Step 7: Seek IRS Tax Lien Withdrawal
If you have liens on your credit report, request an IRS lien withdrawal, particularly for Offer In Compromise, certain payment plans, and when paying in full. Our detailed guide can assist you in this process.
At Pro Tax Solvers, we understand the urgency and importance of resolving IRS collection issues. Each resolution may take time, but with our expertise and dedication, we will guide you through every step, ensuring the best possible outcome.
Don’t hesitate to reach out to us for personalized assistance and professional guidance in handling your IRS collection matters. We are here to help you achieve financial peace of mind.