IRS help with a specialized accountant

The Benefits of Having an Accountant Negotiate Your Debt With the IRS

Do you have the IRS knocking on your door for taxes you owe them? If this is the case, time is of the essence before any liens or wage garnishments are put in place. A firm that has handled hundreds of negotiations, like Accountants Now, can assist you work through all things related to debt negotiation so you can get back in compliance with the IRS. 

Knowledgeable About All Topics

You want an accountant on your side when the IRS comes calling. know their way around taxes and can help you come up with a plan to negotiate your debt quickly so it doesn’t drag on for months without resolution

The first way an accountant can benefit you when the IRS comes knocking on your door is through their knowledge. Accountants are knowledgeable about all kinds of IRS debts, such as income and payroll taxes. They will know the best course of action to take depending on your specific situation. You don’t want to guess the steps you need to take to negotiate your debt with the IRS. Have a concrete action plan with an accountant on your side. 

Assist With IRS Letters

You may have received an IRS letter in the past that you did not understand. An accountant can help you determine exactly what the IRS is requiring and the impact that the case can potentially have on you and your assets. If adjustments were made to your tax return and you have a set repayment plan with the IRS, there could be changes that you need to know about. With an accountant by your side, you can fully comprehend the impact the letter has on your payments and overall debt balance, leaving any guessing out of the equation. 

Reduce Time Spent Going Back and Forth

Just like an accountant can be beneficial with any letters received from the IRS, they can also help you negotiate terms at a quicker pace. If you were to try and communicate with the IRS, it could take weeks or even months if you don’t know exactly what to say or send over. An accountant can reduce the correspondence time and work out a deal between you and the IRS in a short amount of time. 

Help You File Returns to Catch Up

When looking to negotiate IRS debt, all income and payroll tax forms will need to be current and caught up. An accountant can help you catch up on all late filings to ensure that you have the best chance of receiving favorable terms. Not filing a required return can add stiff penalties, up to 25%, onto your overall tax bill. This can increase your debt balance, further worsening your situation. 

Negotiate a More Favorable Terms

Everyone wants to pay the least amount in interest, right? Well, with an accountant by your side that is possible. An accountant can be very beneficial to you, especially when negotiating terms of debt repayment plans. Lower interest rates and a favorable term to repay the debt are two of the aspects that an accountant can help with. You don’t want to be stuck with high monthly payments because you neglected to negotiate terms in your favor. Poor negotiation the first time around can lead to more correspondence with the IRS and money spent in penalties and interest. 

Request Penalty Abatement

If this your first time filing taxes late or not making the required payments, an accountant can help you request penalty abatement to reduce your total outstanding debt. The IRS has some leniency with penalties incurred for first time issues, making it something you might want to request. Certain information needs to be provided along with specific criteria met. An accountant can help prove to the IRS that you deserve penalty abatement. The removal of penalties will reduce your debt burden and help with negotiation, which is why it is critical to have an accountant on your side. 

Help You Avoid Serious Repercussions

Starting in 2015, the IRS has the ability to revoke passports when over $50,000 in taxes are owed and there is no agreement in place between the taxpayer and IRS. This can have serious consequences on your day-to-day life. An accountant can help you work out debt relief with the IRS to establish a mutually beneficial plan that can allows you to continue your day-to-day operations without being limited by the IRS.

All of these factors highlight how an accountant can be beneficial to you during negotiation of IRS debt. You don’t want to be going back and forth with the IRS, incurring high fines and penalties along the way when you can avoid the hassle and hire an accountant. Accountants Now can help you work through debt negotiation with the IRS. Get more favorable terms, reduce time spent corresponding with the IRS and start working down your debt balance for a preset fee.

Related Posts

Success! You're now subscribed.
Oops! Something went wrong while submitting the form.