Are you involved a severe tax situation? If so, it is wise to get help from a professional trained in IRS tax services. The U.S. tax office has several ways to collect taxes owed to them. Those methods can cause extensive damage to one’s financial well-being. Our team at Pacific Tax & Financial Group assists clients who are confronting tax issues that seem to be overwhelming.
Unfiled Tax Returns
The IRS keeps a database of taxpayers who have not filed returns. Sometimes they will allow years pass before alerting the person of the issue. By law, The IRS can file a substitute for return (SFR) on a person’s behalf during this time. If this happens, an SFR reflects an estimate of one’s taxable income. It does not include an assessment of their deductions. Most likely the individual will be taxed more than what they normally would.
Back taxes owed can result in a levy. All types of property and assets are vulnerable to levies including homes, vehicles, secondary properties, and bank accounts. If a bank levy occurs, the bank will suspend all access to an account. Our trained tax professional assists clients in avoiding levies and removing them.
The IRS can garnish a percentage of a delinquent taxpayer’s paychecks. In these events, the IRS alerts an employer to retain a certain amount from the taxpayer’s check. The government mandates the employer to forward the withheld money. It is wise not to allow the IRS to decide on how much to garnish from a check. On most occasions, they will elect to obtain the maximum amount to satisfy the debt.
Audits can mark the beginning of problems to come. Usually, high deductions result in flagging audits. When this happens, it can be a struggle to get all the related documentation and build a convincing case. However, we can not only present a good argument but can help to reduce the risk of an audit on our client’s tax returns.
Regardless of the tax problem, instead of hoping that the problem will go away, it is best to act. Some of the worst tax problems have resulted from a constant lack of action on the part of the taxpayer. The best course of action is to contact a professional.