Tax Network USA often sees clients who must face the most dreadful and unthinkable IRS collection technique known. One of the most daunting and contemptible forms of collection is a bank levy, frequently performed by the Internal Revenue Service in situations when a taxpayer has been informed numerous times of an unresolved tax issue. When your bank account is under a levy, the IRS has the legal right to take hold of your savings and use the funds to take care of your tax debt.
The IRS has become more technologically savvy in the past few decades, making them harder to avoid by those with tax debt. With this increase in IRS prowess, unethical companies who prey on the susceptibility of ignorant customers have also risen. Although times are tough, it is never a good idea to avoid the IRS. You must first choose the right professional to help solve your financial fiasco. These tips should help clear up any questions you may have about picking a trustworthy company.
The first warning you need to keep your eyes open for is companies that exaggerate their success rate. Far too often, firms distort how well they can help clients. They are guilty of embellishing how much experience and skill their company has to offer. If the company is too keen to take on your case without taking an in depth look into your financial situation, they are most likely after your money.
Installment Agreement, Full or Partial ? Installment Agreements are a favorable option for those who do not qualify for an OIC. You may be granted up to five years to repay what you owe as well as interest. This is typically if you owe less than $25,000 and you may apply yourself. If you cannot pay the full amount or owe more than $25,000, you may qualify for a partial payment plan. In this scenario, you should contact Tax Network USA to assist you through the process. This is when the IRS rears its ugly face to collect as much as possible from you, leaving you with only enough to pay for your most meager essentials. It is obvious why procuring the help of an expert would be beyond beneficial; you can end up pay far less than what the IRS demands. Currently Non Collectible ? This is a constructive solution if you do not qualify for an OIC that necessitates you pay more than you can provide due to property you may have. OICs take a look at all your assets, including property with equity, cars with equity, or retirement accounts. Currently Non Collectibles, or CNCs are only concerned with your monthly income.
Before you are granted CNC status however, the IRS may require you to liquidate savings accounts, stocks, bonds, and mutual funds accounts. The IRS will resume collection if your finances improve. They will take the time to go through your finances on occasion. If you are under a CNC status, the IRS will file a tax lien against you, resulting in a major headache. Applying for CNC can be tricky; contact Tax Network USA to discuss your options.
Bankruptcy ? It?s possible to clear IRS debts under Chapter 7 bankruptcy or incorporated into a Chapter 13 bankruptcy. There are three stipulations under which the bankruptcy should fit. The tax debt must be due for three years, the tax filing must be filed for two years, and tax assessment must be in place for two hundred forty days. Furthermore, not every type of IRS tax debt is qualifies for inclusion in a chapter 7 bankruptcy. Contact a tax professional at Tax Network USA to assess your current standing.
If a firm guarantees any result before reviewing your case, beware. This is the simplest way of recognizing a scam. There are never any guarantees so matter what the situation. Ipso facto, anyone making outlandish promises before even viewing your information bears false information. The best one can offer is a practical solution with no assurances. There are also times when it is best to work directly with the IRS. For example, if you owe less than ten thousand dollars, a tax mediation firm will not have much use for your case as they will want to earn their fee. Small debts like these can be negotiated directly with the IRS
Want to find out more about Tax Network USA, then visit Alberto Hanken?s site on how to choose the best Tax Network USA for your needs.
Source: http://articlestwinkle.com/finance/taxes/tax-relief-options
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