Tax Resolution Options

 

In our previous post, Tax Resolution: What is It?, we kicked off our newest mini-series discussing the subject of Tax Resolution. Unfortunately, tax resolution and tax relief are services many Americans require to help them with IRS-related issues. As we discussed in Tax Resolution: What is It?, people can end up owing the IRS money for a variety of reasons, but some of the most common are related to filing improper paperwork, making incorrect payments or making late payments. The bigger issue is that once a problem starts with the IRS, if it’s not taken care of in the proper amount of time, it can grow from a tiny snowball into a massive avalanche of trouble.

That’s why we, the team of tax resolutions specialists at Bullseye Tax Relief, are here to help! In this blog post, we’ll discuss some of the common options you or your business may have when it comes to tackling your tax resolution problems. 

But remember, when it comes to the IRS, time is of the essence! So if you have any upcoming deadlines, or received any recent filings of notices from the IRS, give us a call at (844) 582-3323, or send us an email at  info@bullseyedebtrelief.com now!

Common Tax Resolution Options

As we mentioned at the end of the last blog post, Tax Resolution: What is It?, there are some options available to individuals and businesses to allow them to relieve their debt to the IRS without causing financial hardship. In this post, we’ll share some of the basics about the most common options, like Offer in Compromise, Currently Non-Collectible, Penalty Abatement, Install Agreements and the Partial Pay Installment Agreement. In our following posts, we’ll discuss each one individually in more detail.

Offer in Compromise:

Offer in Compromise (OIC) allows someone to negotiate their tax debt and potentially settle their debt for less than the original total amount owed. Offer in Compromise was created for people with an overwhelming amount of tax debt that they won’t be able to pay off without experiencing financial hardship. To learn more about Offer in Compromise, visit our Offer in Compromise Page or read our next blog post!

Currently Non-Collectible:

Currently Non-Collectible allows someone to essentially pause the collection activities of the IRS for a period of time. Currently Non-Collectible typically applies if you agree that you owe outstanding funds to the IRS, but your current financial situation makes it impossible to repay those outstanding funds without causing financial hardship. Learn more about Currently Non-Collectible here. 

 Penalty Abatement:

Penalty Abatement Relief allows someone to potentially waive certain penalties or fees from the IRS. The fees eligible for penalty abatement are typically associated with penalties relating to the failure to file taxes or make payments on time as an individual or failure to deposit certain taxes as a business. Visit our Penalty Abatement Page to learn more.

Installment Agreement:

An Installment Agreement allows someone that isn’t able to re-pay their tax debt in full the opportunity to pay off their debt in monthly payments. There are many different types of IRS installment agreements with different advantages. To learn more, visit our Installment Agreement Page or contact us today

Partial Payment Installment Agreement:

A Partial Payment Installment Agreement allows someone to pay back a portion of their, rather than the full amount, over a period of time specified by the IRS. The Partial Payment Installment Agreement is particularly beneficial because it allows someone to repay less than they originally owed. Learn more on our Partial Payment Installment Agreement Page.

In our next blog post, Tax Resolution Services: Offer in Compromise Requirements, we’ll go into more detail about the requirements to take advantage of the Offer in Compromise tax resolution option. Check back soon!

Rush Tax Resolution Services – What are they?

 

If you’ve recently received a letter or a notice from the IRS, you typically have a limited amount of time to act before the situation escalates or you or your business are penalized with fines or fees. In these cases, rush tax resolution services may be the answer. Rather than allowing the penalties to begin to pile up, taking quick action to contact a rush tax resolution specialist like Bullseye Tax Relief can end up saving you or your business a ton of money in the long-run.

If you are new to our Tax Resolution Services blog series, or are unfamiliar with tax resolution services, you can start at the beginning of our series with the blog posts Tax Resolution: What is it? and Tax Resolution: What are my Options? Our posts are all quick reads and start with the basics of tax resolution services so you don’t get lost or confused on the way. In our upcoming blog posts, we’ll discuss some of the specific tax resolution solutions like Offer in Compromise and the Partial Payment Installment Agreement, both of which provide opportunities to potentially settle your debt owed to the IRS for less than the original amount, so you may want to subscribe or like us on Facebook to stay up-to-date!

Rush Tax Resolution Services

Like the name suggests, rush tax resolution services, sometimes referred to as rush tax relief solutions, are expedited tax resolution services tailored to individuals or businesses that need help immediately. Think of it like the emergency room, as opposed to going to the doctor’s office. If your situation requires urgency, you’re much better off heading straight to the emergency room, rather than calling your doctor and scheduling an appointment for the next week. While the emergency room may cost more, if the issue requires immediate attention, like a broken bone or serious injury, taking immediate action will save a significant amount of money in the long term. Waiting on something urgent, in most cases, will only increase the problem and thus, the amount of money required to fix it.

If you have an immediate need for tax resolution services, we advise that you contact our team of tax resolution specialists here at Bullseye Tax Relief today. We can be reached by phone at (844) 582-3323 or by email at info@bullseyedebtrelief.com.

Rush Tax Resolution – What to look out for!

With the help of Google, we were able to find some of the questions people also ask when it comes to rush tax resolution services (as of Nov. 21, 2020) and we found an interesting question that was answered by CreditKarma on their page Tax Debt Relief: Real Help or Just a Scam?:

“Are tax resolution companies legitimate?

While there may be legitimate tax-debt-relief companies, there are also plenty of scammers. The Federal Trade Commission says that a company demanding payment before doing anything for you is a sign of a scam.”

The same is definitely true for rush tax resolution services too! That’s why we, here at Bullseye Tax Relief, are proud to offer free consultations and a free transcript analysis for all new clients! This allows you to have the ease of mind that it won’t cost you money just to find out what your options are. 

To get started with your free consultation, visit our homepage, give us a call at (844) 582-3323, or send us an email at info@bullseyedebtrelief.com.

Sources

https://www.creditkarma.com/tax/i/tax-debt-relief

What is Tax Resolution?

 

Hello and welcome to our newest blog series focused on everything you need to know about Tax Resolution. In our previous mini-series, we discussed Employment Tax and some of the things you may need to know regarding the taxes associated with having employees like payrolls taxes and unemployment. To learn more, get started here: Employment Tax: What is it?

For those interested in learning more about Tax Resolution, like some of the common problems and what your options are, you’re in the right place!

Tax Resolution: Common Problems

In our previous series, specifically in the blog post Employment Tax: Issues and Relief, we discuss some of the possible problems that might require tax resolution with regards to employment tax issues. The most common problems people have to deal with when it comes to employment tax are failure to issue the proper forms, failure to withhold and/or pay federal taxes and late employment tax payments.

While these issues specifically may not apply to you, the reasoning behind some of them may be the same as the issues you are faced with that need tax resolution assistance. These main issues are filing the wrong paperwork, failing to pay the right amount of taxes or making late payments. Many of these might seem like small mistakes or minor errors, but to the IRS, they can become a big deal. And if you let these issues pile up, or don’t address them quickly enough, they can turn into a huge headache for you or your business.

But don’t fear! Our Tax Resolution blog series is here to help! And the team of skilled and experienced Tax Resolution specialists at Bullseye Tax Relief are ready and available to assist with any of your tax-related needs. 

Tax Resolution Options

A growing debt of money owed to the IRS is enough to weigh down anyone, but there are options available to help pay down your outstanding funds without leaving a person crushed by the financial hardship indefinitely. After all, the IRS would rather get most or some of its money, rather than none at all. That’s why it’s so important to turn to a team of tax resolution specialists with decades of experience that are prepared to fight on your behalf. Because, while the IRS will settle for less than owed at times, they still want to get as much money as they can. 

In our next blog post, Tax Resolution: What are my Options?, we’ll discuss some of the options individuals and businesses have available to them to negotiate with the IRS. From Offer in Compromise and Currently Non-Collectible to Penalty Abatement, Install Agreements and the Partial Pay Installment Agreement, we’ll cover it all!

To start your journey towards a life free of increasing tax debt and growing worries, give our team of tax resolution specialists a call today at (844) 582-3323 or send us an email at info@bullseyedebtrelief.com.