Signs You Need Professional Help Settling Your IRS Tax Debt

Signs You Need Professional Help Settling Your IRS Tax Debt

• Jun 15, 2023

Dealing with IRS tax debt can be an overwhelming and stressful experience. Whether you have fallen behind on your tax payments due to financial hardships, miscalculations, or other circumstances, it's important to recognize when you need professional assistance to navigate the complexities of settling your tax debt. This article will discuss key signs that indicate it's time to seek professional help in resolving your IRS tax debt and provide expert guidance on how to regain control of your financial situation.

Unmanageable Tax Debt                                                                                                        

If you find yourself facing a significant amount of tax debt that you cannot realistically repay in a reasonable timeframe, it's a clear indicator that professional help is needed. Tax professionals who specialize in resolving IRS tax debt can assess your financial situation, negotiate with the IRS on your behalf, and help you explore viable options for debt resolution.

IRS Notices and Collection Efforts

Receiving notices from the IRS regarding your unpaid tax debt or facing collection efforts such as wage garnishments, bank levies, or tax liens can be highly distressing. These actions indicate that the IRS is actively pursuing the collection of your tax debt. Seeking professional assistance can provide you with the knowledge and representation necessary to communicate effectively with the IRS and work towards a resolution that eases your stress by stopping these collection efforts.

Multiple Years of Unfiled Tax Returns

Failing to file tax returns for multiple years can lead to significant penalties and complicate the process of resolving your tax debt. Professional tax help is crucial in such situations, as tax experts can guide you through the process of filing past-due returns and assist you in negotiating with the IRS to minimize any associated penalties and interest. We can also advise you on consolidating multiple years’ worth of tax debt, and provide you with more information on setting up a payment plan (or multiple payment plans) that will help you to resolve all of your debt.

Uncertainty About Available Resolution Options

The IRS offers various tax debt resolution options, such as installment agreements, offers in compromise, and currently not collectible status. Understanding which option is best suited to your financial situation can be challenging. Applying for the wrong program can result in a quick rejection and leave you feeling defeated, when simply applying for a different settlement option may provide you with the solutions you need. Seeking professional assistance ensures that you are aware of all available options and receive guidance on selecting the most appropriate resolution strategy for your specific circumstances.

Complex Tax Debt Situations

Certain situations can complicate the resolution of tax debt, requiring professional expertise to navigate through them successfully. For example, if you are facing accusations of tax fraud, involved in a bankruptcy proceeding, or have international tax obligations, seeking professional help is crucial. We can also help you in situations where you believe that you are being incorrectly held accountable for tax debts; whether you believe the amount you owe is incorrect, are being held liable for an ex’s tax debt, or are facing a large tax debt because you’ve fallen victim to a tax scam, there are ways that we can help. Tax professionals with experience in these complex areas can provide the necessary guidance and representation to protect your interests and help you achieve the best possible outcome.

Overwhelming Stress and Emotional Impact

Tax debt issues can have a significant emotional toll, leading to stress, anxiety, and sleepless nights. If you find yourself overwhelmed and struggling to cope with the psychological and emotional impact of your tax debt, it's essential to seek professional help. Tax professionals experienced in handling IRS tax debt matters can alleviate the burden by taking over the communication and negotiation process with the IRS, providing you with much-needed relief and peace of mind.

Contact the IRS Advocates for Tax Settlement Support

Resolving IRS tax debt requires specialized knowledge, negotiation skills, and a thorough understanding of tax laws and procedures. If you identify with any of the signs discussed in this blog post, it's crucial to seek professional help to guide you through the process and secure the best possible outcome.

At the IRS Advocates, our team of dedicated professionals specializes in helping individuals navigate the complexities of settling IRS tax debt. We provide personalized guidance, negotiate on your behalf, and explore all available options to help you regain control of your financial situation. Contact us today to schedule an initial consultation and learn how we can assist you in finding a resolution to your tax debt issues.