Taxes and the internal revenue service go hand in hand. If you have had an issue with your taxes, you understand that encounters with the IRS can be intimidating. If it is your first time dealing with them, it is advisable to hire a competent tax resolution lawyer to help you with the audit or any other tax resolution process you might have. Here are tips and guidelines to help you resolve the most common taxation issues.
Organizing a Tax Audit
Most of the audits by the IRS ensure that people report their income and pay their taxes on time. Sometimes, they might single you out after noticing some anomaly in your tax returns. It is advisable to speak to an accountant immediately after the IRS sends you a letter about issues with your returns. The revenue service is typically very serious about problems related to taxation. Audits can lead to the government compelling you to pay money in back taxes, penalties, and other fees. Consulting with a competent tax accountant, who is also experienced in tax legal issues, will help you handle an audit successfully.
Issues With Tax Levies
Tax levies are another common issue people experience, especially when they do not pay their taxes on time. Most people only realize how serious the government is about the tax levy when they lose their property. However, you can avoid all these complications by getting a professional to assess your taxes beforehand. They will protect you from losing tax refunds or your business assets to the IRS. They will also ensure you do not get into legal issues.
Liens and Unpaid Back Taxes
Property tax liens are another common complication people face with the internal revenue service. They will put your property on lien when you haven't been paying the taxes that you should. Liens are usually the revenue service's first option when you stop cooperating with the taxation process. If you do not act, they step it up and go for the tax levy. You might also incur back taxes depending on the date they were last due. Finally, the taxman might garnish your wages when you aren't cooperating with their process.
However, you can speak to a tax resolution lawyer when you notice these issues with the internal revenue service. They will help you handle the problem and eliminate any financial complications the tax issue could cause to your business.