WHAT YOU NEED TO KNOW ABOUT INSTALLMENT AGREEMENT
WHAT YOU NEED TO KNOW ABOUT INSTALLMENT AGREEMENT

Installment Agreement is made for taxpayers unable to pay their tax dues in full and is set up in the most affordable way you can. The payment should be based in one’s overall financial situation so you can settle your tax debts conveniently and in the shortest amount of time possible. Obtaining an Installment agreement plan can involve a lot of preparation especially with the forms that you need to fill out and completion of documents required. A tax attorney can effectively help you with the process so you won’t have to do it all by yourself.

IRS may not grant you with an Installment Agreement Plan if you owe more than $10,000, if it is going to take more than 3 years to pay the amount of tax debts and if IRS believes that you are capable of paying your taxes due in full. But every situation is different and you still can obtain a payment plan depending on how the negotiation is handled. That’s why you would need a qualified representation by a tax attorney to contend with IRS and get the settlement that suits your financial needs.

What are the requirements to get an Installment Agreement Plan?

• You must prove to IRS that you cannot pay the amount of taxes due in full.
• All tax returns have been filed and ensure that all future tax returns are filed and paid on time.
• You need to make financial disclosure to the IRS.
• You may be asked to sell an asset to raise money to partially pay your tax bill.

What are the advantages of an Installment Agreement?

Installment agreements are made to provide solution to what could have been a long-term problem. This tax relief is one of the most effective ways to resolve tax debts and a very beneficial one to those who cannot pay their tax liabilities in full or in less than a year. IRS is not legally allowed to seize your properties while they are considering you for an Installment Agreement request or if your payment plan is on-going. If you have been denied for an Installment Agreement, IRS cannot enforce collection after 30 days or within the period wherein you were appealing for the rejection of the payment plan proposal.

This tax relief is much easier to accomplish if you have a tax professional by your side to guide and educate you on what your rights and options are. Instant Tax Solutions is comprised of qualified and experienced tax attorneys and lawyers, CPAs and IRS enrolled agents that can best help you in requesting for an Installment Agreement or any tax relief help you need. If IRS tax debts or any problem concerning IRS is frustrating you, get a free consultation from one of their tax pros today and find out what possible options you can utilize to resolve your tax problems immediately.

WHAT HAPPENS IF YOU DID NOT FILE INCOME TAX RETURNS
WHAT HAPPENS IF YOU DID NOT FILE INCOME TAX RETURNS

Every year, more and more US citizens fail to comply with their tax obligations like filing income tax returns and face IRS back taxes or a more serious problem with IRS. If you are dealing with IRS problems right now, you should take the next step towards resolving it before it escalates into another difficult level and seek an advice from a tax expert like a tax attorney. Non filing can cause several things that you wouldn’t want to yourself into especially matters that will threaten your life or the life of your family.

If IRS starts sending you notice demanding for payment, you should be able to respond and settle your taxes right away. If you do not have the money to pay it yet you can always ask for a 30-60 days extension and prepare the amount you should remit to IRS. It is okay to receive these notices as long as you take necessary action to be able to settle it within the period of time as you promised.

What really happens if you fail to file an income tax return? Here are some of the scenarios you will face most likely face:

1. IRS will start contacting you. They will send you written request for payments, if you ignore them another notice with a deadline will follow within 30 days. Telephone calls and unexpected visits by IRS agents will happen if you didn’t even try to respond to the IRS and make payments as requested from you. Finally, you will get in trouble if the CID (Criminal investigation Department) will come and knock on your door. The level of notifications will tell how bad your IRS problem is. If it reaches the part that you are dealing with CID, you should get a tax attorney to help you settle everything.
2. IRS will file income tax returns for you. This may sound convenient but it’s the other way around. If IRS will prepare and file your income tax returns through SFR (Substitute File Return), they will not apply your exemptions, you will not have dependents and may result on a higher tax bill. After it has been filed, IRS will send you a copy and you have to sign it and mail it back to them. Whether or not you sign the SFR, IRS will finalize the SFR and any taxes due with interest and penalties will be assessed against you.
3. You will be charged high interest rates and penalties. These 2 are things that you can’t stop if you do not file income tax returns on time. The more you delay filing, the more interest and penalties you will be paying.
4. You will be criminally prosecuted. This scenario is very rare but can really happen if you continue neglecting your tax obligations. Felony is a very serious crime that carries a punishment of 5 years imprisonment and a penalty of $100,000. However, this criminal prosecution has to involve any deceitful act such as using a false SSN.

If you have a tax attorney by your side, relief is not difficult to obtain. They can give you instant relief from the hassle of filing and can provide you with tax advice on how to secure your finances in the future against risks and criminal prosecution. If you are looking for the best tax attorneys and lawyers, Instant Tax Solutions have the most experienced and trusted ones that can provide you with a cost effective IRS tax relief help. Call ITS now and find out how to resolve your tax problems today.

HOW TO AVOID IRS NOTICES AND PENALTIES
HOW TO AVOID IRS NOTICES AND PENALTIES

Notices and penalties are two powerful collection forces that IRS uses to get taxpayers in line with their tax obligations and that these two should be avoided. They can be a threat to taxpayers and may cause you trouble if a lot them gets into your tax payment system. IRS can penalize you with just about anything you can imagine. The best way to fight penalties is to get ahead with them and know for what reasons and when they strike. You don’t need to study all the penalties based on the Internal Revenue Code, you can consult a tax attorney who knows the way around tax laws and legalities for a better understanding on these matter.

What are IRS notices and IRS penalties?

A notice is simply IRS’ way of informing you that there has been a change on your account for a particular tax year and most common though not always may indicate the amount of taxes you owed has increased. Penalties are imposed due to failures related to Federal or local state taxes like failure to file income tax or filing incorrect returns. Penalties can be civil or criminal or both. They can be monetary, may involve forfeiture of asset/s or you may be sent to jail. Most of the time, monetary penalties are based on the amount of taxes not paid on time and has the ability to increase during the period of nonpayment.

IRS sends millions and millions of notices every year and they can’t deny the fact that most of the notices they send out are not correct. And because an IRS notice cannot be ignored, a lot of taxpayers often respond to these notices and are paying incorrect penalties. You don’t need to pay for these unnecessary penalties if you knew within your mind that you shouldn’t be paying them, you can appeal and fight for what is right especially when you have enough documents to prove that you are compliant with you tax obligations. Penalties can tremendously increase and usually surpasses the amount of taxes that you actually owe IRS. If IRS penalties are a lot more than you can afford, you should seek help from a tax attorney immediately to know what your chances are in order to obtain a Penalty Abatement. Penalties or in IRS’ terms “additions to tax” compound as time goes by and no one can be escape from it.

The best way to avoid IRS notice and IRS penalties is to observe and follow rules in filing income tax returns in a timely manner. If you are on this track right now, then you are already winning the battle against IRS. But if you’re not and in trouble with IRS regarding a very high tax debt plus penalties and interest consult a tax professional such as a tax attorney, CPA or an IRS enrolled agent immediately. Instant Tax Solutions can better provide IRS tax relief help than any other company can. ITS has a team of brilliant and experienced tax professionals that specializes in tax relief aid. For more information visit www.instanttaxsolutions.com and get a free consultation today.