Many people find themselves facing tax problems and dealing with them can be a daunting and stressful experience. There are multiple options available to address and resolve these issues.

The IRS might seem like a heartless and formidable opponent that is only focused on money. This is untrue. IRS employees are not the monsters frequently portrayed in the media. Rather, they are simply people like you and me who are doing their jobs.

If you find yourself facing a tax problem, there are ways to handle it successfully. The first step to navigating this problem is to identify what the fundamental issue is. An error on your tax return? A missed payment? An audit? Something else altogether? No matter what the underlying issue is, once it is identified it can be addressed. Like a puzzle, it might be frustrating at first but once the pieces start fitting together the overall picture for success starts coming together.

Because the IRS recognizes that sometimes people find themselves facing tax problems, they offer a variety of options for taxpayers to resolve their tax issues, which may include the following:

• Installment Agreements: Commonly referred to as a payment plan which allows taxpayers to make payments toward their tax debt over time.
• Offers in Compromise: Commonly referred to as a “settlement” between the IRS and the taxpayer which may allow the taxpayer to settle their tax debt with the IRS for less than the full amount owed. *This option is only available to taxpayers who meet the qualifications for application, and is not a guarantee that an Offer in Compromise will be accepted by the IRS.*
• Penalty Abatement: This option may reduce or eliminate penalties for taxpayers who can show a reasonable cause for their tax issues.
• Amended Tax Returns: Taxpayers who identify an error may be able to file an amended tax return to correct errors on a previously filed tax return, which may result in a reduction of the tax debt owed to the IRS and may even result in a refund due to the taxpayer.

These are only a few of the ways that you may be able to address your tax problem. Depending on your specific situation, there may be other options available.

While dealing with the IRS and fixing your tax problems may feel incredibly overwhelming, it is not impossible to do. There are many options available to help you identify the underlying tax problem and get you back on track.

If you are feeling lost or overwhelmed, consider contacting a tax professional who is experienced with handling tax problems. They can help navigate the complexities of the tax laws and find the best solution to your situation.

For help navigating your tax problems and negotiating a resolution, contact the experienced tax team at the Business Law Group. Our team is ready to help you by taking the burden of dealing with the IRS and helping you navigate your tax problem to find a resolution tailored to your situation. Call us at (719) 355-8840 or email info@businesslawgroup.us to get started today.