What can you do if you can no longer pay your outstanding tax liabilities?
Showalter CPA can help you get a much-needed break from the horrible stress of the IRS on your back by getting you placed on IRS currently not collectible status. This status is only gained after the IRS evaluates your financial situation and determines that you cannot afford to pay off the tax debt in your current situation in full through an installment agreement.
What Happens to You When You Have IRS Currently Not Collectible Status?
When the IRS closes your case and determines you have currently not collectible status, the IRS stops its collection activities immediately. Although, any penalties and interest owed will continue to build on top of your tax debt. If and when your financial situation improves over time, your tax account will be taken off the Currently Not Collectible status which allows the IRS to start collecting the tax debt through either full payment or an installment agreement.
If you are currently in no position to pay your taxes, our experienced and professional tax accountants will work with you to ensure you are placed on IRS currently not collectible status. We will carefully assess your financial situation to ensure you meet the qualifications for an IRS currently not collectible status. We will work with you to show the IRS that you are undergoing sufficient financial hardship. For example, we may need to prove to the IRS that you have no extra income at the end of each month for the IRS to close your case with a finding of currently not collectible.
The Dreaded Letter from the IRS
If you have received a tax notice, IRS letter, audit notice, or other tax correspondence from the IRS, a state agency, or a local agency, it can be difficult to know what to do next. We frequently represent clients with IRS penalties, interest, and taxes due, and we can help you, too. We have worked on items such as IRS Offers in Compromise and Penalty Abatements.
The Tax Help You Need
If you are ready to face your tax problems, we are here for you. We can help you relieve that huge stressful burden, so you feel lighter and free from all that stress. Do not face your tax issues alone. Our trained and certified tax professionals work diligently to find the best outcome we can on your tax issues. Turn to the Showalter CPA Firm, and let us put our tax resolution services to work for you. Call now for more information or to schedule a consultation at (605) 545-1464.