Federal Tax Relief

by Louis Meeks on January 3, 2015 in Blog

Federal Tax Relief

Victory Tax Solutions, LLC

“America’s Trusted Tax Team”

What is Federal Tax Relief?  What can the IRS do to take money from you?  What can you do to get the federal tax relief you need to move on with your life?

If you owe money to the federal government for taxes that you are unable to pay, then the Internal Revenue Service (IRS) will be initiating collection activities to recover what they claim you owe.  It is not a question of if, it is a question of when.  Also, what exactly can the IRS do to get the money?

What Can the IRS do to collect money from you?

The IRS is the largest collection agency in the world.  They can and will use very intimidating tactics to collect from you and everyone else they claim owes them money.

The IRS uses a variety of legal weapons to collect from you.  The following are a few of them:

  1. Wage Garnishment: the IRS can contact your employer and demand your employer to take a portion of your paycheck, up to and including taking your entire paycheck.  These funds will be applied towards your tax liability.
  2. Social Security checks, pension checks, etc. are “fair game” for the IRS collection machine to attack!
  3. Bank Levies: the IRS can contact your financial institution and take money directly out of your savings/checking account and apply it towards what they say you owe. They can take up to 100% of your tax liability.
  4. Tax Liens: the IRS can file liens against your credit.  This will cause your credit score to go down, thus making it more difficult for you to buy anything on credit.
  5. Substitute Federal Returns (SFR): The IRS can file a Substitute Federal Return on your behalf.  This may result in a larger tax liability than you actually owe because the IRS will not give you credit for any IRS tax deductions or exemptions you may be eligible for.

These are a few of the examples of the collection activities the IRS can legally take to recover the taxes that they claim you owe.

How can you get federal tax relief?

Your greatest chance at attaining your goal of federal tax relief is to consider hiring a highly experienced firm to help you fight the world’s largest collection agency.

Victory Tax Solutions employs full time tax attorneys, CPA’s and other tax professional who have the knowledge and experience to deliver the result you desire

The following are some of the options the Victory team will consider for you:

  • Installment Agreements: A tax professional can inform the taxpayer of the various types of repayment plans that the IRS offers. These plans depend on many factors. Unfortunately, many taxpayers are not aware of their available options. The IRS will look at many factors in determining the type of Installment Agreement relief to provide: including, amount of tax debt, type of tax debt (income, sales, payroll, etc.), and financial ability to pay.
  • Hardship Resolution: This resolution is called Currently Not Collectible and is not advertised much by the IRS. This is because this form of relief allows the taxpayer to stop collection action until they are in a position to financially pay on their past tax debt. A tax professional can assist a taxpayer in determining if they qualify for this hardship resolution and can also deliver the IRS relief help needed to get back on your feet.
  • IRS Settlements: Also known as an Offer In Compromise, this form of tax relief can take many months to finalize. It involves the collection and presentation of detailed financial information to the IRS. Although lengthy and somewhat complex, the benefits of settling a tax debt for less than the full amount owed can greatly change a taxpayer’s life by giving them a clean slate with the IRS.
  •  Many other forms of IRS Relief help: Apart from the tax relief stated above, there are many other forms of relief that can provide help to a taxpayer. This includes penalty and interest abatements, innocent/injured spouse claims, lien removals, garnishment and levy releases, audit defense, etc.

Please call Victory Tax Solutions today for a free consultation with one of their highly respected account executives.  The call is toll free 1-877-772-0123.
