Most people are aware of when they owe taxes and may not have taken the proper steps to pay completely the amounts required. However, some undergo a surprise audit from the Internal Revenue Service (IRS) and may only then realize that they have been unknowingly not paying the required amounts and are then faced with a hefty bill for the back taxes. In addition, others have planned their current tax situation on past filings and with the current changes, may have been faced with owing this year instead of getting a refund. 

There are obvious benefits to paying your taxes on time, but no matter your current situation, understanding that options exist for repayment to the IRS for any and all taxes is worthwhile information that is often hard to find. In general, people rarely want to discuss their finances openly, even amongst friends, so relying on word of mouth or even helpful services can reach a dead end. Instead, individuals often find themselves in a difficult situation and then are scurrying for information or help without considering all of the proper avenues for a resolution. 

Yes, these government entities are allowed to collect any monies they are owed by a variety of different methods, but there are options for those who are indebted to the IRS. Consider some of these or discuss the likelihood of one being applied to your current situation before moving forward.

Payment Plans

If the amount due is considerably more than an individual or company could pay within a one-time payment, the IRS will work with you to create a payment plan. Whether this involves garnishing wages or another method of repayment, there is often an ability to significantly reduce the due amount or at least extend this repayment method over time.

Penalty Abatement

Unless you are a repeat offender, getting the penalties assessed either reduced or negated is always an option. While the IRS is not likely to ever take away any interest that may be owed, addressing the penalty portion of a tax bill can significantly reduce the total amount due.

Settlement Negotiation

Acquiring professional help also gives you someone in your corner who can keep an open line of communication with the IRS and their representatives. Instead of facing them alone, these individuals can set up settlement negotiations based on your current income levels and potentially help reach an agreement that both sides are agreeable upon. Doing so can greatly reduce the amount of stress involved in the process while also achieving an end goal and something taxpayers can work towards as the process transpires.

The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help paying all currently required taxes, owed back taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!