Finding out that you owe the Internal Revenue Service (IRS) money can be a startling revelation. Whether the result of too little tax paid within a given year, owing back taxes, or any other reason, having someone on your side that has experience dealing with IRS can be extremely helpful. Not only may they already have an established rapport with someone on the other side but past interactions, outcomes, and negotiations with individuals at the IRS may also help in your situation.

People fall behind on their taxes for a variety of different reasons but fortunately, there are steps which can be made in order to help individuals regain control of their financial situation. In the event that you owe any amount to the IRS, there are steps to take in order to help resolve the situation.  

Communication

The IRS mails notification letters to individuals who owe money, so any phone calls (unless arranged ahead of time between both parties) are typically scams. However, should you receive a letter, examine it closely to see what amount is being addressed and the reasoning. If unclear, providing a copy to your tax professional is a great first step in the process. Establishing an open line of communication, instead of ignoring the notice, is good practice and can help move the entire process along.

Verify

Once you understand where the resulting amount is derived from then steps can be made to ensure the figures have been calculated correctly. Remember, the IRS can be prone to occasional mistakes, so verifying the amount is legitimate should be of importance to you.

Plan

After you have verified the amount owed, establishing a plan for repayment is next. First, taxpayers should contribute any amount they can muster as soon as possible. Not only will paying quickly help to eliminate fees or added interest, but it also displays a willingness to pay what is owed. Sometimes, correspondence may also be issued in order to abate some of the associated penalties.

Assistance

There are also payment plans, garnishments, and other measures which may be levied in order to assist individuals in repayment. If it is determined that the amount is not collectable at the time of notice, the IRS may even pause collection proceedings until a later date but open communication throughout the process is key to receiving assistance.

If you’re ready to file a return or need assistance with taxes owed, then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving 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, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!