Handling An IRS Tax Delinquency
- July 8, 2021
- Posted by: BenG-Admin
- Category: IRS, Taxes, Uncategorized, Wage
When to consider hiring professionals to handle a tax issue.
If you have an IRS tax delinquency, you are not alone. In 2016, over 8 million taxpayers were late in filing their taxes and owed the IRS money. You might think that it is a good idea to try to fix your own problem but if you owe more than $25,000 or if the IRS has already filed a lien on your property, then this could be too big of a task for just one person to handle. The best thing to do when faced with this situation is hire professional help as soon as possible so they can take care of everything for you.
The most important thing about hiring someone else is that they will know what steps need to be taken next and how long each step will take.
If you don’t settle your unpaid taxes within the fiscal year that they are due, these taxes become delinquent.
Increase In Penalties
Your first warning sign will be an increase in penalties to accompany your original sum owed. Interest may also start accruing at a rate determined by whichever tax authority is overseeing them- and if this goes on for too long without resolution it can quickly snowball out of control into something major with consequences bigger than whatever burden you originally faced! The growing interest on your unpaid taxes can make it hard to keep up with what you owe. As time moves, the tax increases not only in number but also severity.
Effects on Finances
Taxes are serious business that should never be taken lightly. The ramifications of not paying taxes can have a devastating effect on your finances and life as you know it, so always make sure to file in order to avoid these consequences. From wage garnishment and property seizure all the way up to credit impacts, there is no one who wants this kind of responsibility thrust upon them needlessly by neglecting their obligation when filing for an extension or otherwise failing timely submissions.
Consider Hiring Professional Help
If you have been neglecting filing for some years now and are going through a difficult financial period – there is hope that we may be able to help! The IRS is always on the lookout for delinquent taxpayers. The more complicated your tax status becomes, the harder it may be to resolve and get back in compliance with federal rules. Thankfully, if you’re facing a difficult situation like this then don’t hesitate- contact Escobar & Associates today! Our team of skilled and knowledgeable specialists will guide you through every step laid out by the IRS so that we can determine what best course of action to take together– preventing an escalation into something worse than before. Contact us now at 512-442-3055 for our free consultation; there has never been a better time!