What to expect from a Tax Relief company
Most tax professionals work under tax relief companies. Therefore, hiring them is equal to hiring the services of the company; I guess that is obvious. The benefits associated with these services far outweigh the cost. These companies offer a wide variety of tax resolution services, thus the services you will use is dependent on your financial situation, your conformity with the IRS, and other specific factors in your case. So, you will expect:
Free tax consultation
A majority of tax resolution services offer free consultation, whereby you will consult a tax relief representative. Normally, the consultations last for about 30 minutes during which you the tax expert will inquire a lot regarding your current financial situation and tax status to determine the option that will be suitable for you.
After which you will be capable to comprehend the services and benefits that you stand to get by asking for their representation in your case and the amount of money that you will have to part with for their services. Finally, they will grant the choice of hiring the firm and they can start getting you into full conformity with the filings of IRS and start the resolution process.
After hiring a Tax Relief Company
After deciding on the firm to help you on your case, they will assign you a qualified tax professional/expert. Tax professionals are of three types: CPA, tax attorney, or enrolled agent. Depending on the gravity of your case, they may assign several to you. Normally, after that you will have to sign a power of attorney to consent to them representing you in your case before the IRS. This will also empower them to ask for your records from the IRS. Everything else that follows this will now be between the tax relief firm and the IRS.
The beginning of Tax Resolution & Settlement Process
During this process, you representatives will first make sure that you are in full conformity with all the tax filings. It is crucial that the tax filings are updated and filed properly, to come to a decision or settle taxes (almost impossible). Once you are fully in compliance, the experts will then look for the best practical resolution method, which can be offer in compromise, innocent spouse relief, installment agreement, or penalty abatement, that they consider the IRS will agree to, bearing in mind your current financial situation and without putting too much monetary stress on you. This might take some time due to the slow pace the IRS moves with. However, at the end of the day, they will come to a suitable solution.
Settlement is approved and you are in Full Compliance
Immediately the IRS approves your fillings, the resolution is complete and you can be certain that IRS will be off your back completely. Your account will always be in good relation with the State or IRS if you continuously comply with them on your future fillings and observe payment deadlines. In addition, the tax professional will advise you on methods to ensure that you avoid future tax problems.