Both the American and the Texan spirit is traditionally lauded for individuality and a can-do attitude. Facing the power of the IRSwith a DIY plan isn’t always the best idea, however, especially if you’ve already received notice of tax liens or late payments.
It may seem straightforward to businesses and individuals that the IRS is incorrect about a tax matter, or that the matter can be resolved with a simple payment plan. When dealing with the Internal Revenue Service, however, things can get complicated before you realize it.
A professional in tax law can help answer some questions about the unknown, often putting fears about the power of the IRS to rest. For example, many people dealing with tax woes want to know what the IRS can do to collect payments, how they can work with the IRS to avoid levies and fines and whether tax liens can be released.
Though the IRS does have to play by a set of rules, it definitely has power as an agency. In fact, the IRS has debt collection power that no other creditor has, which makes it difficult to deal with at times. One of the best strategies for reducing trouble with the IRS is dealing with tax issues as soon as possible.
Obviously, avoiding tax issues through accurate and timely returns and payments is the best thing you can do. Businesses and individuals can’t always do that, however, for a variety of reasons. That makes seeking professional advice early essential — don’t sweep IRS letters or bad news under the rug. The tax man does not live by the same statute of limitations as other creditors, which means tax woes can plague you long-term if you don’t handle them now.
Source: Law Office of Stanton D. Goldberg, “IRS Audit Help” Sep. 04, 2014