The Instant Tax Solutions Ratings Team answers question about IRS relief programs from Oceans 2003 readers.
Oceans 2003: Good evening and thank you for joining us today.
Instant Tax Solutions Ratings Team: We thank you for having us. We are always happy to talk to people about taxes.
Oceans 2003: We would like to start by asking if unpaid taxes are really as common as most people believe?
Instant Tax Solutions Ratings Team: The IRS certainly thinks that it’s a problem. At any given time there is several billion dollars’ worth of outstanding taxes owed.
Oceans 2003: Is that personal taxes?
Instant Tax Solutions Ratings Team: Not necessarily. There are many businesses that have come on hard times and been unable to pay their tax debt.
Oceans 2003: We know that businesses generally face greater scrutiny than individuals; what are the consequences of a business that continually doesn’t pay their tax debt?
Instant Tax Solutions Ratings Team: A business can actually be shut down because of unpaid taxes. Certain business owners can face even harsher punishments. There can be jail time involved for both business and individuals.
Oceans 2003: Such as?
Instant Tax Solutions Ratings Team: Some entrepreneurs use their personal assets as capital or collateral for their business. In these circumstances, people risk their homes, vehicles, and any personal property of value.
Oceans 2003: Is there a difference between failure to pay taxes, and failure to file?
Instant Tax Solutions Ratings Team: Failure to file is different from failure to pay in that filing doesn’t refer to any exchange of money.
Oceans 2003: Can a taxpayer call the IRS and request the tax bill be lowered?
Instant Tax Solutions Ratings Team: IRS agents are available to answer questions that the taxpayer may have but they do not even consider relief request without a certain set of paperwork being filed.
Oceans 2003: Once a taxpayer’s account goes into default, does the IRS make an effort to contact the taxpayer for collection?
Instant Tax Solutions Ratings Team: Yes the IRS will generally send a notice by postal mail. If they do not receive a response, agents may physically visit the taxpayer.
Oceans 2003: Can agents seize assets while on site?
Instant Tax Solutions Ratings Team: These agents are not allowed to enter the home without permission and they are barred by law from retrieving any personal on behalf of the IRS.
Oceans 2003: Is requesting tax relief a lengthy process?
Instant Tax Solutions Ratings Team: It can take a considerable amount of time for an application to be approved, especially if there are errors on the original paperwork. That’s one reason it is so important to employ a professional tax resolution team.
Oceans 2003: Unfortunately, we must bring this interview to an end. We look forward to speaking with you again in the near future.
Instant Tax Solutions Ratings Team: Certainly, and thank you for speaking with us.
The Instant Tax Solutions Ratings Team is available to answer questions and help taxpayers determine if they are eligible for tax relief. For more information on this service or for Instant Tax Solutions ratings and review by previous clients, please visit their website at www.instanttaxsolutions.com