Although tax season is well behind us, tax debt collection season is just gearing up. By now, the IRS has reviewed taxes thoroughly and is beginning to send out tax debt notices to taxpayers with liabilities. If you have received a notification of your tax debt liability, do not ignore it. Instead, follow a few simple steps to find relief and get it resolved before serious consequences ensue.
Did you know that you have a better chance of obtaining tax debt relief when you contact the IRS within 30 days of receiving your notification? First, you may be able to file an appeal of the tax debt claim, giving you more time to verify your liability. There may be hidden losses, misinformation reported to the IRS on your behalf or even confusion of tax identification that resulted in inaccurate tax liabilities.
Even if your debts are verified, contacting the IRS quickly can demonstrate good faith effort, which goes a long way when negotiating your debt payments. Anytime you are dealing with an agency like the IRS, it is important that you stay in open communication with them at all times. Offer full disclosure of information and remain flexible in debt negotiations. Remember that taxes are your responsibility, but you can obtain a little help if you act accordingly.