5 Things to Know about the IRS Collections Process

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The Internal Revenue Service is a political institution run by the government of the United States, whose task is to monitor the revenue collection process and take necessary actions against the ones who do not complete the payment on time. If the IRS finds out that there is a withstanding payment, they will try to extract the amount by hook or crook. Hence, it is essential to understand the process in detail. However, if you take them lightly, it can prove to be fatal. 

So, let’s look at five exciting yet informative points about the IRS collection process. 

  1. Your Denial Makes their Action a Priority

The more you deny, the more they come back to you in circles! Yes, the IRS is a kind of adamant organization to which you just can’t deny the payments. They have got ways to make you empty your pockets. The cases are usually assigned to the IRS service center or its nearest local office. They make it a priority to collect the taxes timely and take strict actions against the ones who try to run away with it.  

  1. Your Assets are at stake; communicate before it’s late

The IRS has the right to take action against the tax bearers. In most cases, they either seize your assets and bank accounts, garnish your wages, or even record a lien against your property. All these are so much to take, right? To keep yourself from becoming the victim, do involve in proper communication with the officials of the IRS. There is a special program called the IRS Fresh Start Program which might help you prevent the lien.

  1. The filing of compliance

To prevent the seizing of assets and garnishing of wages, the IRS provides a privilege to file the compliance or ask for their offer in compromise. This can allow for the reimbursement of payment over a stipulated duration of time via some other means of payment rather than seizing your belongings. You can also avail for the installment agreement, provided they are compliant with their tax-filings. This means that there are provisions for making the payment monthly or quarterly as per your convenience. 

  1. Right to Question Your Tax Liability

The way a democracy gives you the freedom to voice against any injustice, the same way the IRS provides you with the power to question the amount of taxes that are owed to them. If you think that the amount showed pending is more significant than what you owe, you can request a meeting with the officials of the IRS to settle the dispute

IRS Collections Process

  1. The Right to Hire Your Representatives

The issues like these are quite sensitive and must be handled delicately under the proficient tax advisers to resolve the matter with the IRS and talk to them on their behalf. Enrolled Agents, who have passed the three-level comprehensive IRS test with IRS-license are one of the most sought advisory agents that people usually hire. They not only guide you through each step of the process in detail and clear all your doubts but also advocate for protecting your interests. However, it is to note that the IRS is a quite strict organization and it is not going to do away with your withstanding dues just because you have consulted one of the best advisers in town. You will have to clear your dues anyway. They just look into the matter and give unbiased judgments. A representative’s task is to make way for you and help you settle your grievances if any.

Conclusion

The IRS uses the same process as used by regular creditors to collect taxes and debts. However, having a strong knowledge of the process can provide you with benefits. Also, it is very much required to know the finer aspects of the system so that you do not make any mistakes during such delicate issues. At times the IRS puts the case into the label called ‘noncollectable’ if they find out that the person is unable to pay the tax at that time.

Seek help from top professionals like Sam Dordulian, who are well qualified as tax advisors can provide a boon to your case in the most legitimate manner. This can be a temporary relief to the group of people who can claim to be living in financial hardships. It would be incomplete not to mention the duration of such cases which can go anywhere from a couple of months to being extended for years. There are several ways to make the process go faster. They make sure to wrap up your case and come with probable solutions as soon as possible.

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