Understanding IRS Tax Relief Options with an Enrolled Agent

Owing money to the IRS can be overwhelming, but one doesn’t have to navigate the process alone. Whether facing mounting penalties, a tax lien, or even the threat of wage garnishment, an Enrolled Agent from Books, Taxes & More can provide valuable assistance in settling tax debt. Here's how we can help.

Understanding Your Tax Debt Situation

The first step in resolving tax debt is understanding what is owed and why. Steve Perry, EA is an Enrolled Agent who will review IRS notices, tax returns, and financial situation to determine the extent of the liability. He can explain:

• The total amount owed, including interest and penalties.

• The reasons behind the debt (e.g., unfiled returns, underpayment, audits).

• Various options for relief and resolution.

Exploring IRS Tax Debt Relief Programs

The IRS offers several programs to help taxpayers resolve their debts. An Enrolled Agent can evaluate eligibility and guide one through the application process for options such as:

1. Offer in Compromise (OIC)

An Offer in Compromise allows a taxpayer to settle tax debt for less than the full amount owed if it can be shown that the proposed compromise is in the best interest of the government as well as the taxpayer. Steve Perry, EA can help:

• Determine if a taxpayer qualifies.

• Prepare and submit the required documentation.

• Negotiate with the IRS.

2. Installment Agreements

Much like loans, an installment agreement allows a taxpayer to pay a debt over time. Penalties and interest will continue to accrue, but collections efforts stop as long as the installment agreement is in force. An Steve can:

• Help set up an affordable payment plan.

• Negotiate lower monthly payments.

3. Currently Not Collectible (CNC) Status

If a taxpayer is in severe financial hardship, "Currently Not Collectible" status temporarily halts IRS collection efforts without affecting the collection statute of limitations. An Steve Perry, EA can:

• Assess your financial situation.

• Submit necessary documentation to the IRS.

• Work to prevent tax liens and levies.

4. Penalty Abatement

Penalties and interest can significantly increase your tax debt. Steve can request penalty abatement based on reasonable cause, such as:

• Serious illness or financial hardship.

• Natural disasters.

• IRS errors.

Representation and Negotiation

Dealing with the IRS is intimidating for most people. Steve Perry, EA can:

• Represent the taxpayer in communications with the IRS.

• Negotiate favorable terms.

• Ensure one’s rights are protected throughout the process.

Avoiding Future Tax Issues

The first step is compliance.  The last step is also compliance.  This is how to avoid future IRS troubles. Steve can assist with:

• Proper tax planning including systems to capture legitimate deductions.

• Filing accurate and timely tax returns.

• Setting up estimated tax payments to prevent future underpayment with the associated penalties.

Take Control of Your Tax Debt Today

If you owe money to the IRS, don’t wait until the problem worsens.  Call Steve at Books, Taxes & More at 678-717-9818 or email him at [email protected]  He can help explore relief options, negotiate with the IRS, and find a path to financial stability. The sooner we take action, the better chance of minimizing penalties and resolving the debt efficiently.

Need help with tax debt? Contact Books, Taxes & More today to start the journey toward financial freedom.