We have all heard the stories about rich individuals and companies who end up owing millions of dollars to the IRS in back taxes. And you may wonder, how could someone get themselves into a situation where they owe 5 or 6 million dollars in back taxes? It is important to remember that these examples are not the norm, but the exception. Most cases of companies and individuals owing back taxes do not involve amounts in the millions. Instead, the back taxes these companies owe usually amount to anywhere from $1000 to $100,000.
Help with Back Taxes
At the end of the day, it does not matter if you owe the IRS $1,000 or $1 million in back taxes – you are still going to need help if you want to get your situation resolved in a productive way. The IRS is not as diligent as you may think about collecting back taxes, especially when the amounts are relatively small. If your business owes a few thousand dollars in back taxes, you will probably have some time before the next tax season rolls around to resolve the matter. It is why you may want to speak with a tax relief expert, because they can help you come up with a plan to pay off your tax bill and get current with the IRS.
Help with IRS Back Taxes
The cases of companies owing a few thousand dollars are relatively mild. When you have a productive month for your business, you can simply send a check for the amount to the IRS and you are good to go. But when businesses owe $50,000 to $250,000 in back taxes, the problem becomes a little more serious. These amounts are not in the millions, but they are still significant, and many small businesses find it almost impossible to pay these amounts of back taxes without some assistance. And it is why so many business owners want to know how to get tax relief on their back taxes.
How Does Tax Relief Work?
With a tax relief expert’s help, a business will file the necessary paperwork to make a case to the IRS for tax relief. Each case is handled separately, and it depends on the company’s financial situation, along with their history of paying (or not paying) their taxes on time. The IRS will make a determination about whether the company is eligible for a lowering of their tax bill, and whether they can receive an exemption for the fines and penalties associated with paying their taxes later than the due date. There are no guarantees in the process, but the best chance you have of getting leniency from the IRS is by consulting with a tax relief expert immediately.