The worst thing to do is avoid tax obligations
Encino, CA (Vocus) September 22, 2010
For those taxpayers who filed last April for an extension, time is running out to file any delinquent tax returns and avoid crippling IRS problems. However, many who lack the funds to pay IRS back taxes in full may be tempted to not file a tax return at all. And that is a big mistake, according to tax relief experts.
“The worst thing to do is avoid tax obligations,” said Michael Rozbruch, founder and CEO of Tax Resolution Services, Co., (TRS). “I would rather owe my mother-in-law than land on the wrong side of the IRS. Having tax debt means you are going up against the most aggressive and brutal collection agency on the planet.”
Rozbruch advises taxpayers to make paying their taxes a priority. Credit-card finance charges pale in comparison to the amount owed the IRS when penalties and interest are calculated into the whole. Those taxpayers who do not file tax returns on time are hit with up to a 25 percent penalty for failure to file, and interest mounts up quickly. The IRS also has the broadest latitude of any creditor to pursue a delinquent taxpayer for tax debt owed, including wage and asset garnishments.
“Even if taxpayers don’t have the money to pay their back taxes or charge them to their credit cards, there are things they can do now to avoid crippling IRS problems in the future,” said Rozbruch, a Certified Tax Resolution Specialist.
A qualified tax attorney or tax relief professional can negotiate an IRS settlement to help taxpayers preserve their financial well-being to the greatest degree possible. Often this involves negotiating that their account be placed in a "currently not collectible" status so the taxpayer will not be required to make payments and the IRS will not pursue collection action.
To learn more, go to What to Do Before the October 15th Tax Extension Deadline if You Need Tax Help for Un-filed Tax Returns or IRS Back Taxes or click http://www.taxresolution.com/back-taxes-unfiled-tax-returns.asp.
Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Their expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% - second to none in the industry - and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a free tax relief consultation, visit TaxResolution.com or call 888-851-5894.