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There is nothing you can do!
Home :: Finance :: Tax
By: Michael Brewster Email Article
Word Count: 563 Digg it | Del.icio.us it | Google it | StumbleUpon it

  

All too often, when taxpayers receive letters from the IRS stating they owe back taxes and penalties they seek out their closest advisors. When asked what they should do, they are told 'there is nothing you can do.'

This is just not correct. Advisors are great to have but, it must be kept in mind that all advisors are not experts in all areas. Advisors must be sought for the knowledge of their specific area of expertise.

When dealing with a potential criminal issue, a butcher would not be all that helpful. This applies throughout all arenas.

There are areas of expertise such as criminal, litigation, divorce, finance and taxation. Even within the arena of taxation, there are specific areas such as preparation and representation. Preparation is the area where tax returns are created and filed. Representation is the area where taxpayers need assistance with:

o Back Tax Issues,

o File Back Tax Returns,

o Audit representation,

o Wage Garnishments,

o Release Frozen Bank Accounts,

o Offer in Compromise,

o Reversing or Reducing Penalties,

o Installment Agreements,

o Settlement Agreements,

o Asset Seizures, and

o Stop Levies / Liens.

By taking the time and learning about the fields of experience of each advisor, one can help to ensure the proper utilization of the proper skill when needed. Not only will this help ensure the job is performed in the most efficient manner, it will also help to reduce costs.

Keep in mind, just because an advisor may say that nothing can be done does not mean that to be entirely the case. Perhaps, it is a situation where that advisor cannot do anything further and is unsure how to proceed or advise further.

Advisors are sought out because it is assumed they have all the knowledge. Remember, even advisors seek help when they are in need.

Never accept 'no' as the end. It is only the end of that help and the beginning of seeking new help.

Why take the time to even bother looking for help? The right advisor for the right situation can be invaluable. They can significantly reduce costs and at times make the entire situation go away.

This is especially true when dealing with taxes. Back taxes, including penalties and interest, can lead to tens of thousands of dollars.

If done the wrong way, it can lead to liens and levies. This can cause bank accounts to be frozen, assets to be seized and wages to be garnished. It can even lead to health and relationship problems.

When done correctly, back tax issues can be reduced and or removed. Liens and levies can be cleared, assets returned and or released, and garnishments lifted, eliminating unnecessary stress and sleepless nights.

Take the time and determine the exact area of expertise of your advisors. Be sure and try not to force an issue that an advisor is unfamiliar with upon them. It will only increase costs and cause unnecessary delays in resolving the issues, if resolved at all.

Michael Brewster, EA is a principal of Brewster, Scott & Associates, Tax Law Services, located in the Dallas / Fort Worth area of Texas. He provides IRS / tax representation services to taxpayers throughout the DFW area and the United States. More information is located at http://www.StressFreeTaxHelp.com or via email at info@stressfreetaxhelp.com or direct at 682-203-8060.

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