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Getting into trouble with the IRS can be frustrating and intimidating. Find out if you qualify for an IRS hardship program and get free, competing quotes from leading tax experts.
Specialists available for all types of tax issues.
The IRS offers financial hardship programs to help taxpayers by minimizing the amount they owe, giving them more time to pay, or a combination of both. Tax professionals are experts in working with the IRS to find solutions that are a win-win for both the IRS and taxpayers.
The short answer is no. Tax liens are no longer included in credit reports. So, tax delinquency will not lower your credit scores. However, just because tax liens are not on your credit report, it doesn't mean they can't cause you problems when you apply for a loan or other types of financing. For example, lenders can check public records reports, and your unpaid tax liens could show up there. In addition, if your tax payments affect the rest of your financial picture and cause you to get behind on other bills, your credit scores could be affected.
Agreeing to pay a tax bill by an installment agreement with the IRS will not affect your credit since installment agreements are not reported to the credit reporting agencies.
Tax relief can allow you to break down your back taxes into payments or reduce the amount of tax you pay to the government. In some cases, your entire tax balance could be forgiven. Here is how the tax relief process usually works. A team of tax experts meets and investigates your tax situation to determine what major tax issues you're facing and which solutions provide the best chances of success.
Common strategies include requesting an offer in compromise, an installment agreement, penalty abatement, innocent spouse relief, or claiming currently not collectible status. Once they choose a strategy, they negotiate with the IRS or your state revenue department until there is a resolution.
Selecting the best tax resolution company firm to hire can be challenging, but it doesn't have to be. The key is to know the tell-tale signs of reputable and competent tax relief companies. When shopping for the best tax relief services, look for firms that have tax lawyers on staff, have been in business for several years, and have competitive fees.