Fullerton, CA / July 2024 – The Internal Revenue Service (IRS) is gearing up for a renewed focus on tax collections. With increased funding from the Inflation Reduction Act, the agency is hiring more agents and staff to bolster its enforcement efforts. This development marks a significant shift since the onset of the COVID-19 pandemic when collection activities were largely paused.
Impact on Taxpayers
The resurgence of IRS collections will undoubtedly affect taxpayers with outstanding tax debts. Those who owe money to the IRS should be prepared for increased scrutiny and potential collection actions. However, there are options available to help individuals navigate this challenging situation.
Offer in Compromise (OIC) and Currently Non-Collectible (CNC) Status
One potential avenue for relief is an Offer in Compromise (OIC). This program allows taxpayers to settle their tax debt for less than the full amount owed. To qualify, taxpayers must meet specific financial hardship requirements.
Another option is to explore Currently Non-Collectible (CNC) status. CNC taxpayers are temporarily exempt from collection actions due to financial difficulties. While enrolled in CNC, taxpayers are not required to make payments, and the IRS cannot initiate collection activities.
National Tax Debt: Experienced Tax Relief Experts
National Tax Debt, a leading tax resolution firm, stands ready to assist taxpayers facing IRS challenges. With over 80 years of combined experience, the team of CPAs and certified tax professionals has a proven track record of helping individuals resolve complex tax issues.
National Tax Debt understands the stress and anxiety associated with IRS debt and is committed to providing compassionate and effective solutions. Their services include:
- Resolving tax problems with the IRS
- Filing past-due tax returns
- Negotiating with the IRS to stop wage garnishment and bank levies
- Helping taxpayers qualify for OIC and CNC programs
Taking Control of Your Tax Situation
Given the heightened IRS enforcement, it is essential for taxpayers facing significant tax debt to seek professional guidance promptly. The increased scrutiny and enforcement actions by the IRS can lead to severe consequences, including liens, levies, and wage garnishments. Experienced tax professionals can assess individual situations, develop effective strategies, and navigate the complex tax landscape to ensure that taxpayers’ rights are protected and that they explore all available options, such as installment agreements, offers in compromise, or penalty abatements. Seeking expert advice early can help prevent further complications and provide peace of mind during a challenging financial period.
About National Tax Debt
National Tax Debt is a tax resolution firm dedicated to helping individuals and businesses resolve their tax problems, assisting taxpayers since 2009. They specialize in resolving IRS-related problems, including unfiled tax returns, levies, and wage garnishments. The company has a proven track record of success, helping hundreds of thousands of clients overcome their tax challenges. With a team of experienced professionals and a proven track record of success, they are committed to providing exceptional client service.
Country: USA
Media Contact Name: Diana Winfrey
Company: National Tax Debt
Email: info@nationaltaxdebt.com
Phone Number: 866-362-6469
Website: www.nationaltaxdebt.com
Published by: Holy Minoza
