Blog by BR Accounting and Tax Service

What to do if you just can’t pay the TAX!

  • BR Accounting And Tax Service

Categories: Accounting Services , Bookkeeping Services , Business Consulting , Business Taxes , CFO Services , Individual Tax Preparation , Individual Taxes , Information Returns , IRS Audits , Payroll Services , Small Business Accounting , Small Business Tax Preparation , Tax Planning

I hope you have managed to stay safe and well! We focus on resolving tax issues in Prince William County and throughout the lower Northern Virginia area.

Now that the “2023” Tax Season is underway, its now time to turn your attention to what to do about the tax bill. You can hear the sighs (somewhere at least). The IRS will not play catchup forever. Have you been “furloughed”, had your hours at work reduced, or lost your main source of income altogether? Believe it or not that’s actually the perfect time to consider resolving your tax issues. While not everyone is eligible to make an offer that the government will accept (despite what radio and late night commercials would have you believe, or perhaps your brother’s friend’s sister-in-law’s cousin was able to reach an agreement for an Offer-In-Compromise under seemingly unbelievable circumstances), the only way to truly discover whether you’re an offer candidate is to do the “hard” work to find out, or have people like us do it for you. And Reasonable Collection Potential (RCP) is based on the here and now, not on past income, or what should happen in the future.

Now, with the names and addresses of more than 10 million non-filers, and more than 17 million taxpayers in collections, the IRS is set to begin their mass collection effort any day. Avoid the Notice of Federal Tax Liens, Levies, and increasingly threatening tax letters from both the IRS and the State. Unfortunately for many, every year the tax deadline leaves a wave of disappointed, sad and frustrated individuals in its wake. But it doesn’t have to be this way. You have the opportunity right now to get yourself into compliance with both the federal government and the state, and resolving your tax issues, and engaging in future planning to mitigate or avoid certain taxes altogether (while still staying in compliance with the IRS, of course).

If you are one of the “disappointees” from this past tax season, or just feel as though you would at least like to discuss mitigating your tax bill and the IRS’s impact in your life. Feel free to contact us in regards to our Tax Representation/Consulting Services, as well as our potential tax planning and savings ideas.