How to Work through an Enormous Tax Problem

Released on: March 17, 2008, 9:17 am

Press Release Author: Tax Matters Solutions

Industry: Accounting

Press Release Summary: Tax Matters Solutions works with their clients to clear up
tax problems and irs debt.

Press Release Body: No matter how large your tax issue, you can resolve it. The
associates at Tax Matters Solutions have helped clients who

. Had never kept any financial paperwork: no checks, no receipts, no bills
. Had no accounting system whatsoever
. Owed over a million dollars in back taxes
. Were about to lose their home and all their personal property
. Had their wages garnished
. Hadn't filed taxes in over 15 years
. Had no means to repay the IRS

Each of these problems was resolved and all of these clients cleared their files
completely with the IRS: all paperwork in order; all accounting up to date.

If you have a large problem, there are many things you can do to eliminate the problem.

1. Find all your information. Make a list of where you've worked. Make a list of
your mortgage companies. Make a list of charitable organizations. Look for the have
original corresponding information.
2. Make sure that what you've filed in the past was correct. You can always check
the notices the IRS has sent you in the mail.
3. Hire someone. Accountants may cost you some dollars, but their extensive
knowledge of the tax code and the IRS can save you an enormous amount of money by
minimizing your tax liability.
4. Educate yourself on your problem. Search the internet. Research your specific
problem: "Haven't filed returns;" or "Owe payroll taxes." Education will help you
relax. (A lot of people think that if they owe money the IRS is going to punish
them. Not so. Owing taxes is a common problem, not punishable by jail-term or public
humiliation.) Education will also help minimize your accounting fee.
5. Respond in a timely fashion to your tax professional in the format he or she asks
for. If you can't find some information, ask for help. There's a way to get all the
information you need.
6. Focus on one step at a time. Yes, you might have a huge problem and the mound of
paperwork may seem insurmountable at first. But the larger the problem, the more
each tiny step will offer you psychological relief and lead you back to peace of
7. Set realistic goals. Understand that if you haven't filed a return in a decade
you may not get penalties removed. If you've had no extenuating circumstances, you
may owe the entire bill. But, even the largest bill is payable over time, and the
IRS will work with you to create a payment plan you can handle. For example, one
client of Associate Marc Jernigan owed $270,000. Initially he made payments of $350
a month. Once he grew comfortable with this, the payments increased to $700 a month
and then finally $900.
8. If you have difficulty keeping up with your payment plan, ask for an extension.
Remember, the IRS wants its money. They will help you give it to them.
9. Celebrate your successes. You filed your return for 1992? Celebrate. You
contacted an employer for records? Congratulate yourself, because success leads to
more success.

Web Site:

Contact Details: 6334 Constitution Drive Fort Wayne, IN 46804 (p)260.471.6448

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