IRS back taxes can weigh a taxpayer down mentally and financially. If you are behind on your taxes, you are not alone. Millions of Americans are behind on their taxes. If you require IRS back tax help, look no further than TheCPATaxProblemSolver. We have worked with a wide range of individuals and even saved clients millions of dollars. Remember, don’t ignore your IRS back taxes. They will impede your way to financial freedom.
UNDERSTANDING IRS BACK TAX HELP
A back tax refers to a tax that has not been paid in the year that they were due. Unpaid back taxes can occur at the local, state, or federal levels. You should keep in mind that these unpaid taxes will accumulate penalties and interest charges on a regular basis (daily and monthly). What’s more, the IRS is known to file a substitute for return as part of their collection efforts. Once the state and the IRS complete their assessment, they can start facilitating collection actions, such as liens, bank levies, and wage garnishments.
The IRS usually sends out notices regarding payment of back taxes. They contain:
The principal sum that the taxpayer owes
The total interest rate that the IRS is charging
The penalties that have been imposed by the IRS
The final amount owed (including interest and penalties)
If you do not file your tax returns and pay on time, you also risk losing the IRS tax refunds you were originally entitled to.