Amid the slow economy and increasing federal deficit, a much needed surge in tax revenue means that a growing number of taxpayers can expect to be audited while Americans already burdened by tax debt will find it harder than ever to resolve their IRS tax problems.
In fiscal year 2007, IRS audit rates were up from the previous year for both individuals overall and higher-income taxpayers. Additionally, audits of S Corporations was up 26% and audits of partnerships increased almost 25% from 2006.
The IRS will continue to increase audits of corporations, partnerships and individuals. And if you do receive an audit letter, you should respond strategically and by the deadline in order to avoid being placed in the collection department.
If the IRS garnishes your wages, they can take as much as 75% of your net pay and make you live on $168 a week. The IRS is the most brutal collection agency on the planet. They’re job is to collect money and that is all they care about.
While taxpayers can expect renewed IRS compliance efforts, the national credit crisis will make it even more difficult for Americans to pay their taxes. But Americans who anticipate having problems with their taxes should know that there are ways to get help and to work with the IRS.
Not filing your taxes is the worst thing you can do because you can incur a 25% failure to file penalty right off the bat. What you need to do is start lining up expert tax representation to help negotiate a payment plan or an offer in compromise on your behalf.
And as the IRS continues its push for tax compliance during these difficult financial times, we’re proud to be able to offer taxpayers help, hope and the highest tax relief success rate in the nation. Call 1-866-IRS-PROBLEMS for your free tax relief consultation.
No related posts.