Dealing with the IRS can be an exhausting and unrelenting process, especially during a government shutdown. Now the government, including the IRS, is shut down. No one is checking that your payments have been received or badgering you about the next steps in your tax debt resolution case. You may be breathing a sigh of relief – finally, a break, but unfortunately, that isn’t the case.
The IRS may be on its own form of a vacation, but you aren’t. Let’s keep you on track and prepared to address your tax debt with the IRS when the time comes.
Collect Missing Forms
As you know, the IRS is known for its forms. You likely feel that the IRS has requested around 56 forms, many of which duplicate the same information. Many taxpayers sit there pulling out their hair and screaming, “Why are you asking me this AGAIN?”
The IRS may be closed, but you may still be receiving automatic notifications about these forms. Now is a good time to get caught up. If you’re struggling with these forms, reach out to Highland Tax Group, and we can make sure they’re in great shape for the IRS when its operations restart.
Finalize Your Financial Disclosure Statements
If you’re navigating an offer in compromise (OIC) or other payment plan, you will need to submit your financial disclosure statement. These statements can take a long time to organize, considering the level of detail included. Reviewing your income, expenses, assets, and liabilities is crucial for providing a sufficient and accurate financial disclosure. The shutdown is giving you a little extra time to get this together.
Develop a Debt Resolution Strategy Without the IRS
When you’re bombarded with IRS correspondence, it can be tough to take a deep breath and assess your situation. While you are still responsible for payments, some IRS enforcement actions are put on hold. This pause gives you time to work with a qualified tax professional to develop a strategy to repay your debt without the added stress of the involvement of an IRS official.
At Highland Tax Group, we are here to help you navigate the uncertainty caused by the IRS shutdown. Our experienced enrolled agents can help you proactively address your tax debt and prepare for the IRS’s potential reopening of operations.