Getting An Expert to Manage Your IRS Debt: How It Works And What to Expect

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Getting An Expert To Manage Your IRS Debt: How It Works And What to Expect

IRS debt is complicated even in the best of situations. In most cases, it’s worth your while to work with a tax professional, who can help you determine the best solutions for getting your debt under control. Not sure if this is the right approach for you? Keep reading to learn what you can expect when working with an expert:

Gathering Information

While a tax professional can help you obtain much of the data needed for dealing with the IRS, you’ll need to provide some information as well. Before you meet with a professional, gather all relevant tax returns, as well as proof of estimated payments.

Filing Authorization Forms

Before your enrolled agent can truly move forward with your case, you may need to complete Form 2848 or Form 8821. These serve distinct purposes: the former allows a professional to represent you before the IRS, while the latter simply provides access to sensitive tax information. Your enrolled agent can provide additional insight and help you make authorizations that allow you to feel safe and secure.

This step plays into your enrolled agent’s initial investigation. Once this essential is complete, you should get a better sense for the status of your case, including how much you owe and whether there are any missing returns. Your tax professional can help you obtain a collection hold to keep the IRS off your back.

Financial Review

The final step before taking more aggressive action with the IRS? Completing a financial review. Typically involving IRS Forms 433-A or 433-B (the Collection Information Statement for Wage Earners or Businesses), this review provides a clear idea as to which programs you qualify for and how you should proceed. After this, the process will vary considerably based on your preferred course of action.

The Highland Tax Group has a wonderful reputation throughout the Denver area, where we’ve assisted clients from all walks of life. Contact us today to learn more about the wide range of tax resolution services we provide.