Dealing with the IRS can be upsetting in the best of circumstances. Getting an unexpected letter from the IRS will send shivers down anyone’s spine. Taxpayers who deal with the agency often put up with spending hours on hold, unclear notifications, and feelings of helplessness. Most people do not know much about the tax code, and they depend on professionals to help them work through the red tape of the IRS. TaxFirms.com can help you find the right CPA, Enrolled Agent, or tax attorney to help advocate for you with the IRS.
Accounting vs. Advocacy
A typical tax accountant helps clients prepare their annual federal and state tax returns. Understandably, these finance professionals need to be well-versed in the tax code. Personal tax accountants are often employed by people with significant assets, small businesses, or other issues that complicate their tax returns. Large corporations will hire tax accountants to handle the complexities of interstate and international business.
If you have a tax debt or are being audited, a tax resolution specialist that possesses comprehensive knowledge of the tax code can also help you. However, this tax professional applies that information in a different way. Whereas the accountant files the return and makes certain their client is in compliance with the IRS, a tax resolution specialist is an advocate when there is a problem. They will work with clients as they go through the IRS’ audit process, challenge unfair assessments, and help negotiate reasonable settlements.
Helping Clients Deal With the Unexpected
The COVID-19 pandemic has changed the landscape for both income tax preparation and tax resolution. Taxpayers who worked at full-time jobs may have received unemployment or other government assistance and must report their benefits. In some cases, they will have dipped into their savings in ways that affect their tax status, such as penalties for the early withdrawal of a 401(k).
Other people may have supplemented their incomes with part-time work or by joining the self-employed gig economy. If they neglected to make estimated payments on their self-employment income, they could be subject to unexpected penalties.
These changes in the labor force will mean that taxpayers will be dealing with unfamiliar territory in their 2020 tax returns. Misreported income or other mistakes lead to disputes with the IRS. Working with a specialist in these matters will help make life easier for you.
The tax code changes frequently. At the same time, the IRS also updates its priorities and policies for tax collection. You do not want to go into a negotiation and discover that you lack the knowledge to be a strong advocate. Again, these complex tax matters are best handled by licensed, trained professionals that can advocate on your behalf to reach the best possible outcome.
When people have issues with the IRS, they may not be aware of the options they have to address their tax debt. With a qualified advocate at your side, you can slow down and be more confident in dealing with the issue. A qualified tax professional to assist you in these matters could be a lifesaver.
To locate licensed, vetted tax professionals near you for assistance with complex IRS and state issues, visit TaxFirms.com and search our directory of professionals.