[COLUMN] Worried about IRS tax problems?

IRS problems have a way of ruining all aspects of your life. They can take a toll on you financially, emotionally, and physically.

When you owe the IRS, you’re always wondering if today might be the day when the IRS shows up at work, your home or your business; or if today might be the day the IRS decides to levy your bank account or garnish your paycheck.

Recently, the IRS announced that it will resume all collection activities that they paused during the pandemic. What does this mean for you if you owe the IRS? That means you should be getting a collection letter soon. It’s business as usual again at the IRS, and if your account has been in collection for some time, a big portion of your current balance includes penalties and interest.

But how can the IRS expect you to pay all of that when you couldn’t even pay the original amount to begin with? Frankly, the IRS does not care. They want their money and they want it now. And they’ll do everything within their power to get if from you as soon as possible.

This is a heavy load to bear every day! So, what should you do if you are in this situation? Should you continue to live in fear and uncertainty, or do you do something about it now to prevent your tax problems from getting worse? Sooner or later, you will need to face the IRS but by then you could owe a lot more for waiting too long with the added penalties and interest I mentioned above. I don’t think this is what you want, is it?

The only way to solve your IRS problems is to face them head-on and to have a plan of action. And that’s exactly what people lack – a plan. Unfortunately, instead of acting, people bury their heads in the sand, pretending that their IRS problems don’t exist. This is the wrong approach, and your tax problems will only continue to get worse! Your IRS problems will not resolve themselves. And your tax problems are here to stay for the long haul and will only continue to make your life miserable.

Unfortunately, there are a lot of unscrupulous companies out there who are more interested in taking your hard-earned dollars instead of offering you the solution that you need. Without knowing anything about your situation, they tell you that you can settle your IRS debt “for pennies on the dollar”. While the IRS has such a program that allows forgiveness of tax debt, it is not for everyone. Don’t fall for that scam. The IRS uses a specific formula to determine the least amount it will accept based on your income and assets. It’s called “reasonable collection potential” which involves taking into account the amount you owe, how much you make, the value of your assets, and how much time the IRS has remaining under the collection statute.

Remember that the IRS leaves no stone unturned in trying to collect everything that you owe. I always tell my clients that the IRS is one of the worst creditors that you can have because the government has a lot of weapons in its arsenal to make sure that they get paid.

Some people tend to think that if they just ignore the IRS long enough, at some point the IRS will just somehow forget. Trust me, the IRS never forgets. And they will keep adding penalties and interest to what you owe until they find you, your money, or your money source. Then it’s payday for the IRS! Believe it or not, even when you retire, the IRS can attack your pension, retirement, and social security check! In other words, you can run but you can’t hide as far as the IRS is concerned.

The good news is that there is a better way to live your life other than hiding from the IRS if you owe them money. You don’t need to be always looking over your shoulder for the IRS, wondering what the government will do to you next. You don’t need to get up every morning with this incredibly large problem on your shoulders.

The laws have changed over the years and there are laws to protect taxpayers. If you have not filed tax returns in years, remember that the IRS will not even talk to you unless you file those returns first to show good faith. So, if that’s your case, this is a good first step in resolving your IRS tax liabilities.

If you need help with your IRS problems, I can help. I will review your case and will help you come up with a realistic plan to get the IRS out of your life once and for all. If you owe the IRS more than $10,000, the consultation is free.

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The opinions, beliefs and viewpoints expressed by the author do not necessarily reflect the opinions, beliefs and viewpoints of the Asian Journal, its management, editorial board and staff.

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NOTE: Due to the current lockdown order caused by COVID-19, I am offering free consultations BY PHONE to anyone who needs help in dealing with their debt problems.

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None of the information herein is intended to give legal advice for any specific situation.  Atty. Ray Bulaon has been in private practice for 23 years and have helped more than 6,000 clients obtain debt relief. For a free attorney evaluation of your situation, please call RJB Law Offices at TOLL FREE 1-866-471-8273.

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