Understanding the Basics of Tax Resolution Services

As tax problems are inevitable, knowing a reliable and quality tax resolution services is crucial. It gives you peace of mind knowing that if an issue arise you can call a tax resolution expert right away—whether it is back taxes, IRS audits, or confusing tax codes. 

That being said, our article will walk you through the world of tax resolution, illuminating its importance, the range of services offered, and how these experts can guide and help you solve tax complexities. 

What Is a Tax Resolution Service?

A tax resolution service is a type of professional service that helps taxpayers resolve their tax issues with the International Revenue Service (IRS). Some of the common tax problems that a professional tax resolution service can help you with are:

• Unpaid tax balances owed.
• Unfiled back tax returns.
• Penalties and penalty relief issues.
• Audits and underreported notices.
• Business and payroll tax issues.

Such a type of service employs tax attorneys, CPAs, enrolled agents, or other experts who have experience and knowledge in dealing with tax matters. Their job mainly involves negotiation with the IRS or state tax authorities on behalf of the taxpayer.

They also do request for installment agreements, offers in compromise, penalty abatement, innocent spouse relief, and other forms of tax relief. They represent the taxpayer in administrative appeals or litigation as well—only if necessary.

There are hundreds of tax resolution services across the US. In Florida, for example, you can check out Satellite Tax Resolution. You can also access the government’s official website, USAGov for information. It contains details on how to resolve tax disputes with the IRS.

The webpage also links to other resources such as the Taxpayer Advocate Service, the IRS Independent Office of Appeals, and the US Tax Court.

Common Tax Problems that Tax Resolution Services Tackle

Tax resolution services handle a variety of tax problems. Some of the common issues they tackle are: 

Late Filing

Failing to file your taxes on time can result in penalties and interest charges. The penalty for filing late is usually 5% of the unpaid taxes for each month or part of a month that your return is late, up to a maximum of 25%.

If you owe taxes but are unable to pay, you may be subject to penalties and interest charges.

Inability to Pay

If you owe taxes but are unable to pay, you may be subject to penalties and interest charges. The IRS offers several payment options, on a good note.

It includes installment agreements and offers in compromise to help taxpayers who are unable to pay their tax debt in full. 

Incorrect Information

Providing incorrect information on your tax return can lead to penalties and interest charges. It includes failing to report all your income, claiming deductions or credits that you are not entitled to, or failing to report foreign assets.

Identity Theft

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a fraudulent tax return and claim a refund. It can result in delayed refunds, additional paperwork, and other complications.

Audits

An audit is an examination of your tax return by the IRS to verify that your income and deductions are accurate. Audits can be triggered by a variety of factors, including discrepancies between your reported income and information reported by third parties like employers or financial institutions.

Tax Fraud

Tax fraud occurs when someone intentionally provides false information on their tax return to avoid paying taxes. Tax fraud may involve underreporting income, claiming false deductions or credits, or failing to report offshore accounts.

Estate and Gift Tax Issues

Misunderstanding or not being aware of estate and gift tax regulations can lead to significant tax liabilities for beneficiaries or givers.

What Is a Tax Resolution Specialist?

A tax resolution specialist is a professional who helps taxpayers resolve their tax problems with the IRS. These professionals typically work in tax resolution agencies and are trained to help taxpayers navigate the complex tax system as well as negotiate with the IRS on their behalf.

They also help with a variety of tax problems, including audits, back taxes, wage garnishments, and many more.

Education for Meeting Florida CPA Requirements



Having a well-qualified Certified Public Accountant to guide and represent you, and also legally transferring all IRS contact onto your CPA is a great advantage, and relief! 

The Department of Business and Professional Regulation (DBPR), sets Florida's CPA requirements to include 150 semester hours or credits from a board-approved accredited college institution. A significant portion of these credits must have an accounting or business focus. To sit for the exam, they must possess 120 relevant credits so after earning bachelor's degrees, most also pursue master's degrees or MBAs for the additional credits including tax regulations.

 Every 2 years, the CPA must certify that they passed a minimum of 80 additional course hours in FL's DBPR approved continuing education / CPE training to keep ahead of ever-changing accounting rules, business matters, and tax regulations prior to renewing their license. 

This certification and on-going education uniquely qualifies the CPA to fully represent you in front of the IRS, with only IRS Enrolled Agents /EAs (requiring testing and 72 hours in courses every 3 years) and Tax Attorneys (unknown requirements) also being permitted to handle IRS cases as a comparison. Since today's IRS often takes months to make decisions, be sure you compare Google Reviews for clues about your CPA's personality, attention to detail, and success stories. 

A CPA has the ability to assist you in IRS negotiation improvement activities like calculating estimated tax payments and improving accounting systems for filing on time to prevent you from accidentally becoming ineligible for preferred resolution programs, or losing out on what you settled upon over what seems like a small pitfall. 

Why Should You Hire a Tax Resolution Expert?

Hiring a tax resolution expert can be a strategic decision for individuals and businesses facing tax-related challenges. Here's a comprehensive explanation of the reasons why one might consider hiring a tax resolution expert.

• Deep understanding of tax laws. Tax laws are complicated and can be difficult for the average person to understand and navigate. A tax resolution expert, on the other hand, has specialized knowledge and training in these laws and ensures that the client's interests are best represented.
• Expert negotiation skills. Tax resolution experts are trained in negotiating with the IRS or state tax agencies. They can often secure better terms, reductions, or settlements for their clients than individuals might achieve on their own.
• Stress reduction. Facing tax issues can be emotionally and mentally difficult. Having an expert handle these kind of problems helps reduce the stress and anxiety associated with potential financial and legal repercussions.
• Avoid costly mistakes: Incorrectly addressing tax issues can lead to more significant financial liabilities, including penalties and interest. An expert can help avoid these pitfalls.
• Protection from aggressive collection tactics. The IRS and state tax agencies have substantial powers, including placing liens on property or garnishing wages. A tax resolution expert can act as a buffer between the client and the tax agency, preventing or mitigating these aggressive actions.
• Access to several resolution options. Tax resolution experts are familiar with various programs and options available to taxpayers, such as Offers in Compromise, Installment Agreements, or Penalty Abatements. They can identify the best option for a client's specific situation.
• Representation in audits. If a taxpayer is audited, having a tax expert by their side can be invaluable. The expert can ensure that the taxpayer's rights are protected and can provide needed documentation and explanations to the tax authorities.

Things You Should Consider When Hiring One

When hiring a tax resolution expert, there are several factors to consider. Here are some of the most important ones:

1. Qualifications and credentials. When selecting a potential tax resolution expert, make sure that the one you are considering has the necessary qualifications and credentials to properly handle your case. Check certifications such as a valid license to practice law, accounting, or tax preparation.
2. Experience. Experience matters and proves a lot of things whatever the profession is. As such, look for a tax resolution expert who has experience in handling cases similar to yours.
   
   It will ensure that they have the necessary knowledge and skills to help you resolve your tax issues.
3. Specialization. Tax resolution is a specialized field, and it is important to find an expert who specializes in this area. Doing so will ensure that they have a deep understanding of the tax code and can provide you with the best possible advice.
4. Costs. Tax resolution services can be expensive. Thus, it is crucial to find an expert who offers reasonable rates. Be sure to get a clear understanding of their fees upfront, so you do not end up with any surprises later.
5. Reviews. Look for reviews and testimonials from previous clients to get an idea of the quality of service provided by the tax resolution expert.
6. Personalization. Every tax case is unique, so it's important to find an expert who will take the time to understand your specific situation and provide personalized advice.
7. Actual representation. Ensure that the tax resolution specialist you choose can represent you before the IRS or state tax authorities if necessary.
8. Detailed outline. Look for a tax resolution expert who can provide you with a detailed outline of their plan for resolving your tax issues.

Future planning. Finally, look for an expert who can help you plan for the future and avoid similar tax issues in the future.

Satellite Tax Resolution Offers Top-tier Tax Resolution Services

Tax resolution services are essential especially for folks who run small to medium-sized businesses. With their in-depth expertise, strategic approach, and adept negotiation skills, tax resolution professionals offer not just a way out of tax dilemmas but also the peace of mind that comes with knowing one's tax affairs are in capable hands.

So, don't let tax issues overwhelm you!

Contact Satellite Tax Resolution today and let our team guide you toward a resolution. From IRS audits to wage garnishments, unfiled tax returns to payroll tax issues, we have the knowledge and expertise to help you regain your financial stability.

Schedule your consultation now and start your journey to resolving your tax problems. Reach out to us now at (321)-215-4789.