Are you among the many Americans who owe back taxes? If so, it’s important to take action as soon as possible to avoid further consequences. Ignoring the problem will only make things worse, as interest and penalties will accumulate over time.
Consequences of Not Paying Back Taxes
Failing to pay back taxes can lead to a variety of consequences. For one, interest and penalties will accrue on the amount owed, making it increasingly difficult to pay off the debt. In addition, the IRS can impose liens and levies on your property, making it hard to sell or access funds. Not paying back taxes can even damage your credit score, making it harder to get approved for financial products like loans and credit cards.
How to Resolve Back Tax Issues
If you owe back taxes, it’s important to seek professional help. A tax resolution specialist, such as a CPA or Enrolled Agent, can help you navigate the complex process of dealing with the IRS. They can help you negotiate a settlement and may even be able to reduce the amount you owe. The IRS offers several debt settlement options, including the Fresh Start Initiative, to help taxpayers who are unable to pay their full tax debt.
Don’t wait any longer to resolve your back tax issues. Contact McCauley Law Offices, P.C. for a confidential consultation with a tax resolution expert. We can explain your options for permanently resolving your tax problem and help you avoid further consequences. Don’t walk the IRS maze alone, our dedicated team knows how to navigate these situations. We’ll deal with the IRS so you don’t have to!