American taxpayers will be financially crippled in the current economic downturn if they fail to pay their tax bills. Take heart though, taxpayers who need tax relief can take advantage of special relief programs being offered by the IRS in this weak economy. Qualifying taxpayers can register to make a voluntary disclosure,? set up a payment plan or agree to a tax settlement that can help them avoid significant financial problems in the long run.
With the IRS more aggressively pursuing tax deliquents and tax audits are steadily increasing. In 2008, the IRS collected $56.4 billion in tax revenue from audits - $7.7 billion more than in 2006. Nearly 1.4 million taxpayers were audited in 2008, just over 1% of all returns filed. Individuals and businesses - both big and small - can be financially hobbled in the current economic downturn if they don't meet their tax requirements.
It's scary when the Internal Revenue Service contacts you for a tax audit. They are going to look review your files and, in a worst-case scenario, possibly levy your bank account or garnish your wages. It can be terrifying but with proper preparation you can deal with any issues that are raised during your audit.? This process begins with knowledge, which is so powerful when dealing with the IRS.
It sounds like a cliche but true in this case.? Knowledge is power when it comes to dealing with the IRS and acheiving the income tax relief you need. There's a solution to every problem, and even if you are stressed by tax debt or other IRS problems, it's possible to turn your financial life around so you can finally get back on your feet and plan for the future.? Read and discover what your rights are with the IRS, speak up and question things you don't understand and contact a tax relief attorney if the situation becomes too complicated.? You have rights, use them!
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