Published On: Wed, Oct 30th, 2019

What Can Tax Negotiation Companies Achieve?

Whether as an individual or as a business owner, do you have tax issues which are causing you stress and giving you concern about your financial future?  You may have heard about tax negotiation companies, that they are able to provide a service on your behalf to negotiate with the tax authorities to reduce your tax bills.

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What Tax Negotiation Companies Do

First of all a tax negotiation company will sit down with you or your accountant to consult with you on what you tax issues are, and how much tax you currently owe to each tax service.  They will then analyze your finances and determine what your actual IRS and state tax liability is, and what you are likely to also owe over the coming year. They can then have a realistic view of your total tax liability.  After this they will explore the best solution for you to reduce that tax liability.

The tax negotiation company will implement several solutions to reduce your current tax liability, and your future tax responsibilities.  They will also establish a representation with the IRS on your behalf so they can start to negotiate a lower amount to pay back to them.

Tax negotiation companies are often able to discuss with the IRS what is called an Offer in Compromise, which will reduce the amount of tax you have to pay.  They can also go over unfiled tax returns and past filed tax returns to adjust where possible to reduce the amount of tax you owe lawfully. If necessary, they can then represent you legally, protect by the Taxpayer Bill of Rights to pay just the tax you owe plus any reasonable interest and penalties.

A further process that a tax negotiation company can do in your behalf is to negotiate a payment plan with the tax authorities, to allow you to pay by the tax you owe over a longer period of time.

Their work on your behalf should be able to not only reduce your tax liability, allow you to pay back what you owe over a longer period of time, but also avoid criminal charges, protect your credit history, and avoid social security garnishment.  

What About If You Are Due to Have a Tax Audit?

If your accounts are already under investigation by the IRS, then you will likely want to use a tax negotiation company to represent you and prepare you for the tax audit.  They will ensure your accounts are in good shape and deal with the correspondence with the IRS and any other parties on your behalf. They will analyze all of your IRS audit documents, prepare a list of documentation already needed and help you to provide these.  They will help you prepare an amended tax return which is accurate and will where possible reduce the tax you owe. They will meet with the IRS Auditor on your behalf and negotiate the lowest tax liability adjustments.

It might be time to hire a tax negotiation company.

Author: James Daniel

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