If you owe the IRS, you probably feel more stress and lack of control as time goes on.
Fortunately, there is no longer a need to fret because you aren’t in this alone: Timmer Accounting has got it covered.
We Know It’s Hard.
The direct process of consequences from the IRS is brutal, but so are the mental health effects of tax-insufficiency. Constant notices are irritating, and ignoring them will turn into conflict. You’ll start receiving debt-collection agency calls, visits from revenue officers, and you may eventually be considered a “seriously delinquent” taxpayer. Then, your passport will be taken, and your ability to pay bills will already have been hindered. By employing levies, the IRS can seize your money along with your property.
This type of entrapment easily leads to depression. When it comes down to it, debt causes pain, and pain causes debt. 36% of divorces are due to financial issues. Many people in extreme debt find themselves questioning every spending opportunity, and this worry turns into stress. This unfair mental cycle reduces financial judgment, resulting in more spending. Some even experience debt denial.
Businesses and individuals are going to want to avoid falling into the IRS Automated Collection System. Firstly, your refund will surely be taken to pay your expenses. On top of the owed amount, you will have to pay five percent annual interest as well as the monthly failure-to-pay penalty of 0.5 to one percent. If you get audited, you may have to pay a penalty of 20, 40, or 75% or receive a five-year jail sentence. Business owners, on the other hand, will have to pay fines up to $500,000. If you aren’t protected by limited liability, the IRS can seize your property then.
So, How Can Timmer Lighten the Load?
Well, for starters, we tailor our tax services to your own needs. We can help you avoid IRS tax audit complications before they even start by representing you. We’ll handle the distribution of information. Additionally, we will push you in the right direction with our Debt and Finance Advisory.
Owing to the IRS often leads to a path of desperation on which guidance would be extremely helpful. Timmer Accounting provides businesses and individuals with financial services around taxing, so you can enjoy the sweet release from the setbacks of debt.
