TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.
There are few things in life scarier than owing money to the Internal Revenue Service.
Taxpayers who are faced with a lien being placed against their property - or wage garnishment - can panic and find themselves being lured into scams designed to take their money without providing any tax relief.
Tax-relief scams run amok on the internet, where anyone with a smooth pitch and a fancy website can attract unsuspecting victims who are just looking for some help with back taxes. The only thing worse than owing a large sum of money to the IRS, is losing even more money to crooks that have no intention of actually helping you.
But for every tax-relief scam out there, a legitimate tax-relief service exists. The hard part is determining which is which. Let's discuss a few ways to determine whether a company can really help you, or if they just want to help themselves to your money.
According to the U.S. Bureau of Consumer Protection, the biggest warning sign of a tax-relief scam is an agency which overstates its success rate. This can include a misrepresentation of the expertise and skills of staff members at the agency. Consumers should be wary of this type of approach, especially if an agency claims it can successfully help you before it has even seen the details of your case.
Another huge red flag is if the agency asks for money up front. These fees can amount to thousands of dollars. Agencies often claim these fees will be used to help secure a deal with the IRS, with a small portion going to cover their administrative costs. The IRS does not charge fees to work out a repayment deal, so anything paid to a firm like this likely will go directly into the agency's pocket.
So what can consumers do to protect themselves from tax relief scams?
First and foremost, it is important to know the difference between a Certified Resolution Specialist and some guy sitting behind a desk, claiming to know what he's doing.
The American Society of Tax Problem Solvers issues certifications for resolution specialists. It is a non-profit agency consisting of professionals who represent taxpayers before the IRS. It only gives certification to agents who are able to pass a written exam, provide evidence they have experience in the tax industry and be a licensed certified public accountant or tax attorney.
One option that can be used to provide tax relief is through an installment agreement. This allows the taxpayer to repay back taxes in pre-determined payments.
Another option that can be utilized is what's known as an "Offer in Compromise" (OIC). An OIC allows taxpayers to settle their debt for less than the full amount that is owed if they can prove that paying in full would cause a financial hardship for them. Qualified candidates for this option must meet specific criteria as determined by the IRS, and must provide documentation supporting their ability to pay, income level, current expenses and asset equity. Anyone who currently is in the process of bankruptcy does not qualify for this option.
Top Consumer Reviews Articles
TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.
Tax Relief In The News
Liberals want free education, ever wonder why They apparently feel left out. They see rampant corruption connected to privileged gifts to friends (In, and of) government. We tax ourselves to pay for ...
Published: Mon, 16 Jul 2018 14:13:00 GMT
DETROIT, MI - Detroit is taking steps to ensure more low-income homeowners can stay in their homes by inviting them to apply for tax relief and allowing people to buy back houses in foreclosure. As of ...
Published: Tue, 10 Jul 2018 18:54:00 GMT
Ontario's new Progressive Conservative government says it will take action to reduce gas prices and hydro bills, while providing tax relief to families and small businesses. In his government's first ...
Published: Thu, 12 Jul 2018 12:56:00 GMT
Texas - Victims of severe storms and flooding that began on June 19, 2018 in parts of Texas may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disast...
Published: Tue, 10 Jul 2018 00:09:00 GMT
VICTORIA - After weeks of speculation, Finance Minister Carole James this week announced relief from the new payroll tax for public service providers like schools and hospitals as well as many chariti...
Published: Fri, 06 Jul 2018 18:07:00 GMT
The LCI was introduced three years ago as a tax break for owner occupiers in certain parts of the inner city (it also applies to buildings in Cork, Galway, Limerick, Waterford and Kilkenny). The relie...
Published: Mon, 16 Jul 2018 02:16:00 GMT
The call for greater tax relief came during a public hearing Monday morning, the first of three such sessions the Atlanta Board of Education is required to hold before it sets a millage rate, currentl...
Published: Mon, 16 Jul 2018 11:07:00 GMT
Social Investment Tax Relief (SITR) was designed to increase the access to reasonably-priced investment capital by a range of eligible organisations which were struggling with established channels. It ...
Published: Wed, 11 Jul 2018 17:56:00 GMT
Like ants at a picnic, people with ideas are drawn by an estimated $30 million to $40 million per year increase in sales tax. This comes in the aftermath of a U.S. Supreme Court ruling clearing the pa...
Published: Wed, 11 Jul 2018 08:34:00 GMT
- View Full Site -
Reproduction in whole or in part in any form without the express written consent of TopConsumerReviews.com, LLC is strictly prohibited.