Most individuals who are facing debt problems are wondering if they can apply for a tax debt relief. Whether you're in the US, Canada, or any other country, you can definitely work out a deal with the revenue agency with regards to your tax debts. This will lead to reasonable payment terms that will work out both for the agency and the taxpayer.
The revenue agency is just a phone call away. You have to present your situation properly and provide the reason or reasons why you were not able to file the returns. However, this is not an assurance that the agency will grant your request.
A lot of people owe revenue agencies and everyday, the agencies receive requests for debt relief. Because of this, the IRS and other revenue agencies of other countries all over the world usually have stringent procedures that should be followed. You also need to keep in mind that, even if you're granted a debt relief, the agency will continuously charge you with interest and penalties until you have settled your full debts.
Did you know that the IRS can also withhold the tax credits of your child and even the GST credits once you ignore their efforts to settle the matter? Aside from these things, the IRS can also garnish wages or get funds from your account. Tax debts should not be taken lightly because you're bound to face lawsuits if you refuse to meet with the revenue agency.
It would be a huge mistake not to settle your debts with the agency. There is also a misconception - most taxpayers think that if the agency grants them a debt relief option, their tax debts will be reduced. The truth is, you will still be paying the amount that you owe with additional charges on the interest and penalties. The only benefit that you can get is that you will pay your tax debts in smaller amounts for a certain period which is easier on the pocket.
Apply for a tax debt relief now. Consult with a lawyer or a professional. This is your chance to get through the revenue agency and avail of the options.
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