What Is Tax Resolution?
VIDEO TRANSCRIPTION – What is tax resolution? Hi, I’m Steven D. Cooper, also known as Coach Coop from Cooper’s Accounting Service, because your financial freedom matters.
If you’d like to learn more great tax tips, download our popular financial guide at our website, yourfinancialfreedommatters.com, or click on the link below. Once again, what is tax resolution? A tax resolution is the process of addressing and solving outstanding tax problems, either with the IRS or your state or local agency.
Common tax methods. One could be working with the IRS to find a suitable solution. It could be an installment agreement. It could be an offer in compromise. If you do not have the financial means to pay that and can prove it, you go to wex in a non-collectible term.
That could be temporary or it could be permanent depending upon your financial situation. You can also ask that you can pay the principal, but you want to abate, which means remove the penalties and interest side of it as well too. If a spouse is not aware of what the other spouse did, you can fill out an IRS form called Innocent Spouse Relief. That removes the in-trick spouse.
What is the role of the tax professional? The tax professional, we are designed to give you these options. We’re designed to help you complete these forms. We also can be the in person or with you with IRS or state agent as well. It could be a local agent, for example, business licenses, nugget for my business clients.
Remember this, if you own a company, you should have a business license as well. And that is renewable once a year. We are also there to perform communications, especially when it comes to a language bearer. What do I mean by a language bearer? That person, the state or federal agency agent they’re going to talk terminology, tax terminology. They’re not gonna explain it in lamest terms.
We can be there to explain what they are talking about as well too. For more easy financial tips, sign up for our financial newsletter by going to yourfinancialfreedommatters.com or click on the link below. You can also download our financial guide as well.
If you like a free 20 minute smart money consultation, give us a phone call, 562-436-2600. Well again. I’m Steven D. Cooper, also known as Coach Coop, with Cooper’s Accounting Service. Do not miss our next video, where I cover what is an NAIC code and why you need one.
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