That dreaded IRS notice arrives in your mailbox and it sparks instant panic. Unpaid taxes, penalties stacking up, maybe even wage garnishments looming can be really overwhelming. But here’s the good news: tax resolution isn’t a mystery. At The Neal Group, we’ve guided countless families and businesses from tax turmoil to tranquility. Drawing from IRS guidelines and our local expertise, let’s break down how tax resolution works, step by step, to restore your peace of mind.
Step 1: Initial Assessment – Understanding Your Situation
The journey starts with a thorough review of your situation. We dive into your tax history, examining your returns, notices, and financials. This helps to uncover the root issues, like underreported income or missed deductions. Early action avoids escalating penalties, which can add 0.5% monthly per IRS rules. Our team spots opportunities for relief, ensuring nothing slips through. Clients often say this clarity alone eases the initial stress one can experience.
Step 2: Exploring Resolution Options – Tailored Strategies
One thing is for sure, no two tax debts are identical. We carefully evaluate IRS programs suited to your scenario and explore the next resolution which are the following:
- Offer in Compromise (OIC): Settle for less if you qualify—proving hardship is key.
- Installment Agreements: Spread payments over time, halting collections.
- Currently Not Collectible (CNC): Pause enforcement if finances are tight.
- Penalty Abatement: Waive fees for reasonable cause, like illness.
- Bankruptcy: Under certain circumstances you may be able to eliminate taxes. We work with attorneys who are skilled at this.
Local factors play in scenarios too. Wisconsin state taxes often interplay with federal ones. We craft a plan for maximizing savings, backed by data from IRS.gov.
Step 3: Negotiation and Submission – Expert Advocacy
Here’s where our experience shines. We prepare airtight applications, negotiate with IRS agents, and represent you fully under power of attorney to get you the best result. This shields you from direct contact and helps to reduce anxiety. This takes time however. Timelines vary and could take as long as nine months. But proactive filing speeds results. We’ve secured reductions for Milwaukee clients, turning six-figure debts into manageable plans.
Step 4: Resolution and Compliance – Securing Your Future
Once approved, we ensure compliance, like timely payments or amended returns. This prevents recurrence, offering true peace for your tax situation. After we are done negotiating for you, we provide ongoing tax strategies to keep you audit-ready.
Tax debt doesn’t define you and it’s completely fixable. At The Neal Group, we’re your trusted Milwaukee advisors, to solve your tax situation. Ready for relief? Contact us today for a free consultation or call (414) 325-2040. Let’s map your path to peace.