General Info

Have you received a notice from the IRS? We know this can be a stressful situation, that is why Chicago Tax Relief gets you access to the top professionals in the area. Whether you are a small business or an individual, we can get you to the right tax professional. There are multiple types of tax issues that can arise, such as a tax lien. A tax lien is when the IRS places a lien against you that shows up on your credit report. It basically notifies potential and current creditors that you owe money to the IRS. If the IRS does this, it can hinder your ability to attain new credit or even refinance any credit you currently have like a car or home loan. Another type of issue could be a wage garnishment. This happens when the IRS contacts your employer and dictates an amount that your employer has to withhold from your paycheck each pay period. Since the IRS dictates the amount, they may not consider your obligations, and this can cause you to fall behind. The IRS will continue this until your debt is satisfied. Yet another tactic of the IRS is a bank levy. Once filed, this gives the IRS the power to seize your bank account and take the funds that you have in order to satisfy your IRS debt. They can also seize your property or anything that you have interest in, including your retirement account dividends. Not only can this hinder your finances right now, but it may also disrupt your future finances. Thankfully, there are many options to combat these types of situations, depending on your case. If an action of the IRS puts you into a financial hardship, there are ways to stop or reverse the action taken against you. One of the easiest options for tax relief, in most cases, is an installment agreement. An installment agreement gives you the opportunity to pay back your tax debt over a period of time instead of all at once. The IRS has a couple of different kinds of agreements, and they all have their own set of stipulations, but they are still good options. You will want to have a skilled tax person on your side, when dealing with the IRS, so contact Chicago Tax Relief, today. If an installment agreement doesn't work for you, or if you cannot back the IRS debt at this, there other options as well. If you are in an extreme financial hardship, you may qualify to placed into Currently Not Collectible status. This basically means that the IRS will stop their collection tactics for a set period of time. They can reassess at any time, and if your financial situation improves, the IRS will resume their attempts. If you are able to pay some of the money back to the IRS, but not all of it, you may qualify for a settlement agreement or even an offer in compromise. Both of these options will lower the amount you owe, but with an offer in compromise, you have to give a 20% down payment before the IRS will even look at your offer. No matter what your situation is, Chicago Tax Relief can connect you with a top tax relief specialist in the area. We listen to your issues and get you to the right tax professional for your specific needs. If you are experiencing any of these tax issues, or even a different tax issue, we will help. Call us today for your free consultation.