Tax Relief On Property Free Helpful Hints

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As always, with the IRS and the complex code and procedures, it is best to work with a tax professional to get the best outcome.

Tax professionals have your money, they have no incentive to go the extra mile for you. If your tax attorney, tax resolution specialist or CPA wants some "good faith money" that's fine.

Give the auditor no more information than she is entitled to, and don't talk any more during the audit than is absolutely necessary. Don't give copies of other years' tax returns to the auditor.

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Once you have completed Form 9465 and have an agreement in place, the IRS will suspend all collection efforts and will not issue any bank levies, wage garnishments, or send additional collection notices.

Because of this, you know that you are hiring someone with inside knowledge who can help you as only someone who understands the inner workings of an organization can. An EA can think one step ahead of either you or the IRS and help you hold on to as much of your money as possible.

For those who are unaware, the general rule is that cancellation of debt is a taxable event to the home owner. There are some exceptions, including a title 11 bankruptcy, qualified farm indebtedness, insolvency and certain qualified real property business debt. But these exclusions can be complex, so taxpayers must take great care in analyzing their situation.

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