Kansas Tax Relief Information
States throughout the country have faced economic hardships due to the previous recession, and it’s taking some longer to bounce back than others. Many citizens in Kansas are trying to recover from tax debt. Whether you owe back taxes or made a mistake in your accounting, it’s imperative that you take steps to rectify the problem.
The KS Department of Revenue can help to answer some of your questions, but the collection process can be overwhelming. The IRS has several collection tactics available to them that can be both aggressive and unexpected.
What Steps Can the IRS Take?
When a people owe back taxes to the IRS, they will receive several letters and official correspondence making them aware of the amount. If they’re unable to pay, the IRS can initiate the collection process using wage garnishment, tax liens, the freezing of assets, and the physical and immediate repossession of your property.
These methods are usually a last resort when a person refuses to communicate with the IRS or misses too many agreed upon payment dates. If the amount owed is more than the taxpayer can afford, there are several ways to reduce the debt.
A person struggling with a large amount of tax debt can feel isolated and overwhelmed. Fortunately, there are options that can create an income contingent repayment plan or to reduce the amount owed entirely. An offer and compromise allow the taxpayer to report all income and to pay back an agreed upon amount in a scheduled time. Innocent spouse relief can completely absolve one spouse of the tax debt of the other.
Contacting a tax relief professional or accountant can help to alleviate some of your fears and to explore ways to deal with the debt. Back taxes don’t have to result in financial ruin.