I was reading an article in Forbes this week called, “Tax Collections Hit Record Highs With No Dip In Spending“and wanted to share with you why this article shows how important strategic tax planning protects and covers your assets.
To simplify, the Federal Government tracks annually how much they’ve collected in tax revenues year-to-date so they can report out as part of the government reporting the General Accounting Office. Tax revenues are up from 2014 compared to 2015, but it really doesn’t surprise me that tax revenues are up. It really shows a trend towards what’s happening in our government, what’s happening with tax collection and our taxes in general. It’s important to know that if tax revenues are up, then something has transpired which is causing those spikes in those numbers.
The reason why these numbers have spiked this year is because IRS agents are actually getting terminated from the Internal Revenue Service. The IRS have a lot of people who have been with the service for a very long time and they have offered early retirement packages. Also, a lot of IRS agents are simply leaving. Most of these agents are taking these severance packages and are going on about their business, but the IRS is not replacing these agents. What that really means is that since we’re losing bodies, we are losing the human element of the Internal Revenue Service.
Before these IRS agents left out the door, they totally forgot to turn off the printing machines which send you those IRS letters. So, here’s where this problem affects you.
What most people don’t know is that there are two basic collection processes within the IRS. There’s the automated IRS collection site and then there’s the human element. The automated collection site spits out those computer generated notices every 30 days that land in your mailbox with the certified return receipts. They also send out the Notices of Intent to Levy, and things that can get your money sucked away really quickly; but there is some hope.
We need to make sure that everybody knows about the IRS Tax Relief Programs. In 2011, they came out with an initiative to really try to help tax payers pay off their tax bills. This concept originated from the crisis of the housing market. Basically the IRS Tax Relief Program says that if you were laid off for longer than 30 days or you lost your job, the IRS will abate penalties and interest for you. They will also allow you to go into a streamline installment agreement, but you have to actually ask for it- they’re not just going to give it to you.
If you have this problem, then jump on it immediately. The reason why we need to jump on it immediately is because there’s not a lot of bodies at IRS. And because there aren’t a lot of agents handling these issues, the paperwork is stacking up. If you want to be a part of that IRS Tax Relief Program and get help, you have to get with a professional who not only knows how to navigate the IRS system; they also have to know about the IRS Tax Relief Program to help get your place in line and secure your position; so that you can benefit from the IRS Tax Relief Program.
Due to the overwhelming success of these record automated collection results, It’s really best to get a professional at this time because the IRS is running on such thin crew with such a thin level of employees. They’re impatient and sometimes the wait times on the phone can be hours. Professionals like me can usually come in on the hotline, or we can schedule a day to go down and actually meet with someone and handle a multitude of cases at one time.
What’s really important; get in touch with a tax professional, tell them you need help and explain your situation. We will get you the help you need. We’ll get you into the IRS Tax Relief Program whether it’s installment agreement; an Offer in Compromise; or penalty abatement. The key is time- and speed. We need the time to get it done, but we need you to act fast so that you can make sure you don’t get levied, you can make sure you don’t lose your assets, your money in the bank, your paycheck. There is really hope the IRS Tax Relief Programs can help you if you get with the right professional.