How to Initiate Solving Your Tax Debts:

Introduction:

A) Identify the cause of tax debt and How to fix it.B) Compliance with past tax issues and current filing/paying.C) Which of many processes and procedures is in your best

interest.

What causes tax debts?

1) Insufficient tax withholdings2) Nonpayment of Estimated Tax Payments3) Penalties and Interest on tax balances paid late or filed late

documents.4) Audits via computer for underreporting of income or an

Audit caused by a red flag.5) Criminal or Civil Penalty Assessments (Tax Bills)6) Alter-ego, nominee, transferee, suits by the U.S. Treasury against

Taxpayers for abusive schemes.

Compliance Check: Have you filed all your prior tax returns required?

Are you current with Estimated Tax Payments and or business tax payments for the current year? Payroll Tax Deposits? Estimated tax payments for C Corporations and others?

These are one of the requirements for attempting to negotiate with tax agencies your tax debts.

In addition, if you owe tax debts. Then, you will most likely have to provide a current financial statement with proof of income and expenses for the current last 6 months.

Which Procedure or Process is the Best Solution for Your Tax Issue?

So many processes and procedures that it is impossible to identify and go over each one.

However, see and read slides under: Resolucion de Impuestos Facebook page. Or, on slide-share under Linkedin, and Google+ page.

Tax Debt resolution is not just installment agreements, offer in compromise, abatement of penalties and bankruptcy. There are so many more processes that one can utilize to best solve your tax problems.

Resources: www.irs.gov www.ftb.gov Google: Internal Revenue Manual Part 5