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Owe Back Taxes? | Affordable Tax Service, Port St.Lucie FL
Contact Affordable Tax Service Connecticut
Thursday, March 28, 2024
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Paying IRS Back Taxes

Understanding Back Taxes Interest Penalites

Do You Owe Back Taxes, Interest And Penalties?

tax-demand-collections-assistanceToday, hundreds of thousands of individual taxpayers and business owners can't pay their delinquent back taxes, interest or penalties. We understand, and don't judge, the many understandable reasons why folks continue to struggle and owe IRS back taxes.

Some taxpayers owe back taxes, interest, and penalties when they've:

  • Accurately prepared and filed returns on time yet didn't have sufficeint cash to make large liability payments.
  • Filed timely and error free yet experienced personal hardship such as job loss or home foreclosure.
  • Inadvertently made errors preparing filing documents or didn't use a licensed Enrolled Agent (EA).
  • For what ever reason, some just don't file returns. (Did you know taxpayers potentially incur exorbitant interest charges and experience frozen assets, wage garnishment, and bank account levies simply becuase past returns weren't filed?)

Regardless of the reason, when taxpayers owe back taxes, additional interest and penalties accrue monthly until the outstanding balance is cleared.

ATS, a licensed taxpayer representative and Enrolled Agent, centrally located within Hartford County, has earned unlimited rights to represent taxpayers before the IRS. We help taxpayers resolve daunting back tax issues and stop interest and penalties from growing exponentially.

I Didn't File My Past Returns; IRS Filed Without My Knowledge

irs-unfiled-tax-returnsWhen taxpayers don't file each required return, it automatically authorizes government computers to complete the filing process (without deductions). Once filed, it legally authorizes agents to assess and calculate the total amount of back taxes owed. These filing actions serve as the catalyst to charge exorbitant interest and penalties and the delinquency enforcement and collection process begins. Each month taxpayers owe back taxes, additional monthly interest accrues and only serves to compound the taxpayer's financial challenges.

Why Am I Being Charged Interest And Penalties?

interestWatching interest charges grow can be overwhelming and compounds the issue. Taxpayers who owe back taxes, receive formal written correspondence demanding immediate payment. Pay particular attention to the interest and penalty charges contained within the letter. Rest assured, when delinquent taxes aren't resolved, taxpayers incur additional monthly interest and penalties charges.  Monthly interest accrual is only Step 1 in the IRS collection process.

As time goes by, when taxpayers are unable or unwilling to make the delinquent liability payments, IRS Agents utilize more aggressive back tax collection approaches such as payroll wage garnishment, freeze bank accounts, and will even seize your home.

Why choose Affordable Tax Service?

ATS, a Licensed Taxpayer Representative in Hartford County, has UNLIMITED RIGHTS  to speak on your behalf; negotiation and communicate with IRS Agents to resolve delinquent back taxes situations. We have been helping individual taxpayers and business owners resolve their delinquent IRS back tax issues for 25+ years. We offer reasonable rates and guarantee no hidden fees. Contact ATS today (860) 646-3755!

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