President Biden has signed the new federal legislation that will pump the IRS with nearly $80-billion of new financing with half of that money targeted to boost enforcement of tax laws and to increase tax receipts.
Let’s Be honest with each other. You may have come to this website looking for information because you have a tax debt that you just can’t pay. We understand that, and you did the right thing looking for help right now because in a few months getting help — even partial or complete relief of your debt — may be impossible.
Both the U. S. House of Representatives and the U. S. Senate passed the legislation that will give to the IRS nearly $80-billion over the next ten years to boost enforcement and that means increasing tax collections. There are some estimates that the IRS might even hire 87,000 new employees but that number may not be accurate. But it doesn’t matter since it only takes one IRS employee to ruin your day. You might have also heard that the IRS is not going to target families earning under $400,000 per year but we find that hard to believe when the IRS knows there are plenty of working families and small business owners who have fallen behind on their tax bills.
What is absolutely accurate is that the IRS needs to bring in more cash to ease Uncle Sam’s deficit and if you owe money that means if you slipped through the cracks before you might not be able to even find a crack to slip through a few months from now.
There are IRS programs called The Fresh Start Initiative and the Offer In Compromise can resolve your tax debt and even eliminate your tax debt. Those programs are available right now and since the IRS has been backlogged with tax cases it has been making deals to resolve its own caseload.
The question now is, once that $80-billion starts flowing in to the IRS will the taxmen still be as generous with their deals?
You know the phrase “he who hesitates is lost” well now “he who hesitates” might not be able to get the same “deal” from the IRS once the agency is flush with cash. We think the earlier and faster you start the ball rolling the easier and faster you’ll be able to come up with some resolution of your tax problems.
A Fresh Start or Offer In Compromise program might not be the best fit for you, and you might not qualify for these programs, but you should make the call now to find out if these or other options are available to you.
Now that President Biden signed the new legislation into law, and once the IRS sees its $80-billion pot of gold and starts hiring new agents and boosts tax enforcement, we know that those who did not hesitate will be ahead of the curve. The fact is, a lot of people are soon going to be finding out that the IRS wants their money.
There’s another saying you’re familiar with — that taxes are inevitable. Well, the taxman is coming and we think if you get a head start on everyone else who has a tax problem that you’ll be in much better shape.
He who hesitates will be lost once the IRS is getting that $80-billion. And he who hesitates shouldn’t be you. So call us. It’s a free call, and we’ll give you a free consultation right over the phone.