What does the tax resolution cycle look like? What’s involved in tax debt relief? And, how long does it take?
In terms of how long it takes, our answer to this is: it depends.
And why that is so can be fleshed-out by understanding the process and consideration that goes into the tax debt relief process. In this post, we lay out the process involved in tax resolution into 3 main phases: determination, emendation, and resolution.
The Steps to the Tax Resolution Cycle
Step 1: Determination
The determination phase of the process is our first contact with clients, and it involves a lot of research on our part. We ask that you understand that it is arguably the most important part, just as the diagnosis is important for the work a doctor must do. Why treat you for something you don’t have? Well, with tax debt. Put concisely, this part of the tax resolution cycle involves:
- Determining the sum of tax actions against you (i.e. tax liens and wage garnishments)
- Determining the validity of the tax debt are being held accountable to
- Determine the best resolution options for your particular situation
- Determine what’s tax, penalties, and interest
- Determine action items in preventing further tax debt.
Step 2: Emendation
This is part of the process in which we take the action that is informed by the research in the determination stage.
We may do one or more of the following:
- File tax abatement brief
- File missing tax returns and amendments
- Fill out the Collection Information Statement (Form 433-F)
Step 3: Resolution
This is the last part of the tax resolution cycle in which we set you down a specific trackway. These include: