Ian Woodman Discusses the Most Common Tax Issues

Ian Woodman

Ian Woodman

Ian Woodman co-founded Instant Tax Solutions with one mission in mind: to help others. And with an experienced team of legal counsel, accountants, and former IRS agents, Ian Woodman says that Instant Tax Solutions has seen that goal come true. As part of the company’s day-to-day operations, Ian Woodman’s Instant Tax Solutions sees a number of common issues with its clients. Today Ian Woodman answers some of their questions.

Q: Thank you for talking to us today, Ian Woodman. You have said that one of the most common tax problems Instant Tax Solutions sees is failure to pay taxes. How can taxpayers avoid having to pay penalties?

Ian Woodman: Each year, Instant Tax Solutions finds itself filing past due tax returns for multiple years on many clients. While we certainly can take care of overdue returns, taxpayers end up paying penalties if they owe money for these past taxes. The best way to avoid paying penalties is to pay on time every single year. Bring your tax information to Instant Tax Solutions and let our staff take care of things for you.

Q: Can you have these penalties removed, Ian Woodman?

Ian Woodman: Yes, at times. We have former IRS agents on our staff, as well as IRS enrolled agents. Both are able to negotiate with the IRS to work out an agreement that is amenable to both parties. There are times when the IRS is willing to lower penalties and even remove them if hardship can be proven.

Q: Are there times when Instant Tax Solutions can help lower the amount a taxpayer owes?

Ian Woodman: This is one of the services Instant Tax Solutions provides. The IRS has a form called an Offer in Compromise. ITS can work with the taxpayer to get the information necessary to make such an agreement go through. We can help ensure the forms are properly filled out and talk to the IRS to answer any questions they have.

Q: Can ITS do anything to release liens and wage garnishments when a taxpayer has gotten him or herself in too deep, Ian Woodman?

Ian Woodman: Instant Tax Solutions can assist in that regard as well. Since Instant Tax Solutions offers a free consultation, taxpayers simply need to call ITS for a consultation to determine if we can help.

Ian Woodman encourages beleaguered taxpayers to visit Instant Tax Solutions and consult with a member the ITS qualified team to discuss any tax-related problems from which they are suffering. In many instances, Ian Woodman’s staff can work with the IRS to reduce the debt and help restore credit. For more information, contact Ian Woodman or Instant Tax Solutions at www.instanttaxsolutions.com

Byron Pedersen of Instant Tax Solutions Reviews IRS Requirements for Common Tax Debt Resolution Options

Instant Tax Solutions Reviews

Instant Tax Solutions Reviews

Founder Byron Pedersen and the Instant Tax Solutions Reviews Team discuss the most common tactics that taxpayers may use when trying to find relief from back taxes.

Information Nation: Good morning, Mr. Pedersen. We want to thank you and the entire Instant Tax Solutions Reviews Team for speaking with us today.

Instant Tax Solutions Reviews Team: It’s no problem at all, we are always glad to offer consumers information.

Information Nation: Let’s get started, shall we? Can you tell us, what are some of the most common tax debt resolution tactics?

Instant Tax Solutions Reviews Team: There are three that are fairly common to reduce the amount of money owed to the IRS: Offer in Compromise, Penalty Abatement, and Interest Abatement. Instant Tax Solutions reviews each client situation and offers them an honest opinion about which, if any, method is applicable to their case.

Information Nation: Let’s start with an Offer in Compromise. Can you explain it to us?

Instant Tax Solutions Reviews Team: An OIC is an offer to the IRS that is lower than the amount owed. It must represent the largest amount of money that the agency could reasonably expect to recover from the taxpayer.

Information Nation: Do all taxpayers qualify?

Instant Tax Solutions Reviews Team: No, most definitely do not. The IRS has very strict requirements that must be met before they will even consider an offer.

Information Nation: Are there any required conditions associated with an OIC?

Instant Tax Solutions Reviews Team: Taxpayers are advised that the IRS will have them sign an agreement to possibly relinquish all of their current assets and possibly even their future income.

Information Nation: Does this remove the tax debt completely from the taxpayer’s record?

Instant Tax Solutions Reviews Team: Not immediately. All of the terms and conditions must be met to the IRS’s satisfaction before they will effectively “wipe the slate clean.”

Information Nation: You mentioned Penalty Abatement previously. Can you tell us about that?

Instant Tax Solutions Reviews Team: This is where the IRS removes or diminishes penalties and fees that have been incurred by the taxpayer for failure to pay on time or other infractions.

Information Nation: In other words, if the taxpayer has been careless?

Instant Tax Solutions Reviews Team: A taxpayer must prove that he or she has tried to comply with the IRS. There are certain situations, including casualty, death, or a serious medical illness that may qualify a taxpayer for Penalty Abatement.

Information Nation: Those sound like dire circumstances. Are those the only reasons for the taxpayer to obtain a Penalty Abatement?

Instant Tax Solutions Reviews Team: Less extreme reasons may include an unintentional inability to gather records, bad advice from a tax professional or legitimate ignorance of business or personal tax law.

Information Nation: If the taxpayer applies for Penalty Abatement, do they qualify automatically?

Instant Tax Solutions Reviews Team: No. Once again, the IRS has very strict policies and requirements that must be satisfied before the taxpayer qualifies.

Information Nation: And what about Interest Abatement?

Instant Tax Solutions Reviews Team: Interest Abatement is even harder to qualify for than an Offer in Compromise or Penalties Abatement.

Information Nation: Why is that?

Instant Tax Solutions Reviews Team: Because in order for a taxpayer to qualify for Interest Abatement, the IRS must have made an error.

Information Nation: This is all very interesting. As a tax debt resolution agency, are these methods that Instant Tax Solutions helps clients with?

Instant Tax Solutions Reviews Team: Yes, these and more. Instant Tax Solutions reviews IRS policies and procedures regularly in order to maintain up-to-date information on what situations qualify for tax relief.

Information Nation: Thank you all very much for speaking with us today, this has been very informative.

Instant Tax Solutions Reviews Team: We look forward to speaking with you again on additional tax topics.

Instant Tax Solutions reviews IRS information for taxpayer information only. The information contain herein is not intended to replace the advice of a tax professional and is not a guarantee of future outcome.

Instant Tax Solutions, LLC | 1700 E. Schneidmiller Ave. Post Falls, ID 83854 | Phone: 1-888-387-4071