FLAT FEE TAX RELIEF
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American taxpayers have been filing their tax returns at a faster rate compared to last year. This could be because people were looking to receive their tax refund in addition to their stimulus check. What this deluge of tax returns has accomplished is this, the IRS is overwhelmed with both returns and added tax debt to collect.
In the current bills before Congress are provisions to increase the number of IRS Agents employed by the IRS. The IRS will be adding an additional 83,000 IRS Agents. These additional agents will not be going after "the super-rich" only. Also, the IRS will be able to monitor every transaction of $600 or more. And there's more. Currently, the IRS has a budget of $16 Billion per year. The new budget will give the IRS an additional $80 Billion.
Allowing the IRS to have access to every $600 transaction, will provide the IRS with information to your banking information. Having this information will make it very easy for the IRS to levy everyone who owes a tax debt. It won't matter the amount of the debt. IRS bank levies will be "flying fast and furiously."
The IRS always has 2 goals. One goal is to collect money. The other goal is to close a file. If the IRS can levy everyone with tax debt, imagine how easy it will be to have their computer send out orders to levy.
Due to the COVID lockdowns, everything in society has been turned upside down and that includes tax returns. The IRS began accepting and processing tax returns on February 12th this year, slightly later compared to last year. The IRS did this on purpose in order to have more time to accept and process tax returns and distribute out stimulus checks to qualifying taxpayers. Now the IRS is looking to add these additional agents to enforce collection.
Last February 12th, the agency received 55 million returns in the first weekend alone. The returns were comprised of not just individual tax returns but also business returns and a variety of other types of returns.
In the first eight days of tax return intake, the IRS received 34.69 million individual returns, according to the agency's statistics. Last year on February 21, the IRS received 49.8 million returns, which is 30.5% fewer compared to this year. It is important to note that these numbers reflect before it was announced we were in a global pandemic.
Even though the IRS will be beefing up the budget and Agents, the Fresh Start Programs (Taxpayer Relief Initiative) remain in place. The Fresh Start Programs allow taxpayers with tax debt to settle their tax debt. You don't have to be steamrolled by the IRS.
The IRS problem solvers at Flat Fee Tax Relief provide assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact our teamfor a free consultation.