What are the benefits of having comprehensive ongoing IRS account monitoring service? Before we get into the benefits, let’s talk about what IRS account monitoring is.
What is IRS Account Monitoring Service?
Tax Crisis Rescue is committed to helping taxpayers better understand how the IRS works, best practices to avoid issues with IRS, and guidance on proper response to the IRS (pro-tip: let a professional tax relief specialist speak on your behalf), and our IRS account monitoring service is another service offering to help taxpayers stay in compliance with IRS.
While some taxpayers feel confident in fielding notices they may receive from the IRS, Tax Crisis Rescue knows that many taxpayers feel more confident in having a tax professional monitor their accounts on their behalf, and this is done with our service providing electronic monitoring of your IRS account, through which we receive a copy of tax notices addressed to taxpayers who use this service.
It works via specialized tax practitioner software that links to the IRS computer to extract all of your account data. The data is compiled into a meaningful format that alerts us to any noteworthy activity on the account.
You may be wondering why that’s beneficial to taxpayers, so let’s take a look at that.
What are the Benefits of IRS Account Monitoring Service?
Having a practiced tax compliance professional field notices from the IRS on a taxpayer’s behalf seems like an obvious benefit, and there are other benefits to this service, as well:
- Detection of audits months in advance allows us in most cases to mitigate penalties and interest and gives more time to prepare a strong defense prior to the start of the audit. You see, it takes IRS several months to get to your audit after the account is actually flagged. Our software detects the flag and creates an alert.
- Detection of forced collection activity like federal tax liens, bank account seizures, income garnishment and asset levies. This gives us opportunity to file an appeal preventing the intrusive collection activity. At the appeals hearing we can offer an alternative resolution to the issue that gave rise to the activity without being so disruptive to your financial condition.
- The software identifies first time penalty abatement opportunities back over 20 years. If you were assessed a failure to file or failure to pay penalty and the prior 3 tax years are free of these penalties, you can ask for the penalty to be abated and it will be based upon your clean record. The penalty abatements can result in additional refunds or offset taxes owed. You only get the penalty abated if you ask for it.
- The service also identifies any recoverable money left behind on prior years. I had one client recently who was unaware that he had a 20,000-dollar credit on tax year 1998. We were able to recover the funds and have them applied to his current year tax liability. This is not typical, but you can only know for sure if we take a look.
- The software performs an annual review of the current and prior 3 years’ tax returns scanning for missed refund opportunities.
- It also tracks payments on your account including quarterly estimated tax payments. If we see that you missed a quarterly payment, we can alert you before the issue get punitive.
- Business accounts can be monitored, also. This is particularly useful for businesses that have payroll accounts. Monitoring your account for timely tax deposits and return filing is especially important for avoiding big penalties. It also gives you peace of mind that someone else is double checking your payroll filing compliance status and seeing that your payroll tax deposits are being remitted.
Schedule a free consultation to discuss how account monitoring can benefit your specific tax situation. Go to www.taxcrisisrescue.com and click on the button “Schedule a Consultation.”