Nov 14, 2022
Let’s say you have a tax debt, and without knowing what direction to head, you log onto Google and type “tax debt resolution industry” to learn who could help and how. The search results may leave you with conflicting information, thereby impacting your decision to hire the right professionals to assist with your tax situation. Most of the information provided online has painted a somewhat unfavorable picture of what the tax debt resolution industry does and is.
Like most industries, ours is very diverse, as there is a vast difference in the services, levels of expertise, and approaches each company takes. With such diversity, myths have developed, causing hesitation in those seeking tax debt representation. Here are some of the most common myths we have found and our response to each:
For most companies in the tax debt resolution field, fees are estimated based on the facts of the case and the hours the resolution professionals will need to apply to the resolution pursued. Some companies will advertise a “flat-rate” charge to handle a potential client’s situation, which may seem appealing, but remember that you always get what you pay for (when searching for a brain surgeon to remove a tumor, do you want to choose someone just because they promise to do it at a cheaper rate?). Having a tax debt is a situation that will impact your current and future financial condition and should be handled appropriately. At Golden Lion Tax Solutions, we charge an estimated fee based on a full investigation of the client’s tax accounts and the time we anticipate it will take to negotiate the resolution option chosen by the client.
A full investigation into a taxpayer’s account is crucial in determining resolution options most beneficial based on the investigation findings. Several factors can change the options available to a taxpayer (i.e., age of tax debt, missing tax returns, current financial information, and department case is assigned to). Without thoroughly investigating an account, it is impossible to be sure you are provided with the most beneficial resolution options. For this reason, a tax resolution company cannot quote you an accurate fee to resolve your case without completing an investigation. Before agreeing to an investigation, you should be aware of the steps the company will take and the information that will be provided to you in the end. At Golden Lion Tax Solutions, we will conclude our investigation by producing a thorough report outlining our findings and mapping out multiple options for resolving your tax debt. An applicable quote accompanies each option so a client can decide the most beneficial choice for them. Think of it like this: if your car won’t start and you have it towed to a mechanic who tells you a new car needs to be purchased without running a proper diagnostic test, you’d be skeptical of their recommendation, wouldn’t you?
There are several reasons a tax representative can give bad advice to a client: lack of experience, an inability to focus on the details of their client’s cases due to an overwhelming caseload, missing or incorrect information, or the representative is not focused on their duties and commitments to their clients. While these risks exist in every professional industry, there are ways to filter those people out. You are going to choose a tax professional to handle one of the most critical financial situations you have ever been in. Talk to your accountant or CPA to secure their opinion. You want to choose someone that not only you are comfortable with, but a company they have complete confidence in as well. When selecting a tax professional, we recommend asking about their experience handling cases similar to yours. Ask about the potential drawbacks to resolutions they are recommending and ask them to outline the fees they plan to charge. Knowledge is power, especially when you are facing the decision of choosing your advocate before the IRS or State.
Several tax resolution companies may press the urgency of addressing your tax debt through tactics that make you feel like the sky is falling, among other detrimental things that will occur if you do not hire them immediately. While it is essential not to procrastinate in addressing your tax debt, a trustworthy company will be honest with you about the process without using scare tactics. Be wary about tax resolution companies that threaten the possibility of enforcement action, such as property seizure or jail, as there is no way this can be known without completing an investigation of your account.
Many individuals feel that if they run into a tax issue, their best option is to turn to their tax return preparer, accountant, or CPA to address the issue. While some have tax resolution knowledge, it is best to enlist the help of a specialized professional. Tax resolution is a tiny niche within the tax industry, with many nuances that require a high level of knowledge and experience to ensure a taxpayer receives the most beneficial outcome with their resolution. At Golden Lion Tax Solutions, our sole focus is tax debt resolution; we don’t do tax returns, payroll processing, or anything else that dilutes our ability to focus on knowing the intricate ins and outs of the resolution options available to our clients.
Remember the information shared above when choosing a tax resolution company that best fits you. There are a lot of excellent companies in our industry, but unfortunately, a few bad apples exist. Ultimately, having the right professional on your side can liberate you from the stress of tax debt and ensure the best, individualized outcome for your situation. To determine if Golden Lion Tax Solutions is the best fit for you, schedule a consultation today with one of our tax professionals.
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Your future and your family deserve the right protection. Golden Lion Tax Solutions will be your advisor and confidant throughout the entire journey. We guarantee to offer you or your business best-case solutions for your tax debt. We are by your side every step of the way. Start now and get your life back.
For help with your tax debts, email email@example.com or call 833-LION-TAX (833-546-6829)
Disclaimer: There are requirements that must be satisfied in order to qualify for some of the tax solutions we discuss on our website. Not all of our services will be suitable for every client. Golden Lion Tax Solutions is here to help you find the most appropriate solution to fit your situation.