Law Offices of Maryam M. Golbarg, P.C.
Your Tax Relief Attorney
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Post-Relief Tax Planning
So, you reach an agreement with the IRS or settle your tax liability with the IRS. Congratulations! Now is the time to safeguard your agreement and stay out of any future trouble with the IRS. Below are some simple but important steps to take (or not take) to safeguard your agreement and to be out of IRS Collection.
Do:
- Stay Compliant: File all required tax returns in a timely manner, make estimated tax payments (if self-employed), and pay your tax liability when it is due.
- Make installment agreement payments if you are in an installment agreement with the IRS. We recommend that you set up direct debit from your bank account (call us if you need help) or have your bank make the payment on your behalf on a regular basis.
- Pay attention to the terms and conditions of any agreement with the IRS, especially your Offer in Compromise (OIC), if applicable. You must make your periodic payments regularly and stay compliant for at least five years to avoid defaulting your OIC.
- Meet with your CPA or a tax planning advisor at least once a year to discuss how to minimize your tax obligations, especially in the event of a life-changing event such as a birth of a child or graduation of a child from high school.
- Make sure you take care of your state tax liability, if any.
- Keep all of your tax documents in organized folders or use tax softwares to take full advantage of all available deductions and credits.
- Sign up for our IRS Transcripts Alert plan to stay at the top of important changes or adjustments to your tax records – even before you receive an IRS notice – and try to resolve the problem immediately.
Do Not:
- Do not panic if you are not able to comply with the terms and conditions of your agreement with the IRS. Life happens. If your income and expenses change after the IRS accepted a resolution to resolve your IRS problem, you need to re-negotiate and revise the agreement with the IRS.
- Do not ignore any IRS (and State) notices. Attend to them either yourself or by calling someone who can resolve the issues.
- Do not file your tax return late, even if you do not have the money to pay the balance due in full. The late filing penalty is 5% per month (capped at 25%). You can always call us to help negotiate a resolution to pay the balance due.
