Filing taxes can be daunting. With the complexity of the tax code and the numerous rules and regulations, many taxpayers get into trouble with the Internal Revenue Service (IRS). The best way to resolve common tax problems is to work with an experienced tax professional. That’s where Cody Ravalli, CPA steps in.

Cody advises individuals, businesses, and nonprofit organizations nationwide on avoiding, resolving, and mitigating tax problems. Well-versed in the applicable tax laws, rules, and regulations, he can help you find creative solutions and avoid tax penalties. Contact Cody Ravalli today to book a consultation. 

Common Tax Problems Taxpayers Face

Tax problems can arise for many reasons, from failure to file or pay taxes to tax return errors, underreporting income to claiming incorrect deductions or credits. These issues can lead to IRS audits, penalties, legal action, and potential criminal charges.

Tax Problems Due to Failure to File

One of the most common tax problems is failure to file or pay taxes. This can occur for many reasons, including forgetting to file, lack of funds to pay, or disputes with the IRS over the amount owed. In these cases, taxpayers may face penalties and interest charges that can add up quickly.

Tax Filing Errors

Another common tax problem is errors in tax returns. From simple mistakes such as typos or math errors to more serious issues such as misreporting income or claiming impermissible deductions, errors can result in audits, penalties, and even legal action.

Underreporting Income

Underreporting income can occur when taxpayers fail to report all their income, intentionally or unintentionally. This costly mistake can lead to audits, penalties, and in some cases, criminal charges.

Incorrect Deductions/Credits

Claiming incorrect deductions or credits can occur when taxpayers don’t understand the rules or intentionally try to claim deductions or credits to which they are not entitled. This common mistake can also result in audits and penalties.

Taxpayers who fail to resolve problems with the IRS can face significant penalties, including fines, interest charges, wage garnishment, and even legal action. In some cases, taxpayers can face criminal charges and jail time. Given these consequences, working with an experienced CPA is essential. 

Methods to Resolve Common Tax Problems:

There are several methods to resolve common tax problems. You can depend on Cody Ravalli to determine the best course of action, such as:

Filing Amended Tax Returns

If a previously filed tax return contained errors, an experienced CPA can help you file an amended return, avoid an audit and penalties, and pay the correct taxes owed.

Negotiating a Payment Plan with the IRS

If you cannot pay the taxes owed, Cody Ravalli can negotiate a payment plan with the IRS. This may allow you to pay your taxes over an agreed-upon time and avoid more severe penalties.

Negotiating an Offer in Compromise

An Offer in Compromise is an agreement between a taxpayer and the IRS to settle a tax debt for less than the amount owed, which can provide significant relief if you are struggling to pay your tax debts.

Requesting a Penalty Abatement

Penalties and interest charges can add up quickly for taxpayers with unresolved tax problems. However, you can request penalty abatement from the IRS if you have a reasonable cause for failing to file or pay taxes.

Appealing Decisions Made by the IRS

You have the right to appeal decisions made by the IRS. Although this can be complicated, an experienced tax professional can handle your appeal and keep you in good standing with the IRS. 

Some taxpayers think they can resolve tax problems on their own, but seeking the assistance of a capable tax accountant or CPA is a better choice. Trust a professional like Cody Ravalli to provide expert guidance on resolving tax problems and represent you in dealings with the IRS.

How Cody Ravalli, CPA Can Help

Turn to Cody Ravalli, CPA, for comprehensive tax problem services, including:

  • Tax planning – planning your taxes to avoid problems and minimize taxes owed
  • Tax preparation – preparing tax returns accurately and efficiently to avoid errors that can lead to tax problems
  • Audit representation – representing you in audits and negotiating with the IRS to resolve issues
  • Offer in Compromise – negotiating with the IRS to settle tax debts for less than what you owe
  • Penalty abatement – working to reduce or eliminate penalties and interest charges

Above all, Cody Ravalli will tailor a solution to your unique needs and guide you every step of the way. 

Talk To An Experienced Brooklyn CPA About Your Tax Problems Today!

Tax problems can be a significant burden for taxpayers. However, there are methods to resolve these issues and prevent them from escalating. You can depend on Cody Ravalli, CPA, to provide valuable guidance and make dealing with the IRS less stressful and more manageable. Contact Cody today to learn how he can help.