Every year, Americans must file income tax returns with the IRS and report their total income from employment and other miscellaneous sources, such as investments. And every year, millions of Americans also underreport their income, which leads to billions in penalties, back taxes, and interest.
However, due to a lack of understanding (only about 57% of American adults are financially literate, according to the Milken Institute), many taxpayers either don’t notice important tax issues or know how to fix them.
It’s no wonder that approximately 11.23 million people owe the IRS back taxes. That number continues to rise, lifted in part by economic disruptions caused by the pandemic.
Tax relief services work with Americans to help settle tax debt and alleviate many of the negative consequences of dealing with the IRS. When choosing a tax relief service, there are some key characteristics to look for. TaxRise, for example, has refined several technology-based benefits for clients:
Focused Customer Care
Sophisticated customer care is one of the cornerstones of a successful tax debt relief company. If an agency has their focus on achieving the best resolution possible out of empathy for the client, it’s no longer just a company – it’s also a group that cares.
A tax debt relief company that is actively interacting with customers, active on social media, and always engaging with customers to hear feedback is a company that is willing to adapt and learn. A leading-edge organization can effectively, and efficiently communicate with the IRS, but going one step above that to care about a client’s situation is more important than many companies may realize.
This is why TaxRise always strives to make sure that their customer voices are heard, and why they always look for innovative solutions for the best resolutions possible. It’s necessary to give clients peace of mind during the tax debt resolution process – not just after.
Gone are the days of base estimates and average income relief statements. Tax debt relief companies no longer have the excuse of ranges when it comes to what they can offer customers. Accurate calculations are the new standard, and should be the foundation for any service focused on helping clients navigate the tax compliance labyrinth.
The IRS is constantly updating its rules, regulations and collection strategies. That has the effect of making it difficult for many taxpayers, and even many tax professionals, to understand what the agency expects, and what it considers important in regard to compliance.
Some tax debt relief companies may not be entirely up-to-date on qualifying solutions, or offer solutions that reflect your unique situation. Knowledge and understanding are the keys to providing clients with tax relief solutions that work.
For example, TaxRise understands that despite the usefulness of the 2011 Fresh Start Program in helping taxpayers pay only what they can, the rate that IRS examiners qualify taxpayers for this relief has fluctuated in recent years. In 2020, there was a record number of qualifications primarily due to the COVID-19 pandemic.
The best solutions in tax debt relief are ones that are based on experience, judgment, understanding and a proven ability to negotiate effectively with the IRS. Your own individual situation is also a critical component of any solution, which is why a customer-centric approach is fundamental to the success of your tax debt relief plan – and to your satisfaction.