Is Your Tax Refund Denied Due to a Tax Offset?
An outstanding debt with the IRS or other federal agencies can jeopardize your tax refund. The U.S. Department of Treasury may impose a tax offset, seizing part or all of your refund to settle unpaid amounts. This means you’ll lose your refund until your debts or back taxes are paid.
What Triggers a Tax Offset?
Not all debts lead to tax offsets; for example, unpaid credit card bills or mortgages do not qualify. However, offsets can occur for:
- Unpaid federal taxes
- Unpaid state income taxes
- State unemployment compensation debt
- Student loan debt
- Overdue child and spouse support payments
Typically, the IRS sends a “Notice of Intent to Offset’ to alert individuals with significant unpaid debts. Ignoring this notice can result in a tax offset, even if you haven’t received it due to a recent move.
How Can You Resolve a Tax Offset?
The most effective way to resolve a tax offset is to consult a professional tax advisor and take the necessary steps to address any outstanding back taxes or unpaid federal debts. At Tax Defense Agency, we offer expertise to help clients navigate these issues.
How We Can Assist You
At the Tax Defense Agency, we specialize in preventing tax offsets by assessing your financial situation and providing tailored recommendations.
Our Services
Settling Back Taxes: We help individuals settle unpaid taxes through options like appealing for installment payments or other considerations.
Unfiled Tax Returns: Our team can assist clients in claiming unfiled tax refunds, thoroughly auditing financial histories to identify any unfiled tax returns.
Loan Consolidation: A debt consolidation loan may help settle federal debts and student loans. Consult with us to find the most suitable options for your needs.
Bankruptcy: For those facing severe financial hardship, declaring bankruptcy may be a viable option to avoid tax offsets. We can help you determine if this is the right path for you.
Tax Defense Agency is committed to resolving tax offset concerns and is recognized for its excellence in resolving various tax disputes.