Nation’s Leading Tax Relief Firm Helps Distressed Homeowners Resolve IRS Back Taxes

PRLog (Press Release) - Aug. 20, 2010 - Encino, CA  -- For the many Americans who have lost their homes to foreclosure, a nasty and expensive surprise may be waiting. The IRS may choose to pursue them for back taxes relating to the foreclosure, which, for tax purposes, may be treated like a sale. The IRS may deem the foreclosure a form of debt cancellation, which potentially renders it taxable income.

For those who have already suffered the loss of their homes due to their inability to pay the mortgage, being hit by the IRS for sometimes tens of thousands of dollars in back taxes is an unsustainable blow.

The good news is that many Americans facing tax issues related to foreclosure can find tax relief. And getting professional tax help can assist taxpayers in determining liability, finding all viable options for resolving tax debt, and negotiating with the IRS to reach an acceptable settlement for their back taxes, whether through establishing an installment payment plan or achieving an Offer in Compromise for less than the amount owed.

According to tax resolution expert Michael Rozbruch, what many do not realize is that debt cancellation—where a lender cancels or forgives some or all of a debt—may be considered income under certain circumstances. Oftentimes, taxpayers are unsure what the tax consequences of a foreclosure may be—until they receive a letter from the IRS outlining their tax obligations.

“As a taxpayer, it is extremely important to be aware of whether or not your cancellation of debt income will be deemed taxable by the IRS; otherwise, you may have some hefty IRS back taxes adding up in your name,” said Rozbruch, founder and CEO of Tax Resolution Services, Co., a leading nationwide tax negotiation and mediation firm. “It may be necessary for you to seek the advice of a Certified Tax Resolution Specialist or tax attorney to guarantee that your cancelled debt is being properly addressed as well as help you qualify for tax relief if necessary.”

Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Their expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% - second to none in the industry - and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call 888-851-5894.

Contact:
Debbie Edwards
Tax Resolution Services, Co
Encino, CA
818-774-1813 ext. 326
Debbie@taxresolution.com
http://www.TaxResolution.com