A tax firm is a company with skilled attorneys who can help those struggling repaying their back taxes and debts to the government. Using their training and years of experienced dealing with previous cases, they can help people get out of debt and stay out of trouble. The government is ruthless when it comes to collecting money, so one must take proper steps to ensure they don’t face their wrath. If you owe back taxes, the Canada Revenue Agency has the right to garnish checking accounts and paychecks without refunds for years to come.
The CRA charges penalties and interest for each day that a return is not submitted. So it is vital to turn in your returns promptly, even if there is no money to pay. Because of the penalties and interest accruing daily, they can quickly grow to a larger and larger amount. It is easy for things to get out of hand before you even realize how big your problem is. Tax issues don't go away. In fact, these problems will only get worse over time and can lead to being charged with a criminal record. Tax problems are not just inflicted on the individual, but if you own a company or a corporation, on the business too. The Canada Revenue Agency sticks to the letter of the law and it is difficult to come to terms with your situation without specialized aid.
When the CRA receives your tax return, if there is no payment to go along with it, they will issue what is called a Notice of Assessment. What happens when a person cannot pay their taxes? You need to let the CRA know of any problems and try to arrange a payment plan quickly. Daily interest will compound on the money you owe and will continue until the amount is paid in full. It is better to face their representatives head on than to run from them. They will work with those who attempt to make restitution for their debts and penalize those who avoid contact.
The CRA knows that sometimes there are circumstances that are beyond a person's control. They may offer some relief if there have been certain conditions, like illness, job loss or a natural disaster. They will typically forgive some penalties and interest, but not usually the full amount that is owed. When a situation arises where a person cannot pay their taxes, meeting with a tax firm is the best option. These professional tax litigators and accounts can consult with the CRA on the person's behalf and ensure that the lowest possible amount is due.
Dealing with the Canadian Revenue Agency can be brutal. Last year alone 22 people were reassessed for $24.7-million in additional taxes as the result of random audits. With the government so eager to collect any money that is theirs, people must protect themselves by having the proper legal representation from a tax firm. If you owe money in back taxes because of tax evasion, a late return or finances that were out of your control, get in contact with a local tax firm like Tax 911 Now which has branches in Calgary, Toronto and Vancouver, among other locations. They can book you for a confidential assessment and help you find a line of defense. To get in touch with a representative, visit the Tax911 Now! website. When faced with tax problems, it’s always better to get legal help sooner rather than later. These tax professionals are on your side.