The Various Alternative Ways You can Handle Your IRS Dispute
If you happen to be having an issue to resolve with the IRS, then you probably know of the well-known ways of handling the tax disputes with the IRS. Nevertheless, you need to be aware of the fact that there are a number of the other alternative ways that you can be able to use to resolve the tax dispute over and above this traditional ways. Mentioned below are some of the alternatives that you may need to know of.
Mediation is just one of the alternatives that you may have that you can trust to enable you handle the tax issues confronting you and the IRS. Mediation is often a simple process that will see a negotiation of a deal between the two parties to a dispute. Thus in a tax mediation procedure for the resolving of the tax issues, you will have your tax specialist attempting communication and negotiating on both ends so as to ensure that you as the tax payer and the IRS hit a compromise for the settlement of the tax dispute. A tax mediator will be a help to you as they will help you have a realization of the strength and weaknesses you have in the case and as well guide you to a good understanding of your objective. Mediation is a great alternative for resolving the tax issues and this is due to the fact that it will not involve the court processes and legal proceedings.
The other alternative means of settling these tax disputes is through arbitration. Arbitration will see you have an arbitrator or a panel of arbitrators hear the case from either side and then come up with their verdict. The process of arbitration is actually so similar to full trial only that it is not as formal. Should you elect to have the dispute resolve by a binding arbitration, you will have to go by their decision as the decision will be final and binding. Mark this as one of the most important factors to consider when looking for how you want your case to be heard.
There are benefits that come from the use of either arbitration or mediation for your tax dispute resolutions. One of the most obvious advantage that one will enjoy will be the fact of the savings in time and money. It is more than obvious that when you decide to go for the litigation processes for the resolving of the tax issues you are definitely going to be in for a process that will be really time consuming and as well damn expensive in the long run.