Unresolved tax debt can quickly spiral out of control as the IRS may levy interest and penalties on unpaid state and federal taxes. This tax liability can further increase your debt burden and lead to severe consequences like wage garnishment and asset seizures.
The best tax relief companies can help you reduce your back tax liabilities if you’re grappling with tax debt issues. We look at Precision Tax Relief so you can decide whether it’s the right service provider to help safeguard your finances.
Best flat-rate tax relief service
Tax relief is when the IRS agrees to reduce your accumulated tax debt or forgive penalty fees for unpaid taxes. Some tax relief companies charge hourly rates, which can be hard to predict. On the other hand, a flat-fee service can be beneficial as you know upfront exactly how much you’ll have to spend.
Precision Tax Relief offers a flat-rate fee during your initial consultation with an advisor, which can help you plan your next steps accordingly.
Precision Tax Relief pros and cons
- Free assessment and flat-rate fee structure
- 30-day money-back guarantee
- Flexible payment plans
- May not be cost-effective for tax debt totaling less than $10,000
- No tax audit representation
Precision Tax Relief offers a free first assessment, a flat fee structure and flexible payment options, making the company an attractive option.
Free assessment and flat-rate fee structure
Precision’s free assessment can be a helpful first step to solving your tax debt issues. During this assessment, a tax expert gives you a clear roadmap of the next steps and how the company can best help you. You’ll also get a flat-rate quote for the company’s tax resolution services. This flat fee covers all costs associated with your case based on the information you provided.
30-day money-back guarantee
Under Precision’s 30-day money-back guarantee, you can request a refund of the flat fee or any advance payment you may have made to the company within the first 30 days of getting your quote. No tax relief firm can promise a specific outcome — only the IRS can decide whether someone qualifies for tax relief programs. However, considering tax debt issues are often solved in three to four weeks, Precision Tax Relief’s 30-day money-back guarantee is a comforting feature.
Flexible payment plans
The company offers flexible payment arrangements, including no-interest payment plans if you’re unable to pay for Precision’s services upfront.
Below are some cons to consider before purchasing Precision Tax Relief’s services.
May not be cost-effective for tax debt totaling less than $10,000
Though Precision Tax doesn’t impose a minimum tax debt amount to qualify for its services, applying may be impractical if you have less than $10,000 in tax debt. Debt relief companies can only help reduce a portion of your tax liability, and the amount you pay to Precision Tax in fees could be more than the tax reduction if you owe less than $10,000.
No audit representation
Precision Tax doesn’t offer audit representation. Therefore, you can’t hire the company to represent or advise you during a tax audit. However, if you owe over $10,000 to the IRS after the audit, the company could help reduce your tax burden.
Precision Tax Relief offerings
Precision Tax offers a broad spectrum of services covering various IRS tax debt resolution scenarios.
Back tax returns
Unfiled taxes can quickly add up, making filing them increasingly stressful. Precision Tax can help you file back taxes in a way that’s best suited to your finances. Its advisors can help you prepare back tax returns and any improperly filed returns to help you save the most money possible.
Payroll tax debt
Payroll tax debts are funds withheld from your paycheck. Because you’re supposed to pay these taxes once the payroll is run, IRS collections for them are swift, and negotiations tend to be more complicated than for personal taxes. Precision Tax Relief can help with such negotiations once the IRS has assigned a revenue officer. They will become your point of contact with the IRS and determine how and if the tax debt can be paid.
Tax and bank levies
If the IRS believes you’re unlikely to cooperate, it can use tax and bank levies to collect overdue taxes. A bank levy allows the IRS to freeze your bank accounts, withdraw the funds owed and seize your personal property.
Because you may sometimes not even realize a bank levy is in place until after your funds are seized, Precision Tax offers services that can help reverse the tax levy. This may be by demonstrating that the tax levy is causing economic hardship, negotiating an Offer in Compromise or challenging the IRS on its adherence to protocol.
Federal tax liens
In a tax lien, the tax authority lays claim to your property to cover unpaid taxes. As with tax levies, Precision Tax can help avoid tax liens by advising you on how to repay your outstanding tax debt. If it’s too late to avoid the lien, the company can assess your options and check whether you’re eligible for a lien withdrawal or release.
IRS Offer in Compromise
The IRS can sometimes agree to a settlement, in which case your tax liability can be reduced and paid as a lump sum or as periodic payments. In either case, you’ll have to prove you’re eligible for an Offer in Compromise (OIC). Precision Tax can help negotiate your eligibility for an OIC with the IRS.
Late taxes accrue both interest and penalties. While you won’t be able to change what you owe in interest, there are several valid reasons for requesting a penalty abatement or reduction. Precision Tax can help by assessing your circumstances and determining which penalty abatement situation you qualify for.
Innocent spouse relief
Precision Tax offers advice for innocent and injured spouse relief, which qualifies you for tax relief if your back tax liability is connected to a current or former marriage. For instance, if you filed jointly, you may face tax consequences because a former spouse filed their taxes late — even if you filed on time.
Filing your taxes on time is an important aspect of safeguarding yourself from tax penalties and solving existing back tax issues. Regular tax filing is also a prerequisite for safeguarding existing tax relief agreements with the IRS. Precision Tax Relief can help prepare your current and previous year’s tax returns and also request tax extensions if required.
Like tax preparation services, bookkeeping services can help you navigate your business’s taxes. Ensuring your account books are up to date makes it easier to file tax returns on time and accurately forecast your tax liability. As part of its bookkeeping services, Precision Tax will assign you an experienced team of tax professionals who can help your business prepare and file its taxes.
Precision Tax Relief pricing
Precision Tax Relief has a flat fee structure you pay as a lump sum or interest-free payment plan. However, the exact pricing will depend on what’s necessary to resolve your case. Once you get a quote, Precision Tax assures there will be no further hidden or add-on costs as long as there are no changes to the scope of work.
Precision Tax Relief financial stability
Precision Tax Relief does not have any financial ratings from major credit rating agencies. However, the company has been steadily operating for over 50 years.
Precision Tax Relief accessibility
You can employ Precision Tax Relief’s services anywhere in the U.S. It’s worth noting that Precision Tax says it focuses on IRS tax relief, but if clients have state tax issues along with IRS tax issues Precision addresses both debts.
You can contact the Precision Tax Relief helpline at 1-855-212-5900 or reach out to the company by phone at (208) 215-7245, through SMS at (208) 643-0027 or by fax at (888) 858-7840. You can also leave your contact details on the company’s website.
The company office hours are from 6:30 a.m. to 6 p.m. PST from Monday to Friday. Alternatively, you can email the company at firstname.lastname@example.org or email@example.com . The website also has a chat function for quick queries.
Several reviews on the BBB website describe how its representatives have put their customer’s minds at rest by listening to their issues and walking them through the process. Reviews also express how Precision Tax kept customers in the loop, promptly returning calls or emails.
Precision Tax Relief customer satisfaction
Precision Tax has a rating of 4.9 out of 5 from reviewers on the Better Business Bureau (BBB) website. It also has an A+ accreditation from the BBB.
The two Precision Tax Relief complaints posted on BBB in the last three years have received a quick response from the company, with one customer withdrawing their complaint as the company helped resolve the issue swiftly.
Precision Tax Relief FAQs
How much does Precision Tax Relief charge?
Is Precision Tax legit?
Is tax relief worth it?
Ultimately, to make tax relief worthwhile, your potential savings from reduced tax liability should be significantly more than what you pay for the company's services.
How we evaluated Precision Tax Relief
In addition to considering the tax relief industry standards, we evaluated several aspects of Precision Tax Relief. These included:
- Services offered: We considered the range of tax relief services provided by Precision.
- Pricing: We looked at the company’s pricing structure and payment options.
- User and customer experience: We considered customer reviews and complaint resolutions on trusted third-party platforms.
- Stability and long-term reliability: We examined the company’s history and track record to determine its legitimacy.
- Accessibility and availability: We considered where Precision’s services are available within the U.S.
Summary of Money’s Precision Tax Relief review
Precision Tax Relief offers a broad range of services and expertise covering the most common scenarios under which the IRS grants tax relief. Its free initial assessment, flat-fee structure, flexible payment options and money-back guarantee are notable positives to consider. Unfortunately, the company doesn’t offer audit representation and state tax debt relief. However, if you have an IRS tax debt over $10,000, Precision Tax is a compelling tax debt relief option.