“What Records Do I Need to Claim Tax Relief” featuring Sergio Garcia
When taxpayers explore IRS tax relief options, having the right documentation can make a significant difference. Clear, accurate records help the IRS understand a taxpayer’s financial situation and keep the process moving forward.
In a recent USA TODAY article, Sergio Garcia, CFP®, EA, Senior Financial Planner at Hightower Signature Wealth, shared insight into what taxpayers should know before applying for relief options such as installment agreements, Offers in Compromise, or Currently Not Collectible status. Garcia highlighted three key realities of the tax relief process:
- The responsibility lies with the taxpayer: “The burden of proof rests with taxpayers, so any claims or assertions should be well documented,” Garcia explains. The IRS evaluates eligibility based on a complete financial picture, making accurate, well‑organized records critical from the start.
- Tax relief is rarely fast: “In most cases, the processes are not quick and can extend from a few months to over a year to resolve,” Garcia notes. Missing or incomplete documentation can introduce additional delays and prolong an already lengthy review.
- Professional guidance can reduce stress and mistakes: “At any point when a taxpayer does not feel they can fully and accurately respond, they should seek professional guidance,” Garcia says. “The support of a professional with experience and knowledge can speed up the process and lessen the burden on the taxpayer.”
The article outlines a comprehensive checklist of income records, expense documentation, asset statements, and IRS forms that taxpayers may need to provide — reinforcing that preparation and organization are key factors in navigating tax relief successfully.
This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions.
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