Are You In Trouble With Your Taxes? Hire A Good Tax Debt Attorney To Assist You
If you are in trouble with your taxes, you may want to hire a Tax Debt Attorney to help you navigate this difficult process. The Internal Revenue Service has vast resources to collect money from taxpayers, and hiring an attorney can be the best way to avoid penalties and get back on track financially. There are several reasons why you should hire a Tax Debt Attorney to represent your interests. Below are just a few of those reasons:
Compromise Arrangement: A compromise arrangement allows you and your tax adviser to come to a settlement that reduces your tax liability. This option usually works out better for you than an OIC and eliminates the tax debt for you. Foreclosure attorneys are also able to negotiate with the bank on your behalf to minimize your debt. These professionals can also help you protect your assets. These attorneys have the knowledge and expertise to help you get the best possible result. Click here for more details.
Partial Payment Agreement: IRS settlements are preferable to judgments and can reduce your installment payments dramatically. IRS settlements can also be structured to prevent future monetary problems with the IRS. By reducing the monthly payment amount, a Tax Debt Attorney can help you avoid the stress of filing your taxes and facing IRS collection action. But it’s important to remember that IRS collection actions may take many years to achieve your desired results.
Back Charges: Tax debt attorneys are very helpful in looking into an individual’s expense situation. While most taxpayers are not aware of their tax debt situation, hiring a Tax Debt Attorney can give them significant serenity and the upper hand they need in an assessment. The IRS can take action to seize an individual’s wages or assets. This is a time when an attorney can be invaluable.
Guaranteed Payment Plans: In many cases, the IRS will not take collection action if an individual is able to pay back their tax debt. For instance, if a person is unable to pay back all of their debt, the IRS may stop pursuing it through foreclosure, wage garnishment, or levy. However, the penalties and interest will still accrue. The IRS will continue to review your status every year.
Tax Settlement: In some cases, you may find that your financial situation has worsened over time, and you can’t pay your debt. The IRS may be able to negotiate a payment plan with you, or a debt settlement. The tax specialist will also be able to negotiate an offer in compromise with the IRS. An Offer in Compromise is a negotiation between the IRS and the taxpayer wherein the IRS agrees to settle for less than what they owe.
Depending on the amount and age of your debt, bankruptcy will not be an option for eliminating all tax debt. However, it may be possible to include a tax debt in a Chapter 13 plan, which allows you to pay off past-due taxes over three years. In addition, you can compromise tax debts if they are the result of a legitimate dispute. Small businesses may also have trouble with payroll taxes and withholding taxes. A tax debt attorney can help you navigate this complicated process.