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Owing money to the Internal Revenue Service can be stressful, but you can find alternatives which could provide tax debt relief. A tax attorney can assess your situation, explain your legal alternatives and negotiate with the IRS.
If You’ve Got unpaid tax or unfiled tax returns, or if you invest a significant Quantity of money for a result of a tax audit, then you potentially face:
- Tax penalties. Which are added to your total tax bill and function as a form of punishment for failing to pay your earnings based on the IRS’s schedule
- Tax exemptions. Which prioritizes the claim to your assets of the government over which of other creditors. As a result of the lien, so you would be unable to sell your home or car, as an example, without eliminating the tax lien
- Tax levy. Which enables the federal or state government to seize your home like your pay, your car and your financial accounts to satisfy your tax debt
How a Tax lawyer Can Help Resolve Your Own IRS Debt
There are several techniques to solve your tax troubles, and your tax lawyer can help you choose which solution is ideal for you.
An IRS installment agreement or payment program allows you to pay your tax debt, and any interest and penalties which accrue, over time. Typically you’ll pay the IRS a pre-determined sum every month until your debt has been paid in full.
An offer in compromise lets you settle your earnings for under the actual amount you will owe. The IRS will consider offer in compromise settlements if full payment will cause you serious financial hardship. But if you’re presently in the middle of bankruptcy, then you’re ineligible to get an offer in compromise.
When deciding whether to accept the offer, the IRS will look at several things, such as your income, living expenses and value of the assets you own. There’s a non-refundable fee to apply, and that means you and your taxation attorneys will want to thoroughly assess your situation so as to create an offer which stands a realistic prospect of being approved.
Even the IRS may be willing to waive a few of the penalties you’ve been assessed through a policy called penalty abatement. The IRS will look at eliminating the penalties if you’ve got a fantastic reason for having fallen behind on your tax obligations or if you underpaid your earnings because of an honest error. If you’ve been billed a lot in penalties, the abatement may lead to a significant debt reduction. After evaluating your case, your tax attorneys can determine whether penalty abatement is an opportunity.
Other, less common tax settlement options include tax bankruptcy and innocent spouse relief. IRS tax bankruptcy might allow you to get rid of particular past-due taxes as part of a bankruptcy filing. Innocent spouse relief permits you to get rid of your poor tax debt if it would be unfair to carry both you and your partner legally responsible. (But your partner or ex-spouse will still be bound to pay. Find out more about how your partner is affected by a bankruptcy filing .)
Choosing a Tax Lawyer
Many folks are acquainted with CPAs, tax preparers and enrolled agents, but taxation attorneys bring technical expertise to the table. You wouldn’t hire a tax lawyer to prepare a simple tax return. Nor will you hire a CPA or tax preparer to analyze your lawful tax problem and negotiate a settlement with the IRS.
When Selecting a tax debt attorney, you want to consider several factors, such as:
- When the tax attorney has experience handling tax debt situations similar to yours
- What types of tax debt help the lawyer offers, and if you agree with all the potential solutions for your tax debt
- If You’re Able to afford the tax attorney’s legal charges
- If You Believe you can trust the attorney and have confidence in the lawyer’s ability to help you
Prepared to hire a tax relief attorney and rid your entire tax debt? Congratulations! Use the form on the site to get the process started or select from the list of countries below to find a local tax relive attorney today.
Find a Local Tax Funding Relief Attorney
source http://www.nwsuburban-bankruptcy.com/tax-lawyers-locate-debt-attorneys-tax-debt-lawyers/
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