Dealing with the IRS or state agencies can be very intimidating, but you don’t have to deal with them alone. An experienced tax attorney can stand between you and the tax collection agency to negotiate a repayment in a manner that you can afford.
Offer in Compromise
An Offer in Compromise is an offer made by those who owe the IRS to pay as much money as they can in a relatively short time, usually up to 24 months. The IRS will then agree to forgive the remaining amount owed. In order to qualify for this program, your attorney will need to look closely at your income and assets and compare them to the IRS guidelines. If approved, you could end up paying back the IRS a fraction of what you owe.
There are several types of installment agreements and most require you to pay back the full amount of taxes that you owe within 60 months. If you qualify for a Partial Pay Installment Agreement, then you may only have to pay back a portion of back taxes in 60 months. Your attorney will have to carefully review your income and assets to determine if a Partial Pay Installment Agreement could be a solution for you.
Penalties for delinquent taxes can quickly add up, often people owe many thousands or 10s of thousands in just penalties and interest alone. If your attorney can show that there was reasonable cause for falling behind and that you attempted to resolve the matter, the IRS may forgive a large portion of the penalties and interest.
Currently Not Collectable
If you are experiencing a situation preventing you from paying back taxes owed to the IRS, this status will free you from further IRS collection activity for a period of time as long as the required terms and conditions are met.
A tax attorney can help with:
- Settling income taxes owed to the IRS
- Solutions for delinquent taxes owed to a state
- Preventing or removing tax liens
- Stopping wage garnishments
- IRS audit defense
- Negotiating payroll tax
- Filing back tax returns
There are billions of dollars in unpaid taxes owed to the IRS. This can result from a variety of circumstances including job loss, reduction of income, health problems, divorce or a decrease in revenue from a small business. It is common for people to “stick their head in the sand” and pretend their tax problems will go away. There ARE options for people and businesses that owe back taxes. Some options that may be available to you are listed below.
Contact Us Today!
The IRS Tax Codes are complex and very difficult for most people to understand. A qualified tax attorney can give you a huge advantage. If you owe back taxes, contact us today for a FREE and no obligation consultation. The sooner you take action, the sooner you can live without the fear and intimidation associated with owing back taxes.