Whatever the reason for the IRS debt, there are ways to recover.  The first step if you owe a substantial amount of money to the IRS is to contact a tax professional.  They will work on your behalf so that you do not have to deal with being in a one on one situation alone, across the desk from an IRS revenue officer.

Wanting to bury your head in the sand is a typical reaction to IRS debt.  The fear of the unknown paralyzes you so you don’t file returns, you don’t call for help for fear you’ll get into additional trouble.  You hope that you might just disappear off of the IRS radar.  Unfortunately, none of these things will help you avoid paying your IRS debt.  Instead, your tax liability will continue to grow.  Penalties and interest continue to accrue and it is just a matter of time before a revenue officer shows up on your doorstep. Next, your worst fears happen, or maybe you are already facing liens or a levy.  Your bank account is at risk of seizure, your payroll check could be garnished, the IRS can take your house.

Do not let the fear of dealing with the IRS stand in the way of resolving your IRS debt.  Let a tax attorney assist you in creating a financial profile, file back returns, investigate your options, and work on your behalf in speaking to the IRS for you.  It might be an Installment Agreement, an Offer in Compromise, or qualifying for Currently Not Collectible status.  There are options, there are answers and you can be free from your tax debt.

Call today at 1-877-839-1105 for a FREE consultation or use the contact form => Contact Form

The first decision that you must make is to fractional payment installment accord, a long term payment plan settle on if submitting your IRS debt settlement is something that you will do on your own or will you seek the assistance of a qualified and experienced tax attorney or tax professionals.  Tax laws are complex and the detail oriented paperwork can be cumbersome.  One wrong or omitted field on a document could ruin your chances of your settlement offer being accepted.  It’s your call, but a tax professional has the knowledge and the time to completely represent you in your negotiations with the IRS.

Now, once you have decided that, you need to learn about the “Fab Five.”  These are the top 5 options that you have for IRS Debt Settlement.

1.    Offer in Compromise – Offer an amount to the IRS that is less than owed.  The payment must be in one lump sum.   Sometimes the IRS will accept a short term payment plan in conjunction with an Offer in Compromise.
2.    Installment Agreement – Set up a monthly payment plan until the debt is paid in full.
3.    Incomplete Payment Installment accord – A long term imbursement diagram is established for an agreed upon reduced amount.
4.    Not Currently Collectible – This status is applied to individuals when the IRS does not believe that the taxpayer can pay the liability because of serious financial hardships.  This will temporarily halt IRS collection.
5.    Bankruptcy Filing – Chapter 7 and Chapter 13 bankruptcies may discharge some tax debts.
Still unsure which of the “Fab Five” is best for your IRS Debt Settlement?  Contact a tax attorney today for advice on how to proceed.

Call today at 1-877-839-1105 for a FREE consultation or use the contact form => Contact Form

Call today at 1-877-839-1105 for a FREE consultation.

There are some tips and tricks that can increase the success that your offer will be accepted by the IRS.  Here are some do’s and don’ts to increase your chances of an Offer in Compromise being accepted:

DO hire a tax attorney or tax specialist that can act on your behalf and understands the laws and how to file the offer.

DON’T call the IRS and ask them for help.  They work for the government and their goal is to collect the full amount of the tax debt owed to the government.

DO be thorough.  Carefully complete the forms and read all of the details and conditions of the offer.

DON’T avoid filing current taxes while you work to resolve your tax debt. Your offer in compromise will not be accepted if you have not filed back returns.

DO be prepared to submit a 20% deposit on a cash offer.

DON’T assume it will be an easy process.  The IRS will expect supporting documentation, negotiation on the offer amount, and detailed comments and explanations on the request form

DO be patient.  It can take up to a year for the IRS to recognize a proposal in compromise.

A professional tax specialist will be able to help you complete your financial profile and determine what you can afford to pay and assist you with making an educated offer.  Keep in mind that in 2010, less than 25% of the offers that were submitted were accepted by the IRS.  However, that number was up from previous years.  You may appeal the decision if the IRS rejects your offer.  Be prepared, seek professional tax assistance, and hopefully your offer in compromise will be accepted and you will be on your way to resolving your tax debt forever.

Call today at 1-877-839-1105 for a FREE consultation or use the contact form => Contact Form

Although accountants, tax lawyers, and other tax relief professionals can assist you if you have tax problems, a tax attorney far exceeds their capabilities.  While some tax preparers simply go through a 6 week training course to learn how to file your taxes, a lawyer trained in tax law understands not only the law itself but the history and statutes for which the law was established.

An accountant or CPA, while an expert with the numbers, does not have the training to argue a case where there is ambiguity, or no clear answer.  A tax attorney can get to the basis of legal tax problems and develop a defense by which to negotiate a tax liability. Tax lawyers are inept at finding tax ‘loopholes’ and can work for you to protect your financial interests.

A tax attorney can also help you if you are due an inheritance of money or property.  You will be required to pay taxes on the amount that you inherit, and the tax attorney can better prepare you for your tax responsibility prior to filing.

Call us today at 1-877-839-1105 for a FREE consultation or use the contact form here ==> Contact Form

If you do find yourself in a situation where you faced with tax debt, there are some things that you can do to save money and end the tax woes.  Here are the top 10:

1.    Double check your original return.  There may have been deductions that weren’t taken that could lessen your tax obligation.

2.     File your return on time to avoid late filing penalties

3.    Pay your taxes in full when you file your return to avoid interest and penalties.  A personal loan, credit card advance, bank loan or cashing in 401K or insurance policies to pay in full will save you money in interest charges and may cost you less in monthly payments than an Installment Agreement.

4.    If you are unable to file or pay on time, request an extension.  Be sure to meet the extension deadline to avoid late filing penalties.

5.    If you cannot afford to pay in full when you file your taxes, pay as much as you possibly can.  This will lessen the amount that will be charged interest and penalties.

6.    If you can pay your tax debt in full in 60 – 120 days, request the payment arrangement with the IRS.  They are likely to approve the request for full payment with a short term repayment and the amount of penalties and interest will be much less than if you enter an Installment Agreement.

7.    If you need an extended amount of time to pay, requesting an Installment Agreement will allow you to settle the tax debt by making monthly payments over an extended amount of time.  Penalties and interest will continue to accrue.

8.    Submit an Offer in Compromise to settle the amount you owe in one lump sum and you could drastically reduce the amount of penalties and interest that you owe.

9.    Request a Penalty Abatement to reduce or remove penalties from the principle liability amount.

10.    In an extreme financial hardship case, request Currently Not Collectible status so that IRS collections are temporarily halted.  If financial situation improves, collection will become active again.

Not sure which of the 10 options are best for you?  Contact a tax attorney immediately and their team of professional tax specialists can assist you in attacking your tax debt head on.

Call us today at 1-877-839-1105 for a FREE consultation or use the contact form => Contact Form

No one wishes tax problems on anyone.  Just the mere thought of an IRS audit can make the average taxpayer cringe.  The tax laws are complex, unclear, and frankly nearly impossible for anyone to decipher.   Before you decide to walk in to the local IRS office and fix your problem yourself, beware!  The IRS has one goal and that is to get you to pay your tax debt.  Your overall financial health or the burden that the debt has caused is really not in their interest.  Sitting opposite a tax revenue officer without representation may not get you the action you need.

Unfortunately, your tax problem is not going to disappear or solve itself.  The worst thing you can do is to ignore or avoid the issue.  At the first notice of an issue with the IRS, the best thing to do is to protect yourself and your interests by contacting a tax professional that can represent you in the situation. A tax attorney understands tax laws, knows the gray areas also called ‘loopholes,’ and can defend you and your interests in negotiations with the IRS.

You must take action immediately to make your tax problem go away.  If you have been avoiding filing returns because you cannot afford to pay, contact a tax attorney immediately, and they will assist you in preparing the unfiled taxes.  Even in a situation where you no longer have supporting documents (W-2’s, receipts, etc.), a tax professional can advise you in filing a complete return.  Make the decision today to begin the process that will put an end to your tax problems.

Your tax problem can feel debilitating.  Do not wait another day or go another sleepless night worrying.  Get help from a tax attorney today.

Call today at 1-877-839-1105 for a FREE consultation or use the contact form => Contact Form

Call today at 1-877-839-1105 for a FREE consultation.

The IRS has one objective – collect taxes, or revenue, owed to the government.  The laws are complex and difficult for the average taxpayer to understand and while most average taxpayers are just trying to make an honest living, many find themselves unable to pay their tax liability.  The IRS will generally show no mercy and thus, the collection process begins.  When a taxpayer comes home from work and finds that a revenue officer from the IRS left a business card on their door, it can feel overwhelming.  There is tax relief available, but it will not likely come from an IRS agent.

Tax attorneys and tax relief specialists can help taxpayers dig out a difficult situation with back taxes.  They know the law, know the loopholes, and know how to work for you to protect you from the IRS.  By calling a tax relief specialist, taxpayers will learn the multitude of ways that they can recover from their tax liability and possibly even settle for less than the IRS says that you owe.

What is tax relief?  There are many solutions available to taxpayers for relief from tax burdens.    The best part, a tax attorney can actually negotiate all of the options on the taxpayer’s behalf, so that they never have to feel threatened or overwhelmed by the IRS again.  A tax attorney or tax relief specialist will assist in catching up on unfiled returns, establishing an Installment Agreement, or creating an Offer in Compromise.  There is no tax issue that is too small or too large to seek out professional help to protect the taxpayer’s financial interest.

Call today at 1-877-839-1105 for a FREE consultation.

The most important thing for business owners that have payroll tax debt is to remedy the situation as quickly as possible.  The only way to keep the business in operation is for the employer to pay current taxes on time while resolving the delinquent payroll tax.   The IRS will shut down any business that it believes will continue to fall behind in payroll tax payment.

With the number of businesses holding delinquent payroll tax debt on the rise, the IRS is increasing enforcement action which can include levies, liens, and business closure.  The IRS will decide appropriate action by considering whether the owner is paying current taxes on time, the owner’s ability to pay off the balance on the unpaid taxes, and the ease with which the IRS could liquidate the business, and gain valuable income from that liquidation.

Business owners have similar rights to that of individual taxpayers.  There are ways to remedy the situation and a tax professional can help employers negotiate with the IRS in the same way they would assist an individual.  A tax attorney and their team of tax professionals can help business owners establish their financial profile, educate them on the options available such as Offer in Compromise or Installment Agreements, and work act on the owner’s behalf working with the IRS to resolve the delinquent payroll taxes.

Call us at 1-877-839-1105 for a FREE consultation or use the contact form here ==> Contact Form

With an installment agreement (sometimes called an IRS payment plan), penalties and interest on the debt will continue to accrue and over time can be more costly than paying the full tax liability immediately.   It also might be the only solution for individuals that do not have the means to pay the debt in a lump sum.   Similar to a loan provided by a bank, interest and penalties are assessed on the unpaid balance.  This may be the best option in situations where the taxpayer does not qualify or get relief via an Offer in Compromise, Bankruptcy Relief, or a Statute of Limitations Expiration.

Finalizing an installment agreement may not stop the IRS from filing a tax lien against the taxpayer , however, the IRS may not collect on personal property during the time in which the installment agreement is being reviewed for approval.  This may provide some temporary relief from IRS collection action.

A tax attorney will work closely with taxpayers to develop their financial profile and negotiate the Installment Agreement with the IRS.  Tax professionals are adept in understanding the IRS requirements and can explain the payment plan options that may be available under the installment agreement.

Call today at 1-877-839-1105 for a FREE consultation or use the contact form => Contact Form