It can occur by accident. You may not have actually withheld enough from your income in the past year and end up with a whopper of a tax bill in April. It could be you came into some cash, spent it, and didn’t recognize that a huge piece of it was owed to the IRS in taxes.
At the Tax Attorney Network, our Tax Attorneys, CPA and Enrolled Agents all have years of experience in assisting our clients to solve their back tax debt problems. If your debt has been accumulating for a while, it can be overwhelming and incredibly difficult. You may feel stuck or frozen, not knowing what you must do or how you are going to get out of your situation. However the worst thing you can do is absolutely nothing. The penalties and interest simply keep accumulating, sinking you even more and even more into difficulty.
The IRS takes their cash seriously! They will seek every legal method to gather the money they are owed. They can seize your properties, freeze your bank account, garnish your income, and even restrict your passport. They can submit levies and liens on your home. We hope this hasn’t occurred to you yet, however it will if you don’t act fast enough.
Issues You Face if You Fail to Pay Taxes
If you owe cash to the IRS however can’t pay, there are a number of choices available to you depending on your circumstances. Among the most essential things is to begin paying you present taxes initially. You need to be all overtaken filing your tax return and paying your present taxes before the majority of these treatments are available to you.
Here are a few of the choices the IRS provides to taxpayers who owe money. Whether these are applicable to you depends upon your scenarios.
1. Time payment plan
This is where you work out a payment plan with the IRS. There are several types of agreements, including routine, partial-pay, and structured. Which one you should use is highly reliant upon your current financial circumstance and the amount you owe.
2. Offer In Compromise
An Offer In Compromise is where the IRS consents to accept less than the total owed. The IRS does not need to accept an Offer, however if the Offer is presented so that it fulfills the IRS standards, it increases the chance that the IRS accepts the Offer to deal with the impressive balance.
Not all tax experts know the ins and outs of preparing an Offer that has a likelihood of getting accepted. It’s crucial to search for a specialist who has an excellent track record of getting Offers accepted by the IRS.
3.“Currently Not Collectible” status
This status allows you to defer your debt. The debt does not disappear; you still owe the IRS cash. However you’ll stop the procedure of getting your savings account levied or other collection efforts if you are given this status. This often takes place when you don’t have adequate income to cover your existing living costs. As soon as your earnings increases, the IRS will re-evaluate your scenario.
4. Bankruptcy.
Bankruptcy can be incredibly beneficial to stop IRS collection efforts, possibly discharge income taxes that are old enough, and force repayment plans on an otherwise unwilling IRS. Tax penalties may also be released through the bankruptcy. Since this is such a complex location, your best bet is to consult with a number of specialists– an accounting professional, a tax resolution expert, and a lawyer that is professional at insolvency concerns.
Getting Tax Debt Help – A tax resolution professional can help you:
– Respond professionally to any IRS correspondence you receive.
– Contact the IRS on your behalf so that you do not have to face them directly.
– Represent your case before the IRS.
– Get you caught up on filing back income tax return that are late.
– Understand the IRS Collections process and your rights.
– Negotiate penalties, interest, and taxes due to lower your financial obligation.
– Work out a payment plan on any money you owe to the IRS.
– Fight for you on problems that come up, such as innocent spouse scenarios or positions taken on tax returns.
– Help you get levies and liens removed from your assets.
Solutions for Resolving Your IRS Debt in Las Vegas.
Contact us at no obligation to you so we can comprehend your specific tax scenario and offer suggestions on the alternatives readily available to you. Your tax issue is managed with the utmost privacy and privacy.
Our Tax Attorney’s have years of experience in complex and constantly modifying state and local tax rules to reveal the problems and protect our customers. When handling a tax problem you need an attorney in your corner you can depend upon. Let us help you settle and solve your tax concern at last.
We have Power Of Attorney To Operate in all 50 States
Tax Attorney Network Los Angeles
3731 Wilshire Blvd
Los Angeles, CA 90010
(855) 980-7563
