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Get Relief From Tax Debt With an Offer in Compromise

Get Relief From Tax Debt With an Offer in Compromise

Posted by on Feb 1, 2016 in Personal Taxes‎, Tax Attorney |

When you owe a large debt to the IRS and you are being hounded with collection notices, the stress can be unbearable. In most cases, people who owe back taxes genuinely want to get rid of the debt, but they simply cannot find a way to make it happen. Money is already tight with high living expenses and every spare penny goes to just keeping the lights on. So how can you possibly pay off a massive tax bill when you don’t have the money to spare?

The IRS knows that some Americans just cannot pay their tax bills. In fact, an estimated $600 billion in taxes go unpaid every year, creating a large gap for the IRS to chase down through aggressive collections tactics. In response to this growing problem, the IRS began to offer a solution called the “offer in compromise”. This is essentially a settlement that the taxpayer negotiates with the IRS to pay off tax debt at a reduced amount. In many cases, an offer in compromise settlement can save you thousands of dollars in the overall amount of money you have to pay on your outstanding IRS debt.

While the offer in compromise can be a lifeline for many struggling Americans, it is also difficult to obtain without professional help. Before the IRS will even consider granting you a settlement, you will need to provide detailed financial reports, itemized expenses, and some form of proof that you cannot realistically pay your tax burden in full.

In order to have the best chance of getting an offer in compromise, you will need help from a tax attorney that is experienced in reaching settlements with the IRS. Your attorney will represent you through the grueling process, which oftentimes takes over a year before a settlement is finalized. Once the IRS does accept an offer in compromise, you will have to act quickly to pay the reduced tax debt within a given time frame. If you don’t make the payment on time, you forfeit your settlement agreement and you will be right back in the position where you started.

Many people assume that an offer in compromise will be a quick way to get out of hot water with the IRS, but you should enter into the process with the understanding that the IRS could deny you a settlement. In order to understand if you are even a good candidate for a potential tax debt reduction, you will need to sit down with a qualified tax attorney and discuss your case.

A tax attorney will ask you to bring in all the notices you have received from the IRS so far along with your recent tax returns and copies of all of your financial documents. After reviewing the information, the attorney will give you an honest look at whether you might be a candidate to petition the IRS for a settlement. If you are struggling under the hefty weight of back taxes and unpaid tax returns, take action today and call a tax attorney to explore your options.

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How to Select a Qualified Tax Attorney

How to Select a Qualified Tax Attorney

Posted by on Feb 1, 2016 in Personal Taxes‎, Tax Attorney, Tax Officials‎ |

Tax debt is a big deal and it’s not something you can brush off or ignore until a more convenient time. When you owe back taxes to the IRS you could be charged late fees if they are not paid on time.  In fact, you could end up paying 5% of the total debt every month that they are late.  Because of this, it is always important to find a tax attorney to give you assistance and work to get these penalties removed.  Finding a qualified tax attorney isn’t difficult. Here are a few steps to guide you through the process.

First off, it is always best to speak with your family or friends.  Determine what tax attorneys they have used in the past.  What you will find is that those closest to you will be more than willing to give you wonderful insight into who they have used.  They will often be very honest about what experiences they have had.  This is a great way to ensure that you are working with someone that is professional and honest.

Second, think about contacting the American Bar Association.  They will be able to help you find a tax attorney without any problems.  What is nice about this resource is that you can even find out if the attorney has any reports filed against them.  This is certainly something that you will want to know before you hire anyone to work for you.  The association knows who is in your area and what they specialize in.  You can make a call to them or you can even conduct your search online.

Many locations will have a local legal aid service that you can contact.  These professionals may not be able to provide tax resolutions services, but they should be able to connect you with qualified attorneys in your area.  Then you can contact them on your own.  They may even know of attorneys that are free, or will work with you on a payment plan that you can afford.  If you don’t have a legal aid service in your city, drop by the IRS office and ask for a recommendation for a local tax attorney.

Finally, the Internet will give you the opportunity to search for anything you can imagine.  The same is true when it comes to finding an attorney to help you with your taxes.  What is really nice about using the internet is that you will also be able to look at some reviews related to the attorneys that you find.  Reading these reviews can give you a really good idea of who you will want to contact, and who you may want to avoid. You can find out which attorneys were able to offer the best results to previous clients and get honest feedback without being influenced by an attorney’s personality.

With a little research and investigation, you can find a tax attorney to help you get rid of those old late fees and get back on track with making payments to the IRS on time.

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