Tax Debt Lawyer – Why You Need One

Whether you’ve received a notice of tax debt, or are in the process of filing your tax returns, you might want to contact a tax debt attorney. These attorneys can assist you in negotiating a debt relief deal, including payment arrangements, penalty abatement, and refunds.

Installment agreement

Whether you have been facing a tax lien or simply cannot afford to pay off your debt, an IRS installment agreement can help. This allows you to pay back your tax debt in monthly installments while also allowing you time to get back on your feet.

There are several ways to apply for an installment agreement. You can either contact the IRS directly or you can apply online. The IRS will also accept applications by mail.

The IRS will then evaluate your financial situation. You will need to present a clear picture of your financial situation and present your financial ability to pay back your tax debt. Once you meet the criteria, you will be contacted by your local IRS collector who will make the determination on whether or not you are able to make monthly payments to the IRS.

A tax lawyer can help you negotiate an IRS installment agreement. He can provide you with information on legal options and help you formulate a plan that is both realistic and affordable. He can also help you appeal a rejection.

The IRS provides five primary types of payment plans. The guaranteed installment agreement is the easiest to qualify for. You must be able to pay off your principal tax debt and interest. Alternatively, you can qualify for a partial installment agreement. This allows you to pay a minimal amount to the IRS while you are still making payments to your household expenses.

There are also non-streamlined installment agreements. These are more complicated and require detailed financial information. You will also be required to pay an IRS set up fee. The fee can be up to $105 for a streamlined installment agreement and up to $2000 for a non-streamlined installment agreement.

Penalty abatement

Using reasonable cause to request penalty abatement is an effective strategy to reduce your tax bill. A tax attorney can help you gather the evidence and prove that your circumstances are beyond your control. A natural disaster, the death of a family member, or an incorrect tax advice from a tax professional can qualify.

You can apply for abatement over the phone or through a self-prepared application. The IRS will review your case to determine if you are eligible for penalty abatement. If you are, the IRS will reduce the amount of interest charged on the unpaid balance until you pay the balance in full.

You can also request abatement through a formal Collection Due Process Hearing. These are quicker and take less time than the IRS Service Center penalty abatement appeals hearings.

If you are not eligible for penalty abatement, you can also apply for a partial pay plan or file bankruptcy. If you are unable to pay the full amount, you can ask for a collection hold until your abatement request is reviewed.

You should also make sure that you have all your tax returns filed. If you do not, the IRS will assess a penalty for the late filing of your taxes. This penalty will continue to accrue until you pay the entire balance.

If you have a strong case and can prove that your circumstances are beyond your control, the IRS will likely abate the penalty. An experienced tax attorney will help you gather the evidence and show the IRS that your circumstances are beyond your control.

It is important to have your request in writing. You should file Form 843 with your request for abatement. This form requires basic information about your tax return and the penalties you owe. You should also include a note of reasonable cause.

Offer in compromise

Whether you have been behind on taxes or are in financial trouble, you may be able to take advantage of the Offer in Compromise program to resolve your outstanding tax liabilities. This program is offered by the Internal Revenue Service, which can help you avoid the possibility of tax liens or wage garnishments.

During the offer in compromise process, the IRS will assess your financial position. It will want to know if you can pay your taxes and other bills. You will need to provide recent pay stubs, bank statements, vehicle registrations, and other documents.

The IRS may reject your offer if they find any errors in your offer package. This will hurt your ability to submit a future offer. You can either accept the rejection, or appeal the rejection.

You can also hire a tax attorney to help you with the offer in compromise process. An attorney will help you gather all the necessary documentation and file forms. The attorney will also attend a hearing with the IRS. You can also choose to make your offer less than the amount owed. You can also choose to make installment payments instead of a lump sum payment.

An experienced tax attorney will help you determine if you qualify for the Offer in Compromise program. Your tax attorney will also be able to help you navigate the complex rules and regulations associated with the IRS program.

If you need assistance preparing your offer in compromise, call a qualified Palm Beach County tax attorney today. Your attorney will be able to help you file your offer and provide you with personalized representation during the process. This will help ensure that you get the best chance at approval.

Wait out the 10-year wait

Generally, the Internal Revenue Service can’t collect payments from you until the 10-year statute of limitations expires. You can extend this period by submitting an Offer in Compromise (OIC) or by filing a lawsuit. If you wait too long, the IRS can levy your property or levy your wages. It may also act aggressively to get you to pay before the statute of limitations runs.

The IRS can delay collection of your tax debt if you’re experiencing financial hardship or cannot make payments. It also offers payment plans, a type of installment agreement, to help you pay the amount owed. You can also request an IRS Collection Due Process hearing.

Waiting out the 10-year statute of limitations is not the best strategy for all taxpayers. You should contact a tax professional if you need help with this issue. They can help you understand what options you have and suggest the best timing for the Collection Statue Expiration Date (CSED) depending on your financial situation. They can also negotiate with the IRS on your behalf.

If you are experiencing financial hardship, you may be able to extend the 10-year statute of limitations. For instance, if you’re outside of the United States for six months, the IRS may suspend the ten-year statute. It also allows you to apply for an installment agreement extension of no more than six years.

It is important to understand that if you delay paying your tax debt, the IRS will use all of its available collection tactics. This can include filing tax liens on your bank accounts or wages, or levying your accounts. These tactics are considered extreme. But the IRS typically doesn’t waste its resources on federal court lawsuits.

Getting a refund

Getting a refund from the IRS can be a daunting task for some. Fortunately, there are tax relief firms that can help you navigate the complex world of tax filings and refunds. These companies will perform a thorough analysis of your current financial situation, and will present you with a realistic assessment of your tax liabilities.

In most cases, a tax relief firm will start with a free consultation. During this session, a case manager will review your current tax debt, and will present you with a plan of action. The case manager will also provide you with an estimate for services.

In general, you are eligible for a refund from the IRS if you: earned an annual income, filed a tax return, overpaid your taxes, and if you incurred a loss. This may include overwithholding of income taxes, capital losses, or carrybacks of net operating losses. You will also need to file special tax forms if you are self-employed.

You will need to prove to the IRS that you were able to obtain the best possible tax refund. This can be done by using a number of techniques, such as having a tax professional review your tax account transcripts or by directly negotiating with the IRS.

Some tax relief firms also advertise that they can help you with your tax debt, but many of these companies don’t actually do much more than advertise. If you decide to use a tax relief firm, it’s important to choose one that has a local presence in your community.

When you are getting a refund from the IRS, it’s important to remember that the IRS can freeze your refund during an audit, and may even offset some or all of it to cover your debts.