When IRS problems surface – such as owing the federal government a certain amount of money with no way to pay it – many of us feel scared and helpless. Well, there is no need to think that way. With the proper kind of assistance from a tax lawyer, preferably a former IRS tax attorney, there are sound solutions to these issues.
You don’t go have to face the problem alone. Simply find the right expert professional with whom you can consider your options, and you will be feeling better in no time.
Together with your keen representative, you will be set to communicate with the IRS in the proper way. Just remember: Staying silent can mean curtains in these matters because you are then left with no defense, and that should never be an option.
One very viable option is to request an installment agreement that will work with your budget to get the money paid on a monthly basis. Sometimes, with the help of your tax attorney, you may even be able to be granted a reduced amount to pay back.
Settling for less with the IRS should be talked about with your tax lawyer, who will negotiate on your behalf. In order to make this work, sometimes you will need to make a lump sum payment and sometimes you will be allowed to commit to a short or even long term payment plan.
Lack of Funds
So, what happens if you don’t have enough funds in order to make a deal to pay back the money, at least not at the moment? There is an existing IRS program in which the IRS will let you have a year or so before the agency starts collecting on your IRS tax debt.
Another option, although not favored, is to file for bankruptcy. This is a drastic measure and should only be used as a last resort. Discuss this possible plan in a thorough manner with your tax lawyer before continuing on this path Continued.
One of the consequences of owing back taxes is that the IRS can levy your bank account. If that happens, your official representative can work to get the money put back in your bank account if you act fast as you’ll have 21 days to do so. Likewise, if you are threatened with this action, your tax lawyer can work with the IRS to avoid this devastating situation.
Good To Know
There are a couple of more relevant pieces of information that may help put certain citizens mind at ease. One is that the IRS is allowed 10 years from the time you are assessed to collect on past taxes that will also accrue penalties and interest.
If you see no way to make these payments, a former IRS tax attorney is the best expert to help you solve this problem. Together, you can come up with a strategy regarding how to to get through this designated period of time. He or she can assist you in filing a collection appeal so you can tell the IRS why you are unable to solve the debt.
And finally, if you are having an IRS tax problem because your current or former spouse is at fault for owing money, you may be able remove yourself from that tough situation using the help from your tax lawyer. He or she can work with you to prove that you are entitled to what is called innocent spouse tax relief.
With that and some of these other tips in mind, knowing how to settle for less with the IRS thanks to working with a select professional who deals in these kinds of conundrums will give you all kinds of relief – tax wise and otherwise.