If you are emotionally and financially burdened with a large IRS tax debt, you may feel there is no possible way to resolve your tax debt problems. Our tax lawyers can inform you about the relief programs offered by the IRS. A tax relief plan may allow a reduction in the amount of tax you have to pay; you may qualify for penalty abatements, a reasonable payment plan, or cancellation of your debt entirely. Failure to pay your taxes on time does not automatically disqualify you for tax debt relief.
Tax relief attorneys and services in Indiana
Tax relief comes in a variety of forms. Even taxpayers who have not filed tax returns and paid taxes for a number of years can qualify for tax relief as long as they comply with the specific IRS requirements. The five most common programs our tax attorneys help with are:
- Offer in Compromise – This option allows the taxpayer to apply for a reduction of the amount owed. It can entail penalty abatements, interest write-offs and partial reduction in the amount of taxes due. It usually requires the taxpayer to pay the adjusted amount due in full at the time of agreement, or to make installment payments over a short period of time. In addition, it is difficult to qualify for this program, especially without the expertise of a tax lawyer.
- IRS Installment Agreement – Your tax relief attorney can negotiate an affordable monthly payment program for you. You agree to pay the full amount due in installments that fit your current budget until the debt is paid in full. It is imperative you do not default on this agreement or the process starts all over again with increased penalties and interest and less opportunity for tax relief.
- Partial Payment Installment Agreement – You must be ready to provide complete and accurate financial information for review by the IRS. You will also be required to report any equity in assets that can be liquidated or sold to reduce or fully pay the amount of the outstanding liability. Also, you must undergo a financial review every two years. If your financial condition has improved, the payments could be increased or the agreement could be cancelled.
- Currently Not Collectible – If you are unemployed, on a fixed income, suffered severe health issues or experienced extreme financial loss, you may qualify for this tax relief option. Once you are able to qualify, the IRS agrees to refrain from imposing wage garnishments and bank levies for a period of six months to a year.
- Bankruptcy – Make certain this is your last option left. It has a direct effect on your credit for at least seven years. To qualify for this action, your tax debt must be over thirty-six months old. Things to consider before filing bankruptcy:
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- You must file all required tax returns for tax periods ending within four years of your bankruptcy filing.
- During your bankruptcy case you should pay all current taxes as they come due.
- During your bankruptcy you must continue to file, or get an extension of time to file, all required returns.
- Failure to file returns and/or pay current taxes during your bankruptcy may result in your case being dismissed.
How tax lawyers can help
If you are unfamiliar with IRS tax laws, regulations and procedures, it is best to seek the advice of a reputable tax relief attorney in Indiana. A qualified tax team is made of up Federally Enrolled Agents, Certified Public Accountants, and former IRS Agents, connected to tax relief attorneys in Indiana. These tax lawyers are authorized to represent you in negotiations with the IRS. They are skilled in obtaining the best tax relief program available for your circumstances. Your tax lawyer at Instant Tax Solutions can give you the best chance to qualify for tax relief.
If you have not been filing returns or paying your taxes, hire the services of a tax attorney now. The longer you delay, the greater the penalties and interest become. In addition, you risk having your bank accounts frozen and your wages garnished. Do not be misled because the IRS has not yet sent you a notice. Due to the size of their organization and volume of collection cases, they may not get to you for a few years – but they will eventually begin the collection process.
With the help of tax lawyers, you have a better chance to negotiate for a reduced tax amount or abatement of penalties. Placing your financial tax difficulties in the hands of tax relief attorneys will help you obtain a payment plan that is fair and affordable.
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