It can take place by mishap. You may not have actually kept enough from your income in the past year and end up with a whopper of a tax costs in April. It could be you entered into some cash, spent it, and didn’t recognize that a big chunk of it was owed to the IRS in taxes.
At the Tax Attorney Network Los Angeles, our Tax Attorneys, CPA and Enrolled Agents all have years of experience in assisting our clients to solve their back tax financial obligation problems. If your debt has actually been accumulating for a while, it can be frustrating and exceptionally difficult. You might feel stuck or frozen, not knowing what you need to do or how you are going to get out of your circumstance. But the worst thing you can do is nothing. The penalties and interest simply keep adding up, sinking you even more and even more into problem.
The IRS takes their money seriously! They will look for every legal way to gather the cash they are owed. They can take your possessions, 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 taken place to you yet, but it will if you don’t act quickly enough.
Problems You Face if You Fail to Pay Taxes
If you owe money to the IRS but can’t pay, there are several options offered to you depending on your circumstances. One of the most crucial things is to begin paying you existing taxes first. You must be all overtaken submitting your income tax returns and paying your present taxes before the majority of these remedies are readily available to you.
Here are a few of the choices the IRS offers to taxpayers who owe cash. Whether these are applicable to you depends upon your situations.
1. Installment Plan
This is where you exercise a payment plan with the IRS. There are a number of forms of agreements, including routine, partial-pay, and structured. Which one you must utilize is extremely dependent upon your existing financial circumstance and the amount you owe.
2. Offer In Compromise
An Offer In Compromise is where the IRS agrees to accept less than the total owed. The IRS does not need to accept an Offer, but if the Offer is presented so that it satisfies the IRS guidelines, it increases the chance that the IRS accepts the Offer to solve the outstanding balance.
Not all tax specialists know the ins and outs of preparing an Offer that has a great chance of getting accepted. It’s important to look for a specialist who has an outstanding performance history of getting Offers accepted by the IRS.
3.“Currently Not Collectible” status
This status allows you to delay your financial obligation. The financial obligation does not disappear; you still owe the IRS cash. But you’ll stop the process of getting your checking account levied or other collection efforts if you are approved this status. This often happens when you do not have enough income to cover your present living expenditures. When your earnings rises, the IRS will re-evaluate your scenario.
4. Personal bankruptcy.
Personal bankruptcy can be very beneficial to stop IRS collection efforts, possibly discharge income taxes that are old enough, and force repayment intend on an otherwise unwilling IRS. Tax penalties may likewise be discharged through the bankruptcy. Given that this is such an intricate area, your best bet is to speak with numerous specialists– an accountant, a tax resolution expert, and a lawyer that is expert at personal bankruptcy concerns.
Getting Help – A tax resolution expert can assist you:
– Respond professionally to any IRS correspondence you receive.
– Contact the IRS on your behalf so that you do not need to face them straight.
– Represent your case prior to the IRS.
– Get you caught up on filing back income tax return that are late.
– Understand the IRS Collections process and your rights.
– Negotiate charges, interest, and taxes due to reduce your debt.
– Work out a payment plan on any cash you owe to the IRS.
– Fight for you on concerns that come up, such as innocent spouse scenarios or positions taken on tax returns.
– Help you get levies and liens eliminated from your properties.
Solutions for Resolving Your IRS Debt in California.
Contact us at no obligation to you so we can understand your specific tax situation and provide advice on the alternatives readily available to you. Your tax issue is handled with the utmost privacy and personal privacy.
Our Tax Attorney’s have years of experience in complex and constantly altering state and regional tax guidelines to uncover the problems and secure our customers. When managing a tax problem you require an attorney in your corner you can depend on. Let us assist you settle and fix your tax problem at last.
Tax Attorney Network Los Angeles
3731 Wilshire Blvd
Los Angeles, CA 90010
(855) 980-7563
