Is It True You May Be Able To Settle My Tax Problem for Pennies on the Dollar?

While it is true taxpayers that qualify for the Offer In Compromise program may qualify to settle their tax debt, every situation is different and will have different outcomes. An attorney would need to know all of the details of your individual tax debt problem to decide if your case would qualify for the offer in compromise program. Even if your particular case does not meet the criteria required by the IRS to enter the OIC program, there are many other tax settlement programs available that your attorney can use to bring your tax problem down to a manageable size.

The Internal Revenue Service is Very Powerful. How Can A Tax Attorney Fight Them For My Case?

Yes it is true that the IRS is one of the most powerful government agencies, however even so, they must operate within the laws. An experienced tax attorney will know how to use the laws and tax settlement programs to negotiate on your behalf. It is also important to note that without legal council a troubled taxpayer can quickly be overrun by the IRS and end up in serious and lasting trouble. When taking on the IRS is is essential to have retained an experienced tax attorney.

Is it tool late once the IRS has started to garnish my wages or bank accounts?

While it is certainly best to act before that happens, an experienced tax lawyer can in most cases quickly stop wage garnishment and bank levies. Under many of the tax settlement negotiation programs the IRS must stop all collection efforts during the negotiation process. An attorney will know this and be able to quickly get tax settlement negotiations under way, stopping the wage garnishments and releasing bank levies.

Can my CPA fix my tax problems rather than an attorney?

It’s crucial you know your CPA or tax preparer can be forced to testify against you in a criminal court. Only your attorney can be exempt from having to testify against you under the Attorney client privilege. It should also be noted, a tax lawyer will have years of experience in dealing with IRS cases and have a full understanding of how to move forward to settle your case.

If I Have Not Filed My Returns In Years Should I file Them Now?

It’s important to note, while you cannot be jailed for owning back taxes, you can be imprisoned for not filing! Even if you have not filed your tax returns for many years and feel like you may have “gotten away with it” you should contact a qualified tax lawyer and file as soon as possible. The IRS will eventually discover the issue and pursue the issue aggressively. Parties that can show they have acted in good faith will fair better and an attorney will know how to proceed for your best interests.

Will My Attorney Explain All Of My Options?

An experienced tax attorney will meet with you and review your case in detail. After learning the details of your particular tax problem they will explain the rang of options available for your defense. There are many tax settlement programs available and each will have it’s own set of requirements and consequences. Your attorney will be able to explain everything and work with your to decide the best course of action to get your tax settlement in progress and put the IRS behind you.

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Dedicated Sarasota Tax attorney Mary King has been helping clients get tax debt relief by negotiating currently non-collectible status, offers in compromise, installment agreements, and other tax settlements. Tax Lawyer Florida Mary King has years of experience obtaining favorable tax settlement agreements with the IRS for her clients

However the most urgent time to hire an experienced IRS tax lawyer is when an taxpayer or business is facing a large delinquent tax problem or a dispute over the amount of taxes owed.

Other than professional and technical benefits, working with a skilled tax attorney can offer the troubled taxpayer some peace of mind. An experienced tax lawyer will know the steps to take to halt intrusive IRS collections efforts during negotiation of the tax liability and may even reduce the amount owed to the IRS. It can be a big relief to know steps have been taken to bring the tax debt problems back under control.

Retaining An IRS Tax Lawyer Entitles You To The Attorney Client Privilege.

The single most compelling reason to use a tax attorney may be the attorney client privilege. Many are unaware of this but the only person exempt from testifying against you in a tax case is your attorney.

To put it in another light – if you chose to have a CPA help you during a tax problem the court can have your CPA and accounting firm testify against you! Obviously they would be under legal oath to tell the truth of all details of your tax case. An Attorney however is exempt from this and as such a client can confide fully with their attorney and be secure in the knowledge any information shared between attorney and client will be kept confidential.

A Tax Lawyer Will Have All of The Legal Options Available

A Tax Attorney will have all of the tools under the law at their disposal. In addition as this is may be the only area the attorney works in, they will have years of experience an understand the best way to move forward for our interests. An attorney will be able to make decisive calls and get the scales tipped in your favor using a variety of available tax help programs under the law.

Experience and Skills To Negotiate With the IRS on Your Behalf.

Tax laws are both complex and change annually, resulting in a less than straight forward negotiations. What was legal last year my not be so this year or vise versa. As a result a troubled tax payer should place their trust with a tax lawyer with years of experience. They will understand the consequences of any action taken and have an idea of how the IRS may respond. Only an attorney will be fully competent to negotiate with the IRS for complex tax cases. Should a taxpayer make the mistake of having their CPA do the talking, any misstep could end up costing thousands of dollars or a poorly structured tax debt settlement.

Attorney Representation Can Bring Peace of Mind

An attorney can legally represent you before the IRS. This means all calls and correspondents related to your case can be directed to your attorney. This may seem like a simple thing but it can be a real stress reducer to no longer half to deal with constant harassment by the Internal Revenue Service. Furthermore if the IRS agents make a misstep themselves your attorney will be there to catch their mistake and use it to the clients advantage.

While There are many reasons to use a Tax Attorney, biggest one is simple, a tax lawyer will offer you the best advantage in your case with the IRS. They may stop the collection notices and phone calls, and even reduce the amount owed. If you have significant tax problems contact your local tax attorney and put the IRS issues behind you.

How to avoid collection actions on delinquent taxes

The obvious way is of course to pay the amount owed, however in most cases if a taxpayer could pay the amount owed the taxes would not end up as delinquent to begin with/ However it is important to act fast, even if you cannot pay the entire amount as there are options to help prevent drastic collections procedures from the IRS.

If possible pay with a credit card.

It is not a very appealing thought to pay a tax debt with a high-interest credit card but remember, the IRS has collections powers far beyond any credit card company, and they can use their authority to levy your bank account or even your wages – a credit card company would not be able to pursue the debt to that level.

Contact a qualified Tax Attorney Florida and they can help negotiate an installment agreement.

This is away of paying the IRS debt in smaller monthly payments and preventing the IRS from taking more drastic measures. Again retain a skilled tax lawyer for help with negotiating an offer in compromise. Even if your petition to get a successful OIC fails the IRS will halt any collection actions already in progress during the negotiations, and the time may allow you to come up with another solution.

Set Up A Wage Assignment

If you are an individual who will have trouble making the monthly installment agreement payments due to a lack of discipline, signing up for a wage assignment may be the best way to stay out of further trouble. A wage assignment is similar to a wage garnishment except it is voluntary – and as a consequence may be a much easier payment to deal with. The IRS can take a large percentage of an individual’s paycheck even if they have dependants, so it will be better to sign up for a manageable payment strategy than let the problem continue.

Ofcourse paying ther IRS your hard earned money is never going to be enjoyable, but there are ways to make it managable. Contact a local Tax Attorney Florida to find out your options.

A large tax firm will put an emphasis on high volume not high quality and, frequently have non-attorneys doing most of the work on each case under the name of the principle owners. These firms are usually not local and will never meet face to face to discuss the details of your tax problem, and many times either claim or infer promises that they cannot keep – promises designed to get you in the door and get your money.

Many firms use the tax debt settlement program Offer In Compromise to mislead the general public into believing it is easy an routine to get a many thousands of dollars in tax debt reduced to a few hundred dollars, but the truth is few people will actually see that result. A low-experience paralegal cannot provide the level of expertise required to resolve a complex IRS tax problem to it’s most successful outcome. Even worse they may lead you down the wrong direction causing more financial problems and making a successful tax settlement offer even less likely.

For the best chances of a successful tax debt settlement choose local IRS tax lawyers with years of experience personally handling tax debt cases. An experienced attorney directly handling your case will know which debt settlement program to use and how to navigate the bumps in the road the IRS will create during the negotiation process.

Each tax debt case is unique and to get an accurate and effective case put together your attorney will need very detailed information about your situation past and present. A face to face meeting with the attorney representing your interests is the most effective way to accomplish getting the details communicated effectively to your tax lawyer.

Also a local Sarasota tax attorney will be more responsive to any questions or concerns, after all, they live and work in the same area as you and have to maintain their reputation, to a large tax firm your case will be just another number. Your tax problems cause stress and worry , do not trust resolving your tax problems and getting your financial future secured to a under experienced paralegal, do adequate research, find an experienced tax law specialist. Be sure the have an excellent BBB rating and have a presence in your community.

While there may be no magic bullet to solve all IRS tax problems, a local tax attorney will produce the best results for a successful tax debt settlement.

The one thing troubled taxpayers have in common is not their problems but the solution. IRS Tax Lawyers. IRS tax lawyers have the knowledge and experience to get federal tax problems back under control.

It’s important to note not every tax problem is the same, not every resolution will be the same, but overall there are a few main programs tax lawyers will relay on for many cases and they include most notably the offer in compromise, innocent spouse relief, installment agreements, currently not collectable or hardship status, penalty abatement, bankruptcy protection and reasonable cause.

A skilled IRS tax attorney will know which of these programs will be the correct choice depending on the circumstances the taxpayer is in. Many people have seen TV commercials advertising settling huge tax debts for “pennies on the dollar” however in most cases the tax payer will not qualify for such a program. However an attorney will be able to negotiate to either reduce the debt down or break the amount into payments, or delay the collection actions until the taxpayer is better able to make the payments. Again the actual outcome of the tax settlement will depend on the individual’s situation, their income, health status, age, and the size of their tax liability.

As with tax debt settlement programs the IRS problems usually fall into a few categories including, back taxes, overdue filing, tax penalties, a tax lien on property, bank account levy, wage levy (also called wage garnishment), harassment by the IRS collections officers, and Payroll Trust Fund Penalties. Some IRS cases may even be considered criminal and will require a very experienced tax attorney to properly represent the defendant.

Many time the taxpayers’ problems start out small but due to the taxpayer ignoring the IRS build over years into a very large tax liability that becomes unmanageable.

If you are receiving letters and phone calls from the IRS or have already been suffering from tax liens, bank or wage levies contact an experienced tax attorney immediately and get started on the path to resolving your federal tax problems today.

It’s important to note, that wage garnishment is only used as a collection tool if the taxpayer has ignored all other methods. Frequently the IRS will first do a one-time bank levy and if the debt is not settled continue on with a wage levy.

The process usually begins when your employer receives an IRS Wage Levy Notice. Once the notice has been received your employer has no choice but to comply and your next paycheck could be garnished. It’s that fast. The exact percentage they will take may depend on some factors including the number of dependants, and what state you live in. Some states have laws that limit the percentage of wage garnishment but in most cases it is the majority of the take-home-pay.

For those not self employed the IRS is able to review the taxpayer’s W-2s and 1099s to assess the amount of the levy. Further more the levy will continue until the entire debt has been paid or the taxpayer has taken some legal action that will stop collection efforts.

This is where getting legal help from a qualified tax attorney comes in.

Lawyers who specialize in tax law can in some cases stop a wage levy in days. This is possible because of the various programs available to facilitate a tax debt settlement. No it sounds too good to be true but the main reason for such tax settlement programs is to make it more likely that the IRS will be paid – and to protect taxpayers who have been incorrectly assessed and do not actually owe the total amount.

Under such programs once a taxpayer has formally begun the negotiation process the IRS must halt all collection efforts including Wage Levies. However should the taxpayer’s settlement be declined the collection efforts will resume. As such it is crucial that any taxpayer thinking of negotiation with the IRS for a debt settlement only hire an experienced tax law specialist. Larger tax resolution firms simply do not have the manpower for bar member attorneys to actually handle individual cases and as a result much less attention to the details of an individual’s case can result in an unsuccessful tax debt settlement.

An experience Sarasota tax attorney will know which programs you may qualify for and how to prepare the needed documentation to qualify for the selected settlement program. Of the many debt settlement programs available include, the Offer In Compromise, Installment agreement, currently not collectable status, the statute of limitations, innocent spouse relief and more.

Reason One – Confidentiality.

If you are in trouble with the IRS only an attorney can give you the attorney-client privilege. Why is the attorney-client privilege important for tax law cases? Easy – your attorney is exempt from testifying against you. That’s right, should your tax liability case go to trial, and you have chosen to work with a CPA or tax preparer for help, your CPA could actually be made to testify against you!

The very people most familiar with your tax and financial situation would be forced to spill the beans on any damaging information they may have during your trial. Don’t take this risk, only work with a certified tax attorney if the IRS is taking actions against you.

Reason Two – Expertise To Make the Right Decisions

Only a Tax lawyer will have the experience in achieving tax settlements. While a CPA may be familiar with some tax settlement programs, they will not have a full understanding of the and ins and outs of the various programs. Tax laws and codes are complex and many times change yearly. In addition there are many programs available a troubled taxpayer can use to settle or reduce the amount of tax liability owed but only an experienced tax attorney will know how to qualify you and to determine both the best program to use. In addition many of the programs that can help have a down side, an attorney can inform you of any negative consequences resulting from any debt settlement program.

Furthermore only an attorney will be experienced in working on cases with the IRS. Many times the IRS will not accept the initial offers and the process can go on for along time. An experienced tax lawyer will not panic and know how to adjust your settlement offer or appeals to gain a successful tax debt resolution.

Being under collections process from the IRS is a dangerous time and the wrong advise can be very costly. Do not take any chances with your financial future, hire a tax attorney and get your tax settlement case resolved.

By now, most troubled taxpayers looking for a way to resolve their IRS debt have seen commercials from large tax debt relief services claiming taxpayers paid tens of thousands of dollars by paying only pennies on the dollar. Reactions to these commercials by taxpayers vary from “Wow I wont have to pay all this tax debt” to “It’s scam no one really gets out of paying that much money to the IRS”.

The actual truth about the “Pennies on the dollar” is somewhere in the middle.

While it is true some taxpayers can negotiate their tax debt by paying only pennies on the dollar with the offer in compromise program, the IRS has a very strict set of rules and a small percentage of taxpayers will actually qualify for the OIC program.

To help understand the Internal Revenue’s reasoning and motivation behind the OIC program it’s important to remember the IRS is not allowing a negotiated settlement because they want to be nice. The IRS is accepting debt settlement offers for less than the amount owed because they feel they will either they will get their money faster, or that they would not otherwise be able to collect any funds at all.

To Qualify for an Offer In Compromise the taxpayer (or their tax attorney) must show either of the following:

Doubt of Collectability

- Doubt of collectability means the amount of tax liability is correct but the taxpayer will be unable to ever pay the full amount owed. There can be many reasons for this including the age and health status of the taxpayer.

Doubt of Liabiltity

- Doubt of liability is more simple – the taxpayer must show they do not owe the IRS the amount the IRS has assessed.

If a taxpayer cannot meet either of these requirements, they should consult a Tax attorney; other programs exist which they may qualify for the resolve their back tax debt.

Once a taxpayer has been shown to qualify for an offer in compromise they must negotiate the amount owed – this amount must be an offer the IRS is willing to accept, and again the IRS has strict rules to determine this amount.

In general the amount owed will vary on speed the taxpayer is able to repay the debt. The faster the repayment, the lower the amount will be. For the smaller but longer payment option, IRS will total all of the taxpayer’s financial assets, income potential during the time allowed before the statute of limitations expires and the amount of money the taxpayers items would generate at a quick sale auction. As you can see it may be a contentious process to determine the amount of potential income, because of this it very highly recommended you retain a tax attorney who is experienced with offer in compromise. Obviously the small the amount of potential income, the smaller the final tax debt settlement amount will be.

After the taxpayer and IRS has agreed on the amount the taxpayer will owe, the next step will be in deciding how it will be payed. The Offer In Compromise has three different payment options available.

The cash offer

- The cash is paid in five monthly installments. It is based upon your monthly disposable income times 48 plus your assets. It does not matter how much you owe the IRS, you still will only pay the above amount because it is based upon your ability to pay.

The short term deferred offer

- The short term deferred offer is paid in 24 monthly installments. This offer is based upon your monthly disposable income times 60 plus your assets divided by 24.

The long term deferred offer

- the long term deferred offer is based upon the amount of time left on your collection statute of limitations. Basically, it is your monthly disposable income times the months remaining on your statute of limitations.

It should be noted that even a successful Offer In Compromise is not without it’s risks. Once a taxpayer has a settlement agreement it is crucial they make their payments on time. Even one late payment can nullify the whole agreement and the taxpayer will once again be liable for the total amount owed.

While it is true many taxpayers have qualified and settled for greatly reduced tax debts, as you can see it is no simple matter to qualify and agree on a settlement amount. If you are suffering from a large tax debt burden and receiving notices from the IRS contact a qualified tax attorney immediately to discuss your options. The longer you go without responding to the IRS the larger your IRS problems will become.

If you have nothing – no equity, no retirement, and no savings, there’s a good chance that the IRS will consider you Currently Non-Collectible, or they may consider lowering your taxes and penalties by agreeing to an Offer-In-Compromise.

If you are in the situation of dealing with both a foreclosure and an IRS problem, please contact Attorney Mary E. King to discuss your options and your rights at (941) 906-7585.

You have one chance at life (as far as I know…) don’t waste another minute worrying about the IRS. The average life expectancy of an American male is 73 years. If you live this long, and you spend 5 years worrying about the IRS – that means a full 6% of your lifetime was spent in the shadow of an IRS problem.
 

That’s too long. Plus, considering the fact that stress and sleep deprivation could actually shorten your lifespan…that 6% number could be greater. If you die at 60 and you spent 5 years worrying about the IRS, that’s over 8% of your lifetime. Don’t you have better things to think about? Of course you do. Although you may have forgotten them in a sea of worry…at one time you had dreams & goals – things you wanted to do in this life before you die.

If you wish to rid yourself of your IRS problem and get back to living your life, contact Tax Attorney Mary E. King at (941) 906-7585.