Trying to resolve a tax issue with the IRS can require a level of skill that you may not have. Owing tax to the federal tax administrator is not a joke, as you can potentially face penalties for any outstanding tax liabilities you have.
The Internal Revenue Code has many complex rules that can be hard to follow when trying to resolve a tax issue. Our tax debt attorney at FinishLine Tax Solutions can assist you in settling what you owe the government. Some of the common benefits of working with our lawyers include the following:
Tax Code Knowledge
The tax laws on state and federal levels are always changing. Rather than living in despair, our lawyers can research and apply the laws that affect your tax problem.
Protection from Intimidation
Some IRS agents may be unprofessional and might even use intimidating tactics on you. Our tax dent lawyers can act as a representative for your case to protect you against abuse.
Peace Of Mind
The bureaucracy that comes from dealing with a government agency can be overwhelming. Instead of needing to go at it alone, we can help you get your affairs in order.
Can I Settle IRS Tax Debt Myself or Work With a Tax Debt Attorney?
If you owe the IRS taxes, there are multiple ways you can settle your tax obligations to the federal agency. One of these ways is to settle your debts directly with the agency. We recommend getting assistance from a lawyer familiar with the payment processes to negotiate a suitable payment plan for you.
When Should I Hire a Tax Debt Attorney?
While you can solve most problems without a lawyer, it is advisable to get the services of a tax debt attorney if you have a complex tax situation. Owing a significant sum to the IRS or facing legal charges will require you to get the services of an attorney. Some of the other common reasons to hire a tax attorney can include the following:
- You have a large estate and want it to be passed to your loved ones without the IRS taking a large portion of it as taxes.
- Disputing a tax billing by the IRS and avoiding one in the future.
- Making a big business decision or investment.
- If you have past unfilled taxes and errors amounting to an overwhelming debt.
How to Settle the IRS Tax Debt?
Owing the IRS is not a good idea as the government will eventually catch on and slap you with an enormous bill plus interests. Fortunately, the IRS often deals with those who can show they were not trying to cheat the government. The IRS offers the following payment plans to settle your debts:
Offer in Compromise
This is one of the most popular methods of settling tax debts as you can pay the IRS a reduction than what you owe in taxes. To qualify for the payment plan, you have to prove to the IRS that you are not in a position to pay the full debt amount. If the agency accepts the compromise agreement, you will have two years to settle your debts in full or in installments.
Filing For Bankruptcy
Banking can help you eliminate all your tax debt without paying them, but it can hurt your credit score. To be eligible for a financial lifeline, your finances must be examined through the bankruptcy codes of Chapters 7 and 13.
Currently Not Collectable
This is a temporary state that the IRS will allow if you can prove that you are not in a position to pay your taxes. You show that your previous tax payment made you suffer significant hardship to be eligible.
Similar to a home mortgage payment plan, this method allows you to pay the IRS every month what you owe in your dent. The IRS will develop a formula to generate a monthly figure you must pay.
Contact a Tax Debt Attorney Today
We believe you can achieve as much value on your tax debt problem though working on our firm’s model. Our attorneys will review all available payment plans and strategize what works better for you. Contact us today for a case evaluation and tax legal advice.
- FinishLine Tax Solutions is a full-service, fully accredited tax resolution firm in Houston, TX, assisting companies and individuals nationwide in resolving tax problems with the IRS. We specialize in areas of back taxes such as IRS wage garnishments, IRS bank levies, and unfiled tax returns. Our team of experts comprised of licensed Enrolled Agents, CPAs, & IRS Tax Attorneys can assist you with IRS Audit Representation and Tax Planning. We are one of the leading tax resolution firms in the nation and your go-to tax relief firm that can take you to the Finish Line. Call us today to learn more about our tax relief process and tax resolution services.
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