As an American citizen you are required to pay taxes on your income, property and business. Unlike other debts, failing to pay taxes can lead to total financial ruin. If you have delinquent taxes you do need to contact a qualified tax settlement attorney today!
A tax settlement attorney can review your financial statements, your current assets and possible options available to find an acceptable settlement. Every situation is unique and should be examined carefully in order to determine what options best suit your delinquency.
Tax laws change every year and they are very complex. The average taxpayer finds it extremely difficult not only to keep up with the changes but to understand the nuances involved with the tax laws. When negotiating a tax settlement attorney is best suited to communicate with the IRS using language and documentation required.
Some of the settlements available include installment agreements, offers in compromise, and sometimes proving that you are not collectible due to financial crisis. Each of these settlement options carries very strict requirements and documentation that must be accurate and complete. Many people find their settlement request denied by the IRS due to incomplete or inaccurate documentation.
An installment agreement involves mutually deciding upon a monthly payment that fits within the taxpayer’s budget and allows the IRS to be paid in full within 5 years typically.
An Offer in Compromise involves proving that the taxpayer is unable to pay the full amount owed and offering to pay a lesser amount. This includes proving your financial situation and proving that you can in fact pay the lower amount being offered.
If being determined as non-collectible is your goal, you will be required to prove your financial crisis; as well as proving that all of your assets combined are still not enough to meet the debt. You must also prove that you will not be able to pay anything toward your tax debt in the future.
A qualified Tax Settlement Attorney knows what documentation is required, what qualifying requirements must be met and what proof is acceptable to the IRS. They also know how to communicate with the IRS on your behalf and to find you the best possible outcome.
Be aware that penalties are automatically added to delinquent taxes and interest accrues from the date due until the date paid in full. This simply means that any procrastination or hesitation on your part will end up costing you excessive amounts of additional monies!
Tax settlement attorneys are not cheap, but when you consider the amount of money they may be able to save you from having to pay the IRS, they are well worth it. Remember the IRS can also pursue criminal charges if they perceive that you are trying to evade, avoid or in any way commit fraud regarding your tax payments.
The only way to prove to the IRS that your intentions are honest and that you do indeed want to pay your delinquent tax debt is to contact them immediately upon finding that you are unable to meet established due dates.