Legal Tax Resolution is the practice of aiding both individuals and businesses facing serious IRS issues such as back taxes, tax liens or wage garnishments.
Tax resolution firms can assist you in providing evidence of your financial circumstances to the IRS so they accept your payment plan, such as bank account statements or any other pertinent details.
Taxes
Tax resolution is the process of helping both individuals and companies navigate complex situations related to paying taxes, including avoiding penalties and any issues with the IRS.
Filing taxes timely is vitally important; understanding which types of taxes apply as soon as possible should help avoid serious problems with them. For assistance, reaching out to a company that specializes in tax resolution services is highly advised.
Whenever in search of tax resolution services, be sure to select a firm with an excellent reputation. Check reviews both on the web and with the better business bureau as a means of gathering feedback about a particular firm from others who have worked with it. Inquire as to their fees charged and ensure that they provide clear information to clients regarding what services are being offered and fees assessed by them.
Tax resolution firms can help you find an easier way to pay your taxes without straining your finances too severely. With their knowledge of how the IRS operates and their ability to negotiate with them on your behalf, as well as accessing any additional information from them that would otherwise remain unavailable to you, a good tax resolution firm will be your go-to solution when paying your taxes without too much of an effect on your finances.
The Internal Revenue Service (IRS) allows three types of representatives: Certified Public Accountant (CPA), Enrolled Agent (EA) or an attorney. A CPA specializes in auditing financial statements while an EA prepares tax returns but has only a superficial knowledge of tax law; lawyers are committed advocates dedicated to representing taxpayers and businesses during tax litigation.
Tax resolution firms provide more than just filing and preparing taxes; they can also handle wage garnishment and the American Withholding and Remittance Act (ASFR) program, which requires employers to withhold money from employees’ paychecks and send it over to the IRS in order to cover unpaid tax liabilities. You can seek out tax attorneys in Atlanta to help you with these issues or other tax-related concerns. Be sure to work with a reputable firm in order to ensure best results.
Penalties
The IRS does not hesitate to apply penalties against taxpayers who file late or don’t pay their taxes in time in order to enforce tax laws and encourage compliance. Individuals facing serious tax issues often encounter severe penalties that quickly mount up – penalties which, left unchecked, could prove devastating to their lives and businesses alike.
Luckily, under certain circumstances the IRS can waive some or all penalties. A professional tax resolution firm can assist in helping you determine your eligibility and help get them waived off as quickly as possible.
Tax resolution companies exist to assist people in resolving their IRS issues and paying their taxes. People owing a significant debt to the IRS often find it hard to contact them directly, so tax resolution specialists act as intermediaries between taxpayers and IRS personnel.
One of the ways in which the IRS collects money is by garnishing wages. Click the link: https://www.forbes.com/wage-garnishment/ for more information. Since this can severely impede a person’s ability to live, it’s best to address it quickly; tax resolution firms can assist in creating a repayment plan with them so your wages don’t get garnished.
If you do not pay your taxes, the IRS can take aggressive collection action, including seizing property such as bank accounts, valuables and real estate with equity.
Installment Agreements
Taxpayers who cannot make payments to the IRS may benefit from setting up an installment agreement with legal assistance. An attorney can negotiate with the IRS to create an installment plan that best fits your finances; alternatively if your tax debt is too large to pay in full then an attorney may also suggest options such as offering in compromise or currently not collectible status as solutions.
Once an installment agreement has been finalized, the next step in the process should be filing your taxes and making monthly payments to the IRS that will go toward paying off what you owe.
If you are having difficulty filing returns or paying back taxes, the IRS may suggest terminating your agreement if certain conditions arise, such as failing to meet current tax liabilities, providing false information or becoming financially incapable of meeting terms of agreement.
Offer in Compromise
The IRS offers the Offer in Compromise program as a way of resolving tax liabilities. Your amount owed must be less than its reasonable collection potential (RCP), while those in active bankruptcy proceedings do not qualify. Unfortunately, only a minority of Offers in Compromise submitted will be accepted by them. You can visit this site to learn more about Offers in Compromise.
Trial Attorneys who recommend compromise or concession must outline their recommendations in a written memorandum that clearly and concisely presents all facts and legal analyses pertaining to each issue of the case, proposed amounts for compromise, proposed interest treatment schemes (if any), proposed compromise amounts and how interest will be handled as part of this memorandum.
As the process for filing an Offer in Compromise can be complex, it is wise to consult a qualified attorney in order to increase your chance of success. Business owners may be interested in exploring future compliance settlement as an option to settle their tax liabilities by agreeing for five years that their workers will be treated as employees rather than independent contractors.
Tax issues can escalate over time. If you are having problems paying your tax bill, it is wise to seek counsel from experts. They will be able to find a solution that will be beneficial to your situation and advocate on your behalf to the IRS. The sooner you seek resolution, the better.