Taxes can quickly become complicated and open you up to liability. Mitigating this risk and staying in the good graces of the Internal Revenue Service (IRS) is critical for the success of your business or your personal life. In the event you fail to do this, there are options available to you. We at Progeny Law Firm wanted to prepare a brief article outlining some simple ways a IRS tax attorney can help you navigate this world.
Although this article may benefit you, it is based on generalities that, while valid, may not apply to your situation. Therefore, it is imperative you not consider this legal advice or a substitute for discussing matters important to your individual case with an IRS tax attorney who knows the law and all the details of your circumstances.
A Bird’s Eye View Of The IRS
The IRS is a federal agency that is part of the Department of Treasury. It collects federal taxes, administers the Internal Revenue Code of the United States, provides tax assistance to taxpayers, investigates and settles false tax filings, and oversees various benefits programs. Failure to file or pay taxes properly can get you in trouble with the IRS.
What Types Of Situations Can An IRS Tax Resolution Lawyer Resolve?
IRS tax resolution lawyers can help you in the following situations:
Payment plans are available so you can remain in good standing with the IRS. An IRS tax resolution lawyer can set up these plans for you. They are generally in place to allow people who owe taxes but cannot pay them immediately as a lump sum but can do so monthly.
Offers In Compromise
Settle your taxes for less than the full amount if you are eligible for an offer in compromise. Paying the agreed amount means your outstanding amount is completely waived, but you may need to remain current on all future taxes. An IRS tax lawyer can make it happen for you.
IRS audits can be highly stressful and challenging. One seemingly minor slip-up can spell significant consequences. Your IRS tax lawyer can navigate you through the entire process so you do not have to worry about these risks.
Both the IRS and tax professionals know penalty abatement is helpful to many since it is when your penalties are lowered or entirely removed. IRS tax attorneys work to ensure your penalty, which may be greater than your tax bill itself, is not crippling to you and your future. An IRS tax attorney’s cost may be nothing compared to how much savings they secure for you.
IRS Wage Garnishments and Levy Releases
Depending on your specific case, an attorney may be able to get levies on your bank account released if you are behind on your taxes. A common way to make this happen is by demonstrating to the IRS that the levy creates further distress on your finances, such that necessities are unaffordable.
Currently Not Collectible Status
This is a status assigned to individuals who do not have money or assets to pay taxes or have a seize order placed on. A good lawyer can prove to the IRS that this is indeed the case for you. If successful, it may hold all collections against you until you can make payments.
Back Tax Returns
If you need to file tax returns for previous years, you will likely need an IRS tax resolution lawyer. Failure to do so can spell deeper trouble for you down the road. Back tax filing can be more complicated than filing on time, so it is worth considering partnering with an IRS tax attorney. Doing so will make you eligible for other options, such as payment plans or offers in compromise, among others.
Call Us Today
Dealing with the IRS is challenging, but we are here to help. We welcome inquiries regarding the IRS from anyone – Baton Rouge or beyond – since it is a federal agency.