Riverside Tax Attorney
Taxpayers in debt to the IRS should contact Riverside tax attorney as soon as possible to start the resolution process. If you find yourself in this situation, it is important to determine your options for settlement with the IRS quickly. Depending on your personal tax issues, resolving problems can be a lengthy process and the longer it goes unattended, the more debt and fees can increase.
Taxpayers can experience a range of issues when it comes to the IRS. Common debt issues include balances owed from unpaid back taxes, fees from improperly filed tax returns and liens and levies placed due to missed payments. A taxpayer in any of these situations should call tax lawyer of Riverside to determine exactly where they stand with the IRS and the best course of action. Some taxpayers may not even know the full extent of their debt. Without that knowledge, it is very difficult to move forward.
Once the full balance is determined, and the cause of the balance, Riverside tax lawyers can help taxpayers choose the best option for debt relief. In the case of a balance owed, solutions can include lump sum payments, Installment Agreements or obtaining Currently-Non-Collectible status. Each of these programs is dependent on the taxpayer’s personal financial situation. The IRS makes the final decision, so it is important for taxpayers to get in touch with a tax attorney Riverside to help determine which program for which they qualify. For this reason it is very important to fully disclose all financial documentation so that tax experts can have all the information to recommend the right solution.
Lump sum payments, while simple, are not available to all taxpayers in debt to the IRS. Installment Agreements, in which the balance is paid off in smaller portions, come in several varieties. Each agreement is based on the taxpayer’s specific financial situation. To determine the appropriate agreement, tax attorney in Riverside recommends calling tax professionals. Most of the agreements offered by the IRS still involve paying off the full balance and are entered into for a period of 60 months. Currently-Non-Collectible (CNC) status is available when a taxpayer’s monthly expenses exceed their income, making any repayment impossible. If a taxpayer thinks that CNC is the right choice for them, Riverside tax lawyer can advise on this and help obtain this status from the IRS.
Liens and levies can be placed on a taxpayer’s assets if no action is taken when a notice of debt or tax return issues are sent. Riverside tax attorneys advise that efforts be taken to remedy the cause of a lien or levy as quickly as possible. Liens can lead to additional fees and interest being charged to the taxpayer up to 25% of the balance owed. Levies can put freezes on bank accounts and even give the IRS the right to seize property (such as cars or houses). To avoid such drastic results, taxpayers receiving such notices should reach out to tax experts immediately.
No matter what state your debt is in, it’s never too late to take action. The IRS is willing to work with taxpayers to collect on debt and get them in right standing. The worst thing that can be done about tax debt is nothing. Call a tax lawyer Riverside today to get moving in the right direction towards debt relief!