A tax lien from the Internal Revenue Service (IRS) can be placed against a home or another valuable asset if taxes go unpaid. Liens affect credit, prevent the sale of assets and can lead to seizure of property over time. It is often a good idea to talk to an attorney if the IRS places a lien against your property. A tax defense lawyer can help with IRS liens in a number of ways.
Negotiate a Repayment Plan
The outcome that the IRS wants the most is to have all the back taxes repaid. Most people who owe back taxes are not in a financial position to repay the money in a single lump sum. An attorney can help in this situation by negotiating a repayment plan with the IRS. The lawyer has the knowledge and experience necessary to know how to frame your current financial situation to potentially create a favorable installment plan. This plan could allow you to repay the money over time while leaving enough to maintain your current lifestyle. The IRS tax lien will be ... read article
Back taxes if left unpaid for years can build up thousands in penalties and interest. Sometimes this amount can become so large a taxpayer's only option is to retain an attorney with an expert knowledge of administrative tax law and various IRS codes.
Although a back taxes attorney has the power to prepare tax returns for you, they have the ability to do more than your average tax accountant can do. This is especially the case if you have various financial planning and estate planning problems that could potentially cause many tax consequences that are hard to deal with. Back taxes attorneys have been accepted by the state bar association and have obtained the proper training at a law school. By using their knowledge of law and tax codes, they can help you pay the smallest amount of taxes possible.
If you do not pay the amount of taxes that you owe, the IRS has the power to take your wages in order to get back the money that is owed to them. However, this might hurt your financial situation even more. This is when a back taxes attorney is required. When you already owe taxes to the IRS and you file... read article
You know the game SCRABBLE? For some, it conjures up great memories from bygone days of childhood… For those who aren’t passionate about the English language, it might bring back frustrating memories of annoying childhood losses. However, I still enjoy pulling out the shiny ivory tiles, wooden word holder and making sense out of random letters. For me, there’s something magical about selecting “blind” letters and strategically formulating valuable words. Understanding language, in this example, helps me to win the game.
Did you know that SCRABBLE was invented by an out of work architect back during the Great Depression? His name was Alfred Mosher Butts. I’m sure Mr. Butts, at the time, was overwhelmed by the catastrophic economic conditions. And, I’d be willing to bet that he had days of feeling defeated by his circumstances. What I really like about Mr. Butts’ story is that he leveraged every resource to make the best of his situation. I doubt, back then, he ever thought that his game would hold valuable shelf space at many retail stores - nearly 100 years later.
How does SCRABBLE relate to your IRS tax problem? Somewhere between raising a family, paying bills and focusing on a career, things... read article
If you have any offshore or international accounts or income with banks or other financial institutions and to date have not yet reported them to the IRS for fear of being prosecuted, then the voluntary disclosure program will give you the opportunity to be compliant without criminal tax evasion implications.
The current program is similar to the 2011 Offshore Voluntary Disclosure Initiative (OVDI) but does have some key differences. The penalty structure of the current program is nearly the same as the OVID program with the exception for those who fall into the highest penalty category.
The biggest difference is that unlike OVID there is not a set deadline. That's both good and bad – while there is no set deadline it also means the IRS can choose to cancel at any time.
The new program the penalty for the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the eight full tax years prior to the disclosure has risen a steep 25% higher from the previous penalty in the 2011 OVID program to 27.5%. Other penalties may be less though and some taxpayers may only be faced with a 12.5% or even a 5% penalty depending... read article
Dealing with a tax problem involving the IRS can be overwhelming mentally and emotionally, especially when you are threatened with a lien or a seizing of your own personal assets. If you are struggling with tax problems due to an unpaid tax debt you owe or other payroll or business-related taxes and you are currently living in Florida, finding help is possible with the assistance of a professional attorney. Working together with a Florida tax lawyer is possible regardless of the size of your debt and how long it has taken for you to begin working on your case.
The Advantages of Hiring a Tax Attorney
A tax attorney specializes in handling a wide variety of cases involving tax debt, payroll debt and even individual income tax returns that have not yet been filed. Although it may seem stressful, when you work with a tax lawyer you are able to feel more confident and positive about your case as the attorney is capable of communicating with the IRS and giving you the proper guidance needed for you to settle your case.
Services Available From a Tax Attorney
When you work together with a tax attorney to help you with solving your case and... read article
If you live in Florida and you are experiencing issues and trouble with the IRS due to tax debt you may or may not owe, it is important to attempt to solve your tax problems as quickly as possible to relieve your debt and reduce any interest you may end up owing as well. When you are interested in working together with a Florida tax lawyer, there are a few ways to do so depending on the type of services you are seeking out.
What Can a Tax Lawyer Help With?
When you choose to work with a tax lawyer in Florida for the tax issues you are experiencing, it is possible to do so whether you are dealing with personal income tax problems, business tax-related inquiries or even an innocent spouse relief case to help with relieving your spouse of any debt or tax-related trouble you may have found yourself in. Whether you are behind on filing your tax returns, or if you believe you do not owe the money that is stated from the IRS, getting the help you need from a Florida tax lawyer is recommended.
Working together with a tax lawyer allows you to continue to focus... read article
A experienced tax attorney can help for a variety of tax and business issues. In addition to the obvious need of legal help when facing IRS collections, a tax lawyer can also help companies structure themselves to best tax advantage allowing for the minimum taxes and greatest legal protections of any possible future tax dispute with the IRS or state government.
However the most urgent time to hire an experienced IRS tax lawyer is when an taxpayer or business is facing a large delinquent tax problem or a dispute over the amount of taxes owed.
Other than professional and technical benefits, working with a skilled tax attorney can offer the troubled taxpayer some peace of mind. An experienced tax lawyer will know the steps to take to halt intrusive IRS collections efforts during negotiation of the tax liability and may even reduce the amount owed to the IRS. It can be a big relief to know steps have been taken to bring the tax debt problems back under control.
Retaining An IRS Tax Lawyer Entitles You To The Attorney Client Privilege.
The single most compelling reason to use a tax attorney may be the attorney client privilege. Many are unaware of this but the... read article
Taxes get the distinction of being called delinquent by the IRS under a specific set of circumstances. Once the due date of an tax liability assessment has passed or the time allowed for tax appeals has expired. Once this designation has been assigned to the back taxes the amount of delinquent taxes will be targeted by the IRS for collection procedures.
How to avoid collection actions on delinquent taxes
The obvious way is of course to pay the amount owed, however in most cases if a taxpayer could pay the amount owed the taxes would not end up as delinquent to begin with/ However it is important to act fast, even if you cannot pay the entire amount as there are options to help prevent drastic collections procedures from the IRS.
If possible pay with a credit card.
It is not a very appealing thought to pay a tax debt with a high-interest credit card but remember, the IRS has collections powers far beyond any credit card company, and they can use their authority to levy your bank account or even your wages – a credit card company would not be able to pursue the debt to that level.
If your Florida business has been drawing from the payroll trust fund to keep your lights on you will need help from a local payroll tax lawyer.
Few tax problems get the IRS’s attention like payroll tax issues. The IRS will pursue any laps in the payroll trust fund payments aggressively and the consequences of failing to either satisfy the amount owed or respond with legal representation will be severe.
If you are using the payroll trust fund money from your employee’s paychecks, it may seem to you a convenient way to get by in a tight spot, but the IRS will look at this as stealing from both your employees and the Internal Revenue Service at the same time!
Further more the collections efforts the IRS will employ to settle the tax debt are ruthless. They simply do not care if your Florida business survives or not – they want their money at all costs and will put a padlock on the doors and auction off all of the businesses assets to get it.
There is hope however! If you act before it’s too late a skilled Florida payroll tax attorney can put the collections efforts on hold while your tax settlement... read article
While there are many reasons to hire a local Sarasota tax attorney for tax problem resolution there are two major reasons above all others
Reason One – Confidentiality During Your Tax Case.
If you are in trouble with the IRS only an attorney can give you the attorney-client privilege. Why is the attorney-client privilege important for tax law cases? Easy - your attorney is exempt from testifying against you. That’s right, should your tax liability case go to trial, and you have chosen to work with a CPA or tax preparer for help, your CPA could actually be made to testify against you!
The very people most familiar with your tax and financial situation would be forced to spill the beans on any damaging information they may have during your trial. Don’t take this risk, only work with a certified tax attorney if the IRS is taking actions against you.
Reason Two – Expertise To Make the Right Decisions
Only a Tax lawyer will have the experience in achieving tax settlements. While a CPA may be familiar with some tax settlement programs, they will not have a full understanding of the and ins and outs of the various programs. Tax laws and... read article