There’s no question that one of the most dreaded problems anyone can face is an issue with the IRS. Whether it’s back taxes, an audit, tax liens, or any other type of issue, the IRS is an organization that is hard to stand up to, and as a result there are countless individuals and companies out there that find themselves overwhelmed by tax problems – sometimes facing problems they didn’t even realize they were heading towards.
No matter the situation, resolving tax problems will quickly become the top priority in anyone’s life. There are a number of different ways that overcoming penalties from the IRS can be achieved, and it’s important to understand that even when it feels like your back is against the wall, there are still options out there to take advantage of.
The trick is understanding each type of tax related issue, each tax relief strategy, and which one will work the best for your unique situation. Each option focuses on different issues and offers different solutions, and as a result the first step anyone should take is to look at each option and find out which is the best one for them to pursue.
Here are some of the most commonly used tax relief strategies that can help.
Modification Of Wage Garnishment
IRS wage garnishment is actually a type of penalty that will often be put in place by the IRS. The process is easy enough to understand – during wage garnishment a portion of your wages or salary will be deducted from each paycheck and applied towards paying off your tax debt. The levy ends when your taxes are fully paid off or when any time constraints expire. While this is very common, many people find that modifying the garnishment is required in order to keep their wages at a level that makes it possible to live. In these cases, getting professional assistance is a good idea.
Offer In Compromise
This is another common option and is essentially like a kind of ‘reduced sentence’ for those owing back taxes. An Offer in Compromise allows a taxpayer to settle their back IRS tax debt for less money than they owe. Essentially, if they agree to pay off a lesser amount in full, the IRS may accept the sum. In most cases the Offer In Compromise will need to be argued for, and in these instances having an attorney on your side is often the best option. Going it alone is possible, but can be stressful, confusing, and frustrating.
Relief From IRS Bank Levies
One of the worst situations a debtor can find themselves in is that of facing IRS bank levies. Levies are put in place that will actually remove cash from a bank account completely. Once the IRS places a levy order, your bank will be required to remove all funds available in your savings and checking accounts up to the amount you owe and send it to the IRS.
Resolution Of IRS Tax Liens
A lien is nothing more than official statement that shows you owe the IRS a tax debt. This may not sound severe, but you should remember that the lien will show up on any credit report. This means that getting a loan will be next to impossible. Additionally, the IRS can actually file a lien against your property. In other words, resolving tax liens is a must for anyone facing IRS debt problems.
IRS Payment Plan
Starting up an IRS payment plan is one of the easiest options for starting to repay IRS tax debt. Usually, the early stage of tax debt begins with the IRS demanding total repayment of back taxes. However, in most cases it’s possible to set up a payment plan. This can be done on your own, but in many cases professionals concentrating in handling tax problems will get you much lower monthly payments and better overall terms than you would get on your own.
Innocent Spouse Relief
Even if you’re separated from your spouse, you can still easily find yourself liable for your former partner’s tax debts. There are steps that can be taken towards innocent spouse relief that can help provide a layer of protection to those who find themselves in this scenario.
IRS Penalty Abatement
It’s not easy, but in some instances it’s possible for a skilled legal professional to help clients avoid various penalties that the IRS may put in place. This can often cancel portions of back taxes, removal of interest and penalties. In some cases it can even remove the entirety of the penalty.
IRS Audit Assistance
Getting audited is never fun, and it’s important that you have someone on your side during the process. The IRS actively looks for tax returns that have the highest chance of netting them additional tax collection, and as a result you need to be sure to have an experienced accountant, attorney, or both on your side who will protect you and your rights during the process.
Offshore Bank Account Settlements – Undeclared funds in an offshore account can cause serious problems, and it’s important that this complex aspect of owing taxes is dealt with quickly and effectively. Taking care of the potential problem early can help you avoid any criminal charges and prevent further penalties from being placed on you.
Filing Delinquent Returns
It’s a common mistake to assume that if your original tax return is late, you can’t file it. The truth is that not filing it at all is much worse than filing late, and the longer you wait, the greater the penalties can be. As a result, you should always file returns even if they are late. In many instances, settling tax debt begins with this basic step.
Payroll Tax Issues
Delinquent payroll taxes can be one of the most serious tax related issues out there, leading to serious federal charges along with IRS penalties. It’s much more serious than income tax, and employment taxes are always given a higher priority by the IRS and their collections/enforcement departments. As a result, getting help quickly and taking care of any payroll related tax debt is a must. Failure to do so could lead to dire consequences for yourself and for your company.
These are just a few of the problems and settlement options that exist in the world of IRS debt issues.
Handling any tax problems on your own is generally a bad idea, and enlisting an experienced tax professional is a must. Mary E. King has spent her career concentrating in tax law, and can help you with any of these issues and more. By working as the buffer between clients and the IRS, Attorney King stands up to the IRS for her clients and protects their rights while working hard to get them the best tax debt relief available.
That helps explain why she’s received an A+ rating from the Florida Better Business Bureau. If you have a tax related issue – no matter how small or how large – setting up an initial consultation with Tax Attorney Mary E. King is the first step you should take towards relief.