It is understandable that many people are unable to pay their back taxes. Many tax payers are simply unlucky. The IRS can issue notices, demand financial information, and even levy astronomical interest and penalties on those who do not pay. Then, if they don’t pay, the IRS can begin threatening legal action and wage garnishment to collect what is due. However, there are ways to avoid all of these complications and avoid bankruptcy.
The first step is to hire an IRS Tax Debt Attorney at www.indianataxattorneys.net/tax-debt-attorney-south-bend-in/. If you are unable to pay your back taxes, hiring a Tax Debt Attorney is the best way to avoid bankruptcy. You should remember that the IRS cannot be trusted if you are not able to pay. This agency has aggressive collection practices and will not be satisfied with an offer that you can pay. The best way to fight back is to hire an IRS Tax Debt Attorney who has years of experience dealing with this agency.
An IRS Tax Debt Attorney can negotiate with the IRS on your behalf. For example, a taxpayer who has been forced to file bankruptcy is eligible to file an “offer in compromise.” The IRS will consider this option if he or she can prove a serious financial hardship, such as losing a job, catastrophic medical expenses, or family members suffering from unemployment. While this option may seem overwhelming, it is not out of the question. A qualified IRS Tax Debt Attorney can help you file current tax returns and work out a payment plan that will be affordable for you.
Another way to negotiate with the IRS is by filing an “offer in compromise.” This is an offer in which you ask the IRS to reduce your tax debt. Despite the fact that you have no intention of paying anything, this option can be the only way to save your money. If your financial situation is dire, you may even be eligible for an “offer in compromise.” While this option isn’t suitable for everyone, it does exist for some.
The IRS accepts compromise offers from taxpayers in a great deal of cases. In fact, the IRS accepted a record of 54,225 compromise offers in 2019 and accepted 17,890. It is important to note that a taxpayer must be up-to-date on their tax filings and have paid the estimated taxes for the current year to qualify for this type of deal. Otherwise, the chances of negotiation are slim. If you qualify, the IRS will be more lenient with a low income.
A tax attorney will not settle your tax debt for pennies on the dollar. An IRS Tax Debt Attorney will be able to negotiate on your behalf with the IRS and resolve your back taxes so that you can pay your bills. As long as you have paid your taxes on time, you will be able to keep your assets and avoid jail, and if your tax debt is not paid on time, an attorney can negotiate on your behalf.