Owing taxes to the IRS is no joke. In fact, you could face severe penalties for not addressing outstanding tax liabilities. The good news is that there may be actions you can take that can help reduce your debt. However, due to the complexity of tax regulations, it can be difficult to know what your options are. Fortunately, you can reach out to a tax resolution attorney for support. Here are the top five reasons to hire a tax attorney today.
Settle and Simplify Your Outstanding Tax Debt
Our attorneys know your rights and which settlement programs may be available to you to reduce your overall debt. We will also negotiate on your behalf. We can simplify the terms of your agreement and ensure you are making payments for a shorter period of time. For instance, you may be eligible for an Offer in Compromise, which is a partial settlement of your total tax liability. Or, you may qualify for an Installment Agreement, which would allow you to pay off your debt over a period of time. We will also explore matters such as Innocent Spouse Relief, look at the statute of limitations for your debt, consider bankruptcy options, as well as other strategies which may wipe out your debt completely.
Safeguard Your Wages, Bank Accounts, and Property
The IRS has a number of methods they can use to collect back taxes. A common method is a bank account levy, which instructs the bank to withdraw money straight from your account. Alternatively, the IRS can garnish your wages, meaning a chunk of your paycheck will be taken by the government before it gets to you. In some cases, the IRS can place a lien on your property or even seize your home or other property to satisfy your tax debt.
In any of the above situations, the IRS will first give you notice and an opportunity to make payments. If you do nothing and ignore all attempts to address the debt, your assets will be on the line. The best way to safeguard your wages, accounts, and property is to tackle your tax debt as soon as possible and to hire a tax resolution attorney.
Reduce Penalties and Interest
If after negotiation you still owe the IRS money, we can work to address other unexpected fees. In addition to your outstanding tax bill, you may also owe penalties and interest that have accrued on your balance, which will only grow larger over time. An attorney who understands the tax code will explore options such as a Penalty Abatement to eliminate these additional fees.
Protect Your Credit Score
The IRS does not report your tax debt to credit bureaus. However, if you fail to pay your taxes, the IRS has the option to file a Notice of Federal Tax Lien. Your debt will then be a matter of public record and will show up on a credit report. This may result in you receiving a lower credit score. By entering into a payment agreement or offer in compromise with the IRS, a tax resolution attorney may be able to help you avoid this situation all together, or if a lien is already in place, negotiate to have the lien released.
Peace of Mind
Dealing with the IRS bureaucracy and uncertainty over the process is stressful and confusing. You do not need to go it alone, and can instead work with a professional who understands the law, the process, and can get your affairs in order so you can move on with your life.
Do not carry around the burden of your tax debt any longer. Allow a professional to evaluate your situation and fight for fair treatment. Connect with a qualified tax resolution attorney today by calling us at 1-800-571-7175. We offer FREE, no-obligation tax advice.