With the help of a tax attorney that offers IRS back tax help, you can easily resolve your tax problem a lot quicker than trying to tackle the matter on your own. It can be an awful experience when faced with the adversity of back taxes. The good news is, it’s better late than never to file your IRS back tax returns. Sometimes, you might not notice your back taxes until the IRS levies your bank account or garnishes your paycheck. No matter the circumstance, there is always the possibility of IRS back tax help through reaching out to a Tax Attorney who understands the tax law. Don’t live in fear of the IRS connect with a tax pro for help.
When faced with the issue of back taxes, it’s essential to take action quickly and efficiently. The consequences of negligence can be severe, so it’s very important to consult with a Tax Lawyer. Tax lawyers understand your situation and can help you. With a tax lawyer’s help, you are guaranteed peace of mind and security in avoiding further consequences that could affect the Tax Debt Relief.
Consequences of Not Filing Your Back Taxes
The consequences for not paying your taxes vary from case to case depending on the amount you owe. One of the immediate consequences of back taxes is that you will be hit with penalties and interest. Importantly, you can lose your Tax Debt Relief options if you fail to file your back taxes.
Failing to file your back taxes will cause you to be hit with the failure-to-file penalty. This penalty involves a penalty of 5% of your total due tax, which can potentially go as high as 25% if you continue failing to file your back taxes. More so, you face the loss of a refund, as well as any other tax benefits. In this situation, it’s your best bet to seek the professional help of a Tax Attorney. This way, you will get exceptional and responsive help.
Usually, the IRS will be open to give taxpayers a second chance to fix their back taxes if they fail to do so. Usually, this condition is unfavorable and looked down upon from the IRS. It is very important to meet the deadlines in filing your taxes.
IRS Back Tax Help
There are various solutions offered by the IRS to solve your unpaid IRS back taxes. These solutions will help you to avoid the consequences of your unpaid back tax. When in this situation, it’s essential to respond immediately to the IRS. This is necessary whether or not you can make the full payment. The truth is to do the best you can when it comes to payments. After, you can explore these following tax relief options:
1. The Option of Payment by Installment
This is a payment method that involves paying a certain amount monthly to the IRS. Using the United States Tax Code, victims of Ponzi schemes can recoup 30% – 40% of their losses. So, if you fall into this category, you can involve a Tax Attorney. The attorney will help to navigate you through this complex process. Although this process is very technical, it can reduce the taxes you paid in the past. Thus, this entails that the IRS will refund a certain amount of money to you with interest or Tax Debt Relief. There are different types of installment payments and you can choose the option that best suits your financial status. This is a choice that your Tax Lawyer will help you make with ease.
2. The Option of Provisional Postponement of Action
This is not a payment plan for paying your unpaid back taxes; this is a delay tactic or diversion in paying the immediate amount due for payment to the IRS. In this situation, the IRS hits your account with a ‘not collectible’ tag. You can withhold payment until there are improvements in your financial status. This option does not reduce the amount you owe in unpaid taxes. During the period of delay, it could result in a certain amount of interest payable to the IRS.
3. The Option of an Offer in Compromise
Offer-in-compromise is a payment option that enables you to pay less of what you owe the IRS. In this option, you work hand-in-hand with your tax attorney to propose an offer to the IRS. The IRS forgives your debt once you are able to pay the agreed amount of unpaid taxes. Anyone can apply for the offer in compromise, however, not everyone is eligible. The IRS does not offer this payment option for everyone. To be eligible for an offer in compromise, you must meet the criteria set by the IRS. Once you opt for payment by installment, your eligibility chances are very slim when doing it on your own.
IRS Back Tax Help Attorneys – Free Consultation
Back Tax can be very complex to resolve if you don’t have the experience and legal knowledge in tax law. Our IRS back tax attorneys have helped over thousands of taxpayers to resolve tax issues daily and we can do the same for you. We will guide you step by step and make sure every decision that you made is right.
To speak to a back tax attorney, call us now.