IRS Tax Resolution
Tax Debt Relief Attorney in Glendale
Sometimes even the best laid financial plans can be turned upside-down if taxes are forgotten or finance laws are inadvertently broken. Without warning, you might find yourself or your business in trouble with the Internal Revenue Service (IRS). Just the thought of an IRS auditor looking your way is enough to send shivers down most peoples’ spines, and with good reason.
If you fail to file your taxes, you could be faced with the following penalties:
- Late fees
- Delayed reimbursement
- Tax refund considered defunct
- Arrest and conviction
No matter how dire things may appear to be, however, there is always a way out if you use the resources available to you. With a Glendale finance attorney from RJB Law Offices, you can find an IRS tax resolution that works for you.
Need a Solution to Your Tax Problems? We Can Help!
As with any other legal issue in life you might come across, there is not just one way to resolve your troubles with the IRS. For every problem, there is at least one solution. The important part is finding out which one will work best for your unique situation and then getting the gears turning to make it happen.
IRS tax resolutions we can help you examine and utilize include:
- Filing for Bankruptcy: Using Chapter 7 or Chapter 13 bankruptcy may actually eliminate your personal debt and any debt you owe to the IRS. As bankruptcy does potentially put your assets and credit score at risk, you should not begin filing without consulting with our Glendale county firm first.
- Offers in Compromise: The IRS understands that getting something is better than getting nothing. You may construct an offer in compromise to settle your owed taxes by only paying a fraction of the original amount. This can be tricky and may require familiarity with tax law to accomplish successfully.
- Payment Plans: You can request that any payments you owe be staggered over the course of several years, rather than all at once. It is important to realize that interest may be applied to taxes repaid using a payment plan, though.
- Penalty Abatement: Sometimes the penalties for not paying your taxes are nearly as costly as the owed taxes themselves. The IRS may opt to drop your penalties in agreement of full payment.
- Innocent Spouse Relief: Some taxpayers find themselves in trouble with the IRS because of what their spouse has done. With our assistance, we may be able to prove that you are an “innocent spouse” and remove your liability.
Discharging Tax Debt in Bankruptcy
For obvious reasons, the IRS does not like to publicize the fact that some tax liabilities may be discharged through bankruptcy. Your attorney can help you better understand whether your back taxes, interest, and penalty obligations qualify.
Several important considerations should be taken into mind when exploring bankruptcy as an option for tax relief, including:
- In order to qualify, a tax liability must be at least three years old, as determined from the return's due date
- Eligible tax returns must have been filed at least two years prior to a bankruptcy filing
- At least eight months must pass from the date of assessment
- Federal tax liens are generally not dischargeable, even if the related tax debt has been released
Recent changes to bankruptcy law by the U.S. Congress included several adjustments which directly address tax debts. It is critical for your legal team to have a clear understanding of the law so that your discharge-eligible tax liability does not unduly survive a bankruptcy filing.
Let’s Find Your Peace of Mind
Few things can be as stressful as knowing that the IRS is “after you.” For people who are short on savings, they may also feel short on time. Do not let the clock keep ticking away and worrying about when the IRS will contact you again. Start taking the right steps to an IRS tax resolution that does not compromise you or your family’s well-being but also finds a way to settle your tax problems. It can all begin with a complimentary consultation.
Contact us today to consult a Glendale finances lawyer from our firm.