How can I resolve my tax debt?
Outstanding debt can be overwhelming. Our firm works closely with clients to develop a plan for resolving an outstanding tax debt, including:
- Installment Agreements
- Offers in Compromise
- Currently Not Collectible Status
The ideal option depends on your circumstances. In order to make the best decision, you will need to pull your tax transcripts to know exactly where you stand. If there is very little time left on the 10-year period to collect taxes and you do not have a regular or sufficient income to pay, you may be eligible to file for “currently not collectible” status otherwise, you will need to consider the other three options.
What is an installment agreement?
Basically, the IRS agrees to suspend collection activity and, instead of paying the amount in full, will agree to take monthly payments. There are different types of installment agreements depending on the amount you owe and your income status.
What is an offer in compromise?
An offer in compromise is an offer to settle your taxes for less than the amount owed when you cannot pay the taxes in full. The IRS will conduct an asset analysis and an income analysis to determine if an offer will be accepted.
How can Bankruptcy help me to resolve my tax debt?
Although bankruptcy is often not the best option, there are times when it is the right solution. For income tax to be dischargeable under bankruptcy, the taxes owed must be at least 3 years old, the return must be on file for 2 years, and any tax due from an adjustment must be at least 240 days old and there cannot be a fraud penalty.
Can the IRS take money out of paycheck?
Yes. Unlike a standard judgment wage garnishment, the IRS only allows a standard deduction and personal exemption. The IRS takes everything else. It is designed to force you to deal with your tax issue.
Can I get a levy released?
Yes, but first you must get your tax returns filed, fill out forms, and notify the IRS that you are going to submit the financial information and propose an alternative to the levy.
Can the IRS take money out of my bank account?
Yes, they can levy on the entire amount, regardless of what bills you have to pay or have already paid and not cleared, subjecting you to overdraft charges.
Can the IRS take money out of my bank account if my spouse’s name is also on the account?
Yes. We can assure you that dealing with your spouse will be a lot more difficult than dealing with the IRS when that happens.
I just got a notice of lien. How bad can that be?
A lien is an extremely powerful too. It attached to all property owned or acquired later by you. If even attached to an inheritance that you receive but reject and give to your children.
Should I call the IRS first to see if they can help me?
No. If you do, the IRS will start to ask you questions about your employment and assets in order to levy. Speak with an attorney that has experience in this field of law, ready to protect your rights and interests along the way.
Can you help me?
It depends on the specific situation. The best way to find out is to schedule an appointment, complete our questionnaire regarding our tax problems and see if we can make out a plan that is satisfactory.
What will happen at my appointment?
We will review your tax situation and your finances. The initial appointment is approximately 30-60 minutes long. If we determine we are not a good fit for each other or we cannot help you, you will not be charged for the appointment. If we are able to provide you with a roadmap based on the documents you have given us, we will. If not, we will advise you on what additional information you need to provide us. While we do take a credit card to reserve your appointment, we do not charge it until you are comfortable we can help and sign a retainer agreement with us. We also agree that we if an error should occur and you are charged before signing the retainer, we will not only refund it within 3 days but will reimburse you an additional 10% for the inconvenience.
Contact Tomes Law Firm, PC
If you are facing a serious financial situation with the IRS and need an effective legal team to help, contact Tomes Law Firm, PC Our firm is ready to help you through the tough time and ensure that your rights and future are protected when dealing with the IRS. Do not act alone, contact our firm for a consultation to discuss your legal matter.