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There is no obligation to file a tax return if you haven’t earned money.
→ Read MoreIf the installment plan you negotiated with the IRS is not backed by the proper legal documentation, the IRS can continue to levy and lien your property and assets. Any IRS installment plan agreement you enter into should be signed both by you and by an IRS official.
→ Read MoreWhen you’re trying to resolve Internal Revenue Service (IRS) tax debts, it’s important to know all of your options. One of the most common tax debt resolutions is an IRS installment payment agreement. Our tax law expert explains when an IRS installment payment agreement is accepted and how a tax law attorney can make a difference.
→ Read MoreWe’ve all seen the television advertisements from companies claiming that they can settle Internal Revenue Service (IRS) tax debt for pennies on the dollar. Are these claims of tax debt relief simply too good to be true? Our tax law expert has the answer.
→ Read MoreOnce an offer in compromise is accepted and you are paying the compromised amount off in installments, it is more important than ever that you maintain compliance with your filing requirements, estimated tax payments, and any and all payments for the offer in compromise. Failure to do so even once may result in your offer in compromise being rejected entirely and you will owe the amount you did before minus the payments you already made.
→ Read MoreThe IRS cannot freeze and seize monies in your bank account without proper notice. This is another tactic by the IRS to get your attention. Once your bank receives a notice of seizure of your funds, your bank has an obligation to hold the money for at least 15 days before paying it over to the IRS. You must contact the IRS immediately to negotiate either a partial or a full release of your funds.
→ Read MoreOffers are not guaranteed to be accepted at the time of applying and interest and debt collection attempts continue during the review process. It is very important to meet all of the requirements when submitting the application. The two different types of offer in compromise are streamlined and standard. Both have specific legal grounds to qualify.
→ Read MoreTax fraud is a federal crime with serious consequences and a crime that rarely stays hidden. Between the IRS’s audit computers and the Whistleblower program, tax fraud is nearly impossible to hide. Filing a fraudulent return can result in fines up to $250,000 for an individual or $500,000 for a corporation and up to 3 years in jail along with the cost of prosecution. If the IRS is charging you with tax fraud, you must hire an attorney and be prepared for a long, difficult and humiliating process.
→ Read MoreThe consequences for not filing your taxes snowball as time passes. For instance, delaying your filing past April 15th will automatically result in a fine of either $100 dollars or 5 percent per month of your taxes owed. If you continue refusing to file, the IRS will charge you 100 percent of your taxes owed and will not allow you any deductions or credits.
→ Read MoreWhile most negotiations with the IRS over your tax debt can be handled by the average American taxpayer, there are some instances where an attorney is both necessary and beneficial. If the IRS ignores your attempts to correct the mistakes, it is time to contact an attorney. An attorney can draft your letters to the IRS in a more direct way that is guaranteed to get the IRS’s attention. Those taxpayers who do not qualify for the Streamline Offer in Compromise program should consider hiring a tax attorney to handle their IRS negotiations. An attorney can better negotiate with the IRS and help them fully understand your financial situation, framing it in the way that the IRS needs to hear for offer acceptance.
→ Read MoreFind the right lawyer for your legal issue.
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