Even the most assiduous taxpayer will still sometimes find himself burdened with various tax problems. Unfortunately for these individuals, having a clean slate and the truth may not be enough to get them free from the target list of the Internal Revenue Service (IRS). Whatever financial obligations you still owe to the IRS, these can be competently handled by a tax attorney.
5 Ways to Pay off Liabilities with the Help of a Tax Attorney
Talking and pleading will unfortunately get you nowhere with the tax collectors. Only the voice of money will be heard and you need to set the right tone for it with the help of a tax attorney.
Installment Plan – Your tax attorney can work with the IRS to negotiate an installment plan for you and settle unpaid taxes in a way that won’t put any pressure against you. A tax attorney can also clue you in on what conditions you must meet in order to qualify for paying by installment. It’s generally better if you and your tax attorney are able to work out an installment plan that will allow you to pay all the money you owe in 5 years or less.
Look for the OIC – That, however, doesn’t stand for officer-in-charge but rather for offer in compromise. A tax attorney who sizes up your financial situation may suggest that you apply for an OIC. In this case, you may be qualified to pay only for a portion of your total liabilities, depending on what your tax attorney and the IRS agrees to. Filing for the Big B – At times, filing for the Big B or bankruptcy is the only way out of your current fix. Unlike other options, you won’t need to submit heaps of documents to prove your eligibility. What your tax attorney has to do instead is prove by word, actions, and on paper to the judge handling your case that the only remedy for your situation is to declare yourself bankrupt and unable to pay any taxes you owe to the government.
Presently Incapacitated – Your financial situation may be dire for the time being only, and if so, your tax attorney could suggest that you request for the IRS to change your status to “not currently collectible”. As such, the IRS will continue to bill you the taxes you owe but will not press to make any payments until you’re able to make them.
Partial Payment Installment Plan – If your situation permits, your tax attorney can also make things better for you by persuading the IRS to reduce your total liabilities into a manageable amount. Moreover, this amount will be paid by installment to lessen the burden on your shoulders. For this option, a tax attorney will begin by making sure that you submit all the necessary documents and help you write an effective letter of request. Your tax attorney can also ensure that you make the payments in your preferred method and do so on time. Being presently unable to pay off your liabilities shouldn’t be reason enough to put you into jail, but only a tax attorney can make that possible for you.
Tags: bankruptcy, clean slate, clue, financial obligations, financial situation, heaps, installment plan, internal revenue service, irs, money, offer in compromise, oic, remedy, target, tax attorney, tax collectors, total liabilities, truth, unpaid taxes
