Oakland Tax Attorney
IRS notices can be one of the most stressful things to receive in the mail. These notices can be sent because of debt owed, deadlines missed, or missing portions of a tax return. Regardless of why the notice was sent, Oakland tax attorney advises that none of these problems are without solutions. If you have received any notice from the IRS requiring action, contact a tax lawyer in Oakland to learn what resolution options are available to you.
Taxpayers who have sent in an incomplete return, or missed the deadline, may need the assistance of tax professionals to fix the issues addressed in the IRS notice. If the return is not handled in a timely fashion, or if it is filed and any payments are not made to the IRS by the deadline, there is a penalty system in place including liens and levies. These actions can result in additional fees and interest or seizure of the taxpayer’s assets. Any taxpayers who have received notices of liens or levies should contact Oakland tax lawyer immediately to avoid increasing their debt to the IRS. These levies can affect anything from personal bank accounts to important material possessions such as cars or houses.
If there is an established debt owed to the IRS from unpaid taxes, the best action a taxpayer can take is to pay it off immediately. Such repayment would remove any of the holds placed by the IRS. If lump sum repayment is not an option, Oakland tax attorneys advise that there are several repayment agreements that can be entered into to put a taxpayer in good standing with the IRS without requiring the full balance to be paid at once. These settlement options, or Installment Agreements, mostly require a 60 month commitment. The different agreements are available to help taxpayers in varying financial situations. Some of these programs are intended for those having other bills that must be paid, whether short term (loan repayments, car payments, etc.) or long term (mortgages, etc.). Tax attorney of Oakland recommends sending all related financial documents to tax experts to ensure that the best IA is chosen.
When a taxpayer cannot pay the full balance and does not qualify for an Installment Agreement, Oakland tax lawyers want them to know there are still options available. An Offer in Compromise (OIC) is a settlement with the IRS in which the taxpayer pays as much as they can at the time and the IRS releases the liability. This is beneficial for the IRS and the taxpayer, as the IRS receives some payment and the taxpayer is no longer in debt. Anyone that needs to enter into an OIC should call tax attorney Oakland to determine if it is a possibility and what the settlement amount will be. Taxpayers unable to pay can potentially obtain Currently-Non-Collectible status. This requires full financial disclosure to show that monthly expenses exceed gross monthly income.
If you’ve found yourself in debt to the IRS, or receiving any of the notices commonly sent, there are solutions to your problems. Getting out of debt and staying compliant in regards to tax filing and payment can bring about relief from the stress of owing the IRS. Call tax lawyer Oakland today to get the process started and begin working toward the freedom you seek!