Beverly Hills Tax Attorney
Taxpayers in California struggling with tax debt of any size should contact a Beverly Hills tax attorney right away to avoid any future problems. Inaction when it comes to the IRS only worsens the situation and makes debt relief harder to achieve. If you have tax debt or have had any liens or levies placed on your assets, call tax experts such as tax lawyer Beverly Hills to find out the best solution for you.
Tax professionals like Beverly Hills tax attorneys are available to advise taxpayers on which IRS program will fit their particular situation. The most important step once a tax expert has been contacted is to provide all applicable information and documents to the specialists. This allows them to properly review the case and determine the best path to be taken. Some taxpayers are best helped by a settlement program such as an Installment Agreement or an Offer-In-Compromise. If the full balance can be paid over time, most of the Installment Agreements involve smaller payments over a 60 month period. There are several types of Installment Agreements, so tax lawyer of Beverly Hills can inform the taxpayer which method of repayment best fits their situation. To obtain an Offer-In-Compromise, the taxpayer must be able to pay an agreed upon percentage of the full balance. Once this has been done, the IRS will release the liability of the taxpayer and the debt will be considered satisfied. While this generally means the IRS will get less than the full balance, it benefits them because they can actually receive some money (and often times more than if they had pursued other avenues of collection). Tax attorney Beverly Hills suggests seeing tax experts to work with the IRS and determine the amount of the Offer-In-Compromise that the IRS is willing to accept.
In the case of a complete inability to pay, a taxpayer may be placed under Currently-Non-Collectible status. If the taxpayer’s monthly expenses exceed their monthly income, this option can be considered. Because this is a cancellation of debt, anyone seeking this path must provide full financial disclosure with all required documentation. To ensure this is being done properly, going over all finances with Beverly Hills tax lawyers is recommended.
There are fees that can be assigned to a taxpayer’s account when they miss payment or filing deadlines. These fees can add up to 25% of the original balance owed. Anyone being charged these fees should make sure they are being charged properly by reaching out to tax attorney in Beverly Hills. These can often be avoided by seeing tax experts prior to filing each year. Once the fees have been charged, debt can continue to grow unless abated. There are several reasons the IRS will allow abatement. Contacting tax professionals will help a taxpayer determine if their particular situation falls within the abatement guidelines.
If you have debt owed to the IRS and need help to get your account settled, it is not a lost cause. The worst thing any taxpayer can do is ignore their debt and hope it will go away. The first step is to find a tax professional who will work with the IRS on your behalf. Get started today by calling a Beverly Hills tax lawyer and be on your way to financial freedom!