Rochester Tax Attorney
Taxpayers in debt to the IRS should call Rochester tax attorney to get advice on debt resolution options. If you owe money to the IRS or have had issues with tax return deadlines, there are solutions waiting for you. Tax professionals can help guide you on the proper course of action and work with the IRS for you to ensure the best results.
Filing taxes and handling IRS payments can be a complicated process. Taxpayers in debt to the IRS often have had trouble making payments, meeting deadlines or including the proper forms in tax returns. All of these problems can lead to large balances owed or fees and interest being charged to the taxpayer. Anyone who has received a notice from the IRS should ask tax experts such as Rochester tax lawyers how to determine what program is appropriate for this situation. This decision is made based on the issue they are currently undergoing and their specific financial situation.
The four most common solutions to tax debt taxpayers will receive advice on are repayment, Offers in Compromise, penalty abatement and obtaining Currently-Non-Collectible status. To pursue any of these paths, a taxpayer should get in touch with tax lawyer of Rochester to see which program is appropriate for them. Repayment options can be the most straightforward (such as a lump sum payment) or rather complex (in the case of Installment Agreements). Installment Agreements involve repayment over a specified length of time (usually 60 months) and often require repayment of the full balance. Taxpayers talking to tax attorney Rochester who cannot afford the full balance still have a few options. Offer-In-Compromise is a program set up to allow a taxpayer to pay whatever they can afford at the time of the agreement and then be released from liability by the IRS. This plan, along with most other resolution options, requires that taxpayers give all financial documentation to their tax professionals, such as a tax attorney in Rochester.
Penalty abatement exists to remove fees and interest assigned to a taxpayer who has filed late or paying taxes late. There are several cases that are out of the taxpayer’s control in which the IRS will accept abatement. Taxpayers wanting to know if they qualify for any of these cases can contact Rochester tax attorneys to determine whether it is a viable option. Abatement always requires reasonable cause for why the taxpayer was noncompliant and that the taxpayer show due diligence in resolving the debt. Currently-Non-Collectible (CNC) status is a last resort for the IRS to assign to taxpayers whose monthly income is less than their total monthly expenses. Full financial disclosure is a necessity, so making sure to give all pertinent tax documents and information to Rochester tax lawyer is crucial.
You don’t have to stay in debt to the IRS. There are solutions available to you right now! Taxpayers seeking debt relief and help in working with the IRS need to contact tax experts to get the process started! It can take a while to get through a debt relief program, and the longer you wait the more you may owe. If you’re ready to start on the road to financial freedom, call tax lawyer Rochester today!