Information on Tax Resolution

Do you need help with tax debt?

If you owe significant amounts of back taxes, you may have nearly given up hope of ever being able to catch up. Against the threat of wage garnishment and repossessions, it can be incredibly difficult to confront a large bill for unpaid taxes, but with the help of an understanding attorney you can begin on a plan of action for getting back on stable ground. As long as you owe a debt to the IRS, you will be one of the many people they target with debt collection and until you satisfy the unpaid amount you may be subjected to a considerable amount of pressure to pay. Your personal property and your weekly income may be confiscated, so you must act now to resolve the situation.

It has become increasingly common for families and individuals to find themselves unable to pay the amount due for their taxes, with the rising numbers of foreclosures and layoffs. When you are focused on paying for basic expenses such as food and shelter, it is easy to procrastinate on paying the tax bill, but the IRS is known to use aggressive tactics to recover on debts. When you already face action against you, the top priority has to be defending yourself. You also need to consider some form of debt relief or debt settlement, possibly even Chapter 7 or Chapter 13 bankruptcy, so that you don't end up in this position in the future.

Avoid Tax Relief Scams

You've probably seen advertisements like this: "We can settle your tax debts for a fraction of what you owe," or, "Let us significantly reduce your debt." These claims, and others like them, are commonly made by tax relief companies. Tax relief companies claim that they can help you consumers by settling their taxes with the Internal Revenue Service (IRS) for less money than they owe. While this offer may be tempting, the Federal Trade Commission (FTC) says that tax relief companies might be more trouble than they're worth.

In fact, the FTC is yet to see a single tax resolution companies that delivered its promised results. In some cases, companies would scam consumers by requiring an up-front fee for their services and then steal their credit card information. In the end, debtors were in greater financial distress than when they approached the company for help. If you owe back taxes, the FTC recommends avoiding tax resolution companies and seeking aide through the IRS.

IRS Solutions

You can get help from the IRS in two ways: an installment agreement or offer of compromise (OIC). An installment agreement allows you to pay off your outstanding debt in manageable, monthly payments until the debt is fulfilled. An OIC allows taxpayers to resolve their taxes for less money than they actually owe. OICs are offered to debtors on extremely rare occasions. In order to qualify for an OIC, you must exhaust all other possible means of satisfying the debt.

If you are not comfortable filing for an installment agreement or OIC by yourself, you may elicit the help of a certified professional. The FTC recommends working with a federally-authorized tax practitioner, certified public accountant or qualified attorney. If you have questions about tax resolution or other legal and financial issues, talk to an attorney from the Price Law Group today.

When you work with Price Law Group, an attorney from the firm can provide you with effective representation in negotiations over your taxes. They will also consult with you about your options so that you can find a strategy for getting back to a position of financial stability, including actions you can take for credit repair. Contact our firm today to get your taxes in order.