Get help finding the Right Tax Lawyer for your case
When a taxpayer has an overdue tax debt that they are having trouble paying, they can negotiate with the IRS or state tax authority to lower the total amount they owe. The IRS or state tax authority may be willing to accept a reduced settlement if the taxpayer cannot pay their debt in full. Fines and interest associated with the overdue tax amount can be negotiated in many cases. Overdue tax negotiation can be a helpful process to alleviate some financial stress while still remaining in good standing with the tax authorities if you have an overdue tax bill or outstanding back taxes.
If your tax bill is overdue and you owe outstanding back taxes, you will likely face interest and late penalties being added to your total tax debt. Eventually, the IRS or state tax authority may place a tax lien or levy on your property or bank account. This means that they can seize your home, vehicle, land, and other assets; or they can take money directly out of your bank account to satisfy your tax debt. If your overdue tax debt remains unpaid, you can face high fines or even jail time.
To avoid these damaging consequences, you may want to negotiate a reduced settlement of your overdue tax debt. Negotiating overdue taxes on your own can be challenging, as the IRS and state authorities do not proactively offer such settlements often. However, there are scenarios in which the IRS or state tax authority will accept overdue tax negotiation. Having an experienced tax attorney help in your overdue tax negotiation can make all the difference in achieving a successful outcome.
Tax lawyers are well versed in the complex tax rules and regulations of both the state and the Federal government tax systems. A tax attorney can help evaluate your current financial situation and overdue tax bill, so that you take the right course of action, potentially saving you from further debt or legal trouble. If overdue tax negotiation is something you would like to explore, it is recommended that you use an experienced tax attorney to negotiate with the IRS or state tax authority on your behalf. An attorney may be able to reduce your overdue tax debt with an Offer in Compromise, or with a penalty abatement, which would help eliminate any late penalties or interest that may have been added to your total bill. An experience tax attorney will know what options are available and what forms of relief you quality for.
If you owe outstanding back taxes, we can help you find a tax lawyer that can help you with overdue tax negotiations. Contact Attorney Search Network for a tax lawyer referral today.
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