In the last three years, more and more people are finding themselves in debt that they can not control. Some of it is due to credit cards or a mortgage that is spiraling out of control. However a lot of debt is in the form of unpaid taxes to the IRS.
Many people who owe taxes to the IRS, are not aware that they can hire an attorney to help them solve this problem. A tax settlement attorney understands all the rules and regulations that are in place for anyone who wants to apply for a tax settlement. They know who is eligible to apply and who isn't.
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People may at first, not relish the thought of hiring one because it cost money, but attempting to complete the process themselves will certainly provide more stress on top of the existing stress arising from the debt. The cost of a settlement attorney pails in significance when compared to the stress of completing a tax settlement with no knowledge.
They normally have prior knowledge and training about applying for a tax settlement. There are five clauses that anyone can apply for a tax settlement under. Anyone without excellent knowledge of them, can find themselves missing an opportunity or extending the process through unnecessary work.
The clauses that they can use are
- Offer in compromise
- Penalty abatement
- Partial payment installment agreement
- Innocent spouse relief
- IRS tax bankruptcy
A tax attorney has in depth knowledge of the tax laws and will negotiate with the IRS for their client. Due to the experience, they can obtain extended payment periods or in some cases, even have the bill reduced.
Once the attorney has agreed with the IRS, a payment plan that is suitable, the person then has the responsibility to make sure the payment plan is adhered to and all future taxes are taken care of. Once again if the person owing the taxes, feels they need the help of a professional then the attorney will be able to help them.
People that are in debt to the IRS, should not delay seeking the services of a tax settlement attorney. By delaying the process, they face consequences that will not be there, if they let an attorney negotiate with the IRS on their behalf.
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