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Bankruptcy and Tax Resolution

Do you have overdue tax bills?

With the pressure and distraction of all your pressing financial demands, considering your tax obligations can be instantly overwhelming. Unfiled tax returns, looming tax due dates or outstanding tax bills can present a very messy situation when you do not have the money to pay or are behind on updating your financial records. If you are facing a tax problem, enlist the help of a lawyer. Your legal counsel can review your personal circumstances and advise of the best course of action for addressing tax due and protecting yourself throughout the process of liaising with the IRS and the FTB.

Unfortunately, ignoring tax problems does not make them go away. The IRS will resort to all kinds of methods to collect the taxes you owe, such as wage garnishment, tax levies and seizure of your cash and other assets. The good news is that there are a variety of solutions available. The sooner you take action, the more opportunities there are to resolve your financial problems.

Watch out for Scams

If you owe an overwhelming amount of tax debt, you may feel frustrated and stressed – even desperate. According to the Federal Trade Commission (FTC), fraudulent companies may try to take advantage of your financial complications and steal your money. You've probably seen advertisements claiming to settle your tax debts; maybe you even considered buying their services. Be careful. Tax relief companies are more trouble than they're worth. According to the FTC, scammers charge up-front fees but never deliver the services they guarantee.

In the end, debtors may accumulate more debt than they had when they approach the relief company. In some cases, companies charged consumers thousands of dollars in up-front expenses, failed to deliver their promise service and then made unauthorized purchases and cash advances on consumers' credit cards. The FTC claims that it has not encountered one helpful tax relief company. Instead, the FTC recommends seeking help with through a government program with the IRS.

Real Solutions

The IRS offers two solutions for people owing back taxes:

  • Installment Agreements
  • Offer of Compromise (OIC)

An installment agreement allows the debtor pay off their outstanding tax debts in smaller, manageable monthly payments. This way, you can establish a payment plan instead of paying the debt in one, unmanageable lump sum. An OIC allows taxpayers to settle their tax debts for less money than they actually owe. This solution is offered rarely. In order for the IRS to give you an OIC, you must exhaust all other means of satisfying the debt. Once the IRS has reviewed your financial circumstances, you may be allowed an OIC.

Although you do not need the help of a legal professional to apply for an installment agreement or OIC, the FTC says that you may obtain the assistance of an attorney if you are not comfortable negotiating the process by yourself. If you have questions about back taxes and tax resolution, talk to an attorney from the Price Law Group today – we want to help you secure your financial future.

Negotiate Your Tax Debt!

An attorney from Price Law Group can, as your representative, take on the IRS and other relevant agencies to negotiate regarding your tax debt. They will pursue the most advantageous route for your specific situation. This may include negotiating a monthly Installment Agreement and its terms, an Offer in Compromise, in which you pay a percentage of your tax liability and are forgiven the rest, or other options. Their 20 years of experience providing solutions across the gamut of financial issues allows them to take a comprehensive approach that can turn your entire financial situation around while also resolving your tax situation. The firm offers a confidential consultation free of charge.

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