Let A Business Attorney Help You Out Of Your Tax Troubles

If you've got unpaid back taxes to the IRS hounding you, there's an option that can get you out of trouble. It's called offer in compromise, and it means that you pay less than what you owe. A skilled business attorney can help you get it done.

The IRS On Your Trail

It's no fun to owe the IRS back taxes. This is an agency that strikes fear into even the nation's biggest corporations. The IRS can make life difficult for you if you owe them money from past filings.

What exactly can they do? There is little risk of going to jail for unpaid taxes. Unless it can be proven that you chose not to pay your taxes, you'll stay out of prison. Knowingly refusing to pay taxes is known as 'tax evasion' and it is a felony that is punishable by jail time.

What the IRS will do is garnish your wages, levy your bank account and seize your property. Wage garnishments mean that they simply steal your paycheck. They can use a bank levy to take the money you've got in your bank account. And they can also seize valuable property if you owe them back taxes. These are things that are easy to avoid by contacting them and getting started paying them back.

Offer In Compromise - Your Solution To Tax Worries

The IRS offers a special deal for those who want to settle up but can't pay the full amount. It's called offer in compromise (OIC). This is an agreement between you and them regarding the repayment of your back taxes. You end up paying it back partially and they forgive you.

How do you get this deal? First of all, there is a somewhat complicated application process with a nonrefundable fee. You'll have to submit documentation and any unfiled back taxes. You may not be eligible for an offer in compromise if the IRS believes that you can pay the money back. In other words, you have to be somewhat in need in order to choose this method.

You'll probably end up paying at least most of the initially owed balance and they'll wave most of the interest, if not all. But remember that there is a nonrefundable fee of $150.

Help With Your Offer In Compromise

Your business attorney can help you get your offer in compromise accepted. The IRS is an agency that preys on the ignorance of the average taxpayer. They will not give you this deal unless they have to. Naturally, they want you to pay the full amount. On their end, they'll be looking at your assets and financial information to try to prove that you can pay it, and thus you're ineligible.

It's very common for taxpayers to pay more than they have to on their OICs. A skilled business attorney can protect you from the IRS and their system of intimidation. It's tough to handle an offer in compromise on your own and the amount you pay for skilled legal help can save you big on your IRS payments.