Richmond Tax Attorney
Call today for personalized help from Richmond Tax Attorney. IRS debt is one of the most difficult financial situations to resolve on your own. The IRS does not need court permission to place a lien or start seizing assets and bank accounts. This means that collection actions can take place much faster than the average individual would expect. A Richmond tax lawyer will help a taxpayer avoid these actions by helping to determine a tax settlement plan.
Tax settlements come in three major forms, all of which have variations that are unique to the individual. The IRS Installment Agreement is one resolution in which the tax liability is paid in monthly installments. Taxpayers can enter into automatic installment agreements on the IRS website, or have a tax attorney in Richmond negotiate for an installment agreement with special stipulations based on their financial situation.
Another type of tax resolution is the Offer in Compromise. It’s important to note that this is a very hard resolution to qualify for as it allows taxpayers to settle their full tax liability for a lower amount providing the payments can be made within a period of two years. A Richmond tax lawyers will be able to determine a taxpayer’s eligibility after conducting a thorough investigation. After the investigation, if an individual is found to qualify for an Offer in Compromise, they will be required to submit detailed financial proof as well as a first payment for the agreement.
The last tax resolution is Currently Not Collectible Status. Delinquent taxpayers who are granted this status are usually in financial hardship already and the IRS will determine that further collection actions would not be successful to collecting any of the tax debt. A taxpayer should call a tax lawyer in Richmond if they believe they qualify for this status, as it is very difficult to prove to the IRS. The IRS will cease collection efforts when a delinquent taxpayer is granted CNC Status but will require periodic reviews to ensure that the individual’s financial situation has not changed.
Utilizing the services of a tax attorney Richmond will ensure that a taxpayer is getting the best tax resolution available. It is possible to negotiate for a tax resolution on your own, however, hiring a tax lawyer Richmond adds the experience of dealing with IRS agents and knowledge of the federal tax code. Tax services also have the resources to handle each customer’s case with the attention it deserves. Call today for a free consultation from Richmond Tax Attorneys.