Have you received a notice of delinquent tax returns from the Internal Revenue Service? Are you working hard to play catch up on filing your business tax returns? Did you allow years to go by without filing your personal taxes? Whether you’re behind in the filing of your business or personal taxes, it’s time to contact an accomplished tax lawyer so that you can avoid issues with the IRS. These issues can include garnishment of your wages or even jail time.
Let’s delve into some things that you should know about filing back taxes and how a tax lawyer can assist.
You Want to Contact the IRS ASAP About Your Unpaid Taxes
When you’re facing back personal or business taxes, you want to make sure that you contact the IRS as soon as you can. You can discuss your issues with a certified tax lawyer in making that initial contact with the government. Since the IRS has contacted you about your delinquent taxes, it’s time to contact them ASAP. A tax attorney can guide you in acquiring the proper forms and creating documentation of the contact that you make with them. The longer you put off getting in touch with the IRS, the worse your tax issues will become.
The IRS Can Audit Your Business
Did you know that the IRS has the power and authority to audit any business tax return within a three-year span of filing? The IRS can also collect back taxes that are owed for up to ten years. A tax lawyer can assist as you work to file your business taxes and stay current.
The IRS Can Go After Your Earnings and Levy Your Accounts
For unpaid taxes, the IRS can go after your funds to receive the money that they are owed. Typically, this is in the form of what’s called a bank levy. Once there is a levy on your bank accounts, the IRS will provide a 21-day waiting period, allowing you to comply with the levy or gather the funds that are owed. The levy’s 21-day waiting period also allows you an opportunity to contact the IRS and discuss the monies that you owe.
Generally, a levy is delivered via mail. Additionally, the date and time of the delivery of the bank levy is the time in which the levy is considered to have been created. A bank levy attorney can assist you with payment arrangements and more.
File Delinquent Tax Returns – Even If You Owe and Can’t Pay
Even if you know that you owe money on those delinquent tax returns and cannot pay them, you want to file them anyway. Your tax lawyer can process the paperwork you need in order to file those back taxes. Your dedicated tax lawyer can also help you communicate honestly with the IRS regarding your options and payment plans.
Some of the best tax attorneys in the country can also help you negotiate with what’s referred to as an Offer in Compromise. This will allow you to settle your tax debt on an amount that is less than what you actually owe to the IRS. With you owing less, you may find that you are able to pay your tax debts in a relatively quick and efficient manner.
If the IRS Made A Mistake, Let Them Know
Sometimes our Internal Revenue Service (IRS) will make a mistake. Those mistakes can initially cause stress and leave us bewildered. If you feel that the IRS made a mistake regarding your business or personal taxes, then you need to let them know immediately. Your tax lawyer can go over your earnings and taxes with a fine-tooth comb to help reveal any missteps that the IRS may have made regarding your taxes.
Paying back taxes is never fun, convenient, nor joyous. Your Chicago, IL area tax lawyer is here to help. As a former IRS attorney and certified public accountant, we can assist with the most difficult tax issues, even if you’re facing bank levies or need assistance on how to get a tax lien released. Connect with us today for a better outcome with your taxes.