When you owe the IRS money, you will find that they are extremely persistent. Unlike other types of debts, even if you declare bankruptcy you will still owe the IRS. If you are faced with a tax bill that you don't know how to pay, or if the IRS has already taken steps such as putting a lien on your property or garnishing your wages, it's time to speak to a tax attorney about your options. Many consumers get locked into long-term battles with tax debt collectors, falling farther and farther behind in payments, because they do not know what their basic options are.
One of the first factors to consider before you even consult with a Sarasota tax attorney is the importance of responding to correspondence sent by the IRS. Keep a record of all correspondence that you have sent back and forth, and stay in contact with them or you will be more likely to face serious penalties such as wage garnishment, in addition to high interest rates. Although some people who are high in debt think that they can save money by not hiring a tax lawyer, this can backfire because they end up owing more money in the long run due to these interest rates and fees. It's better to hire a professional and try to resolve your debt with their assistance.
The IRS has experienced lawyers on their side, so taking these on with no legal expertise of your own is not recommended. Instead, when you have a tax attorney to represent you, you will have a fair shot of resolving your case. Benefits associated with hiring an attorney include the ability to keep your financial information confidential, and you will stand a higher chance of getting rid of penalties and interest. Even if you have falsified information on your tax return, your attorney may still be able to help you. It's important to be up front about your situation, so that he or she can resolve your case most efficiently.
Because tax laws are always changing, it can be difficult for consumers to stay up to date with all of these updates. However, it's the job of a tax attorney to know the law, and how it can apply to your individual situation. A good attorney will help you prepare for an audit, and can represent you in a court of law to try and reach a settlement wherever possible. A few tools to make debt more manageable can include reduced monthly installment plans or offer in compromise, among others.
Mary E. King is an somekeyword with the Law Office of Mary E. King, P.L. in downtown Sarasota. She practices in the areas of IRS Problem Solving, Mortgage Foreclosure Defense, Estate Planning and Probate.
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