Finance

Having Tax Troubles? Here’s What To Do

 

If there’s one government agency you don’t want to be involved with, it’s the IRS. No other organization can make your life more miserable if they think you haven’t paid your taxes properly. When the government accuses you of dishonesty, you must take decisive action.

Dire Consequences Can’t Be Ignored

When you receive an IRS notice, the worst thing you can do is disregard it. Guilty or innocent, you can’t afford to wait out the situation. The IRS has lists of detailed penalties for delinquent taxpayers. Fines are the most common and can range from $50 to $50,000 or more, depending on the perceived infraction. For fraud, more severe measures may be applied, such as wage garnishments and “levies”, or seizure of assets, including money or physical property. In extreme cases, you could be sent to prison. With the stakes so high, it’s worth building a strong defense.

You Needn’t Act Alone

Dealing with the government is a delicate business. Hiring professional help is recommended to guarantee your rights and negotiate a reasonable solution. Tax lawyers are experts at offering compromise Washington DC between taxpayers and the IRS. If you’ve kept thorough records, perhaps you can prove a mistake was made. Your current records may also demonstrate that you simply don’t have the resources to pay the full amount, and an attorney can convince a court that forcing payment would cause undue hardship. With a lawyer representing you, the government may agree to settle your debt out of court for a considerably reduced amount. At a minimum, you’ll likely be able to pay it off in installments or even have your penalties waived entirely under certain circumstances.

Don’t be intimidated by the IRS. Get an attorney who knows the law and understands the tax system’s inner workings. Your troubles might not be as bad as they seem.

 

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close