Looking For A Cleveland Tax Attorney?
Are you a taxpayer living in the Cleveland area? Have you recently been struggling to pay back your IRS taxes? Do you need some direction to lead you to a tax debt resolution? If you’ve been trying to find an attorney in Cleveland to resolve your tax debt, you should consider all of your options. Online searches and the like provide suggestions that may not result in the best resolution plans. By hiring a tax company that is staffed with IRS Tax Practitioners, which must be either CPAs, attorneys and Enrolled Agents, you may be able to receive assistance at a rate that is more affordable than Cleveland tax lawyers.
Taxpayers struggling with IRS debt should contact a tax professional as soon as possible to begin the resolution process. The IRS has penalties and collection actions in place that can increase amounts owed or put holds on bank accounts. Tax debt specialists can help a taxpayer settle their debt and offer a free consultation to those seeking assistance. We are not headquartered in Cleveland, but we’ve been providing quality service to taxpayers across the country for years. With fast recommendations and experts that are likely offering more resources and tools than a Cleveland tax professional, you may find settling your tax debt to be easier than you expected.
Tax debt typically begins with late returns or unpaid back taxes. This amount can increase if payments continue to be missed. A tax professional will work with their Ohio clients to quickly resolve any issues with the IRS and avoid further problems. If repayment is not an option presently for any legitimate reason, taxpayers can receive help from tax experts to set up the best payment plan.
Once the tax debt has reached a certain point of delinquency, the IRS will begin to place liens and levies on a taxpayer’s assets. At this point, settlement options are a necessity to prevent drastic loss of funds or property and other hardships. Tax professionals can advise taxpayers on the following options for settling with the IRS: Offers in Compromise, Installment Agreements, Currently-Non-Collectible status, and Penalty Abatement. Offers in Compromise are an agreement with the IRS to allow the taxpayer to pay less than their full amount owed due to proven financial hardship. Installment Agreements are payment plans made with the IRS. Most of these plans still involve paying off the full balance owed, but it is repaid in smaller monthly payments to make it manageable for the taxpayer. These plans are typically around 60-months in length and are entered into for various reasons. A taxpayer in Currently-Non-Collectible (CNC) status is considered to be in financial hardship and therefore is unable to make payments. This situation requires that all financial documentation be provided to the IRS. A tax expert can help a taxpayer make sure they are providing the right information to maintain their CNC status.
It is up to you to decide which IRS resolution method is the most appropriate for you situation. Some repayment plans center around small payments and others incorporate a few large installments. Others take care of a tax debt without any expense from debtors that are in financial hardship. Regardless of the method you choose, Cleveland tax attorneys and our tax professionals can set you up with a settlement under the same IRS guidelines.
The IRS assigns penalty fees and interest to taxpayers who file their returns late or make late tax payments. For filing a late return, the IRS will charge 5% per month on the amount owed up to a maximum of 25%. For late payments, the IRS will charge ½% per month on the amount owed up to a maximum of 25%. Tax debt professionals advise taxpayers about whether they can qualify for abatement. If a taxpayer is being assessed these penalties and qualifies for certain cases, they can receive abatement. Abatement is a removal of these fees due to circumstances that would have prevented the taxpayer for a household or business from filing or paying taxes on time. These circumstances range from death and natural disasters (and other situations out of the taxpayer’s control) to a lack of available funds (if all practices and business are shown to be in good standing and executed properly).
Tax debt can be a tricky problem to resolve. Knowing the specifics of your case will help you to find the right person to negotiate your settlement. If you need legal advice, only a tax attorney in Cleveland will be able to help you. Calling one of our tax professionals can help you determine whether this is necessary for you. It isn’t required in every case, but in some situations it is important. We are not a company of Cleveland tax lawyers or a law firm. However, we do have a full staff of tax professionals that can perform a wide variety of tax services. Our CPAs, tax debt experts and practitioners carry out all tasks with an attention to detail and a strong desire to get you the best results possible.
There are several options for taxpayers in debt to the IRS. Anyone struggling with this should take the first step toward debt settlement and contact a tax professional for free consultation and resolution options. You do not have to sign up for anything, simply have your tax questions answered by an expert. Just getting the information is an important part of finding relief from tax debt. Call today and get back on track with your taxes!