West Palm Beach IRS Debt Lawyer
Help with IRS Debt from an Experienced West Palm Beach Bankruptcy and Debt Relief Attorney
Owing money to the IRS often has more immediate and direct consequences than owing money to a hospital or credit card company. Rather than turn your account over to a collections agency or harass you for payment, the government may move much more swiftly to put a lien on your property or bank accounts to satisfy the debt. Fortunately, there are options available to work with the IRS and ways to protect your assets while dealing with a valid or disputed tax debt. The Port Law Firm in West Palm Beach and Port Saint Lucie can help you find the solution that best meets your needs and advocate for an effective and lasting solution. Contact our West Palm Beach IRS debt lawyers today, below are some of the ways we can help.
Offer in Compromise
When we negotiate an Offer in Compromise for you, the IRS agrees to accept a lesser amount as payment in full on your debt. The IRS may be most willing to consider an Offer in Compromise in the following situations:
- When you have a valid dispute over the amount of the tax or the existence of a tax liability;
- If there is real doubt that you would be able to pay the entire amount that is owing; or
- When it would be unfair or cause an undue hardship to collect the tax.
With years of experience advocating for our clients in need, we can negotiate on your behalf and reach a satisfactory resolution of your tax dispute. Any collection activity by the IRS which may already be underway, such as garnishing your wages or implementing a tax lien or tax levy on your property or bank account, can be suspended during the period that we are negotiating an offer in compromise on your behalf, providing you with immediate relief.
A current tax liability can be paid off over six years in up to 72 months of monthly installments, by negotiating an installment agreement with the IRS. It is important to have an experienced attorney negotiating on your behalf. The IRS will determine the amount you need to pay based on guidelines covering necessary living expenses and what they should cost you based on the size of your household and where you live in the country. However, your actual expenses may be greater than what the IRS says they should be, or they may disagree with you over whether certain expenses are “necessary.” We can help by negotiating on your behalf with the IRS, or getting your account placed in currently noncollectible status where appropriate. We can also advise you if an Installment Agreement may not be right for you based on the penalties and interest which can accrue while you are on a payment plan.
Dealing with Tax Debt through Bankruptcy
Some tax debt can be discharged in bankruptcy, meaning you would not be responsible for paying the debt at the conclusion of your bankruptcy. Specifically, the law allows a discharge of a federal income tax debt if the following conditions are met:
- The debt relates to a tax return that was filed at least two years ago
- The filing deadline for the tax return is more than three years old, including extensions
- The debt stems from a tax assessment that is at least 240 days old
- There is no evidence of fraud or tax evasion on your part
Other types of taxes are generally not dischargeable in bankruptcy, but a bankruptcy may still solve your problems by relieving you from other debt or consolidating and adjusting your payments so that you can afford to pay off your tax debt in a lump sum or over time pursuant to an installment plan.
Experienced West Palm Beach Bankruptcy Attorney Helping You Rid Yourself of IRS Debt
For advice on the best way to deal with tax debt and professional, effective representation in bankruptcy or negotiations with the IRS, schedule your free consultation today.