Tax Liability Settlements & Defense with My Tax Law Professionals, P.C.
Every tax problem has a solution. If you are caught in tax debt, facing a tax lien or already suffering with wage garnishments and other harsh levies, the attorneys at My Tax Law Professionals, P.C. are here to offer you a hand out of the IRS issues you are caught in.
When married couples file joint tax returns, the liability of that tax balance is both joint and several. This means that both spouses are liable for the full tax amount due. IRS regulations make accommodations for special situations where one spouse should not be held liable for the tax debts of another. The exemption of one spouse from another spouse’s tax liability is called Innocent Spouse Relief. These tax liability claims must fit a specific set of characteristics to fit under the Innocent Spouse Relief defense.
At My Tax Law Professionals, P.C., we will determine the type of joint and several liability relief for which you qualify. There are three types of tax liability relief for these tax claims.
Innocent Spouse Relief will provide an individual relief from any additional taxes they owe if their spouse or former spouse neglected to report income, improperly reported income, or claimed erroneous deductions or credits.
Separation of Liability Relief accommodates for the allocation of extra tax owed by you or your spouse/former spouse because a joint return was not properly reported. The tax allocated directly to you will be the amount for which you are responsible.
Equitable Relief would apply if you do not qualify for innocent spouse relief or separation of liability relief for any items or assets not properly reported on a joint return. Some also qualify for equitable relief if the proper tax was reported on joint returns but remains unpaid.
Offers in Compromise are a method of settling your tax debt for less than the full amount owed. If you neglected filing your taxes, improperly reported your income, or did not pay the proper amount to the IRS, your tax problems can easily spill over into your personal life and negatively impact your finances. My Tax Law Professionals, P.C. can educate you about your options and help you restore your financial security through Offers in Compromise.
Lump Sum/Cash Settlements are one of the payment options for an offer in compromise, usually 20% of the total offer amount will constitute a standard Lump Sum payment while the IRS considers the offer and provides written acceptance.
Periodic Payment Agreements are similar to Lump Sum agreements in that you can settle your debt for less than the total amount, but you must make payments on the remaining balance each month while the IRS considers your offer. If the offer is accepted, you simply continue on your payment schedule until the settlement is paid in full.
Currently Not Collectible Status can only be given to a taxpayer who can prove their inability to pay their tax debts. The IRS will declare a taxpayer “currently not collectible” status after they receive sufficient proof that there is no ability to pay. If you know that you will be unable to pay any of your tax debt, the attorneys at My Tax Law Professionals, P.C. are able to help you file for CNC status and help educate you about the options available to you.
Installment Agreements are the monthly payment plans that taxpayers may arrange with the IRS to pay off any taxes owed. There are several types of installment agreements that are offered by the IRS, and the attorneys at My Tax Law Professionals, P.C. are well-versed in all types of IRS installment agreements so our clients can easily move forward with restoring their financial security.
Guaranteed Agreements are only possible if your balance due is below a $10,000 and you meet a specific list of criteria including having filed and paid on time for a minimum of the past five years, among other qualifications.
Streamlined Agreements are for tax debt balances under $50,000 that can be paid off in 72 months or less. There are another set of specific criteria to accompany these type of installment agreements, and that list of criteria was recently adjusted as a part of the IRS’s Fresh Start Initiative.
Negotiated Installments are necessary for people with tax debt balances over $50,000, who need longer than 5 years for repayment, or if you do not meet any of the criteria for other tax debt settlement agreements. You will need an experienced tax law defense attorney to assist you in negotiations if you wish to achieve the most favorable outcome, and with My Tax Law Professionals, P.C., that experience is ready to work for you.
Penalty Abatement’s are situations in which your tax debt can be reduced or waived completely. Full abatements are uncommon, but can be granted through special tax relief programs or as the outcome of valid and proper action by a knowledgeable tax attorney. At My Tax Law Professionals, P.C., you will know if your tax penalty is eligible for abatement, and should you qualify for such relief, My Tax Law Professionals, P.C. will do everything in our power to secure you the tax debt relief you deserve.
Employment Tax Resolution is necessary if an employer or business fails to properly file and pay their payroll taxes. Payroll tax errors are a surefire way to attract negative attention from the IRS in short order. If you’ve incorrectly applied your payroll taxes and the IRS is coming for you, the negotiation skills and experience of My Tax Law Professionals, P.C. will be an invaluable asset to you in resolving your employment tax issues.
No matter what type of tax conflicts you are dealing with, all of our clients will start with a free 1-hour consultation. My Tax Law Professionals, P.C. of Denver, Colorado are dedicated and prepared to resolve every tax problem you can bring to our desk.