Los Angeles Bankruptcy Lawyer – Tax Settlement
Have you accrued a significant tax debt and now face immense tax penalties that seem completely insurmountable? The skilled attorneys at the Los Angeles Law Offices of I Los Angeles Bankruptcy Attorneys have an excellent track record of success in assisting their clients with tax settlement issues. Dealing with the Internal Revenue Service (IRS) can be an incredibly convoluted process that requires the experience of an attorney who understands California specific and federal tax laws.
Tax settlements general refer to the process of an individual taxpayer settling back taxes with the Internal Revenue Service. These individuals reach a settlement with the IRS whereby their income tax debts are paid in part or in full through one of the various IRS Back Tax Resolution programs. Based on a taxpayer’s specific financial situation, the IRS offers various back tax resolution options. Full compliance with back tax regulations is essential in order for the IRS to begin resolving an individual’s back taxes and your attorney can educate you on all necessary elements. All past due tax returns must be properly filed for the IRS to take steps toward resolution and they must remain fully compliant with ongoing payments. The attorneys atI Los Angeles Bankruptcy Attorneys understand the ins and outs of effective tax settlement. Don’t enter into the tax settlement process alone. Align yourself with a firm who is well versed in the tax settlement process and IRS back tax settlement programs.
Solutions for Tax Settlements – Los Angeles Bankruptcy Attorneys
Recognized by the IRS, there are five ways in which an individual may seek to absolve their tax debt. They include the following:
- Offer in Compromise: Allows individuals to settle their tax debt for less than what they owe to the IRS. They may make lump sum payments, monthly payments over 24 months or monthly payments over the remaining time it takes to pay off their tax debts.
- Installment Agreement: A monthly payment plan for paying the IRS.
- Not Currently Collectible: A program whereby the IRS voluntarily agrees to not collect on the tax debt owed for a year or longer.
- Partial Payment Installment Agreement: A relatively new program for debt management that allows individuals a long-term payment plan to pay the IRS at a reduced amount.
- Bankruptcy: Either Chapter 7 or Chapter 13 bankruptcy allows individuals the ability t discharge all tax debts.
Understanding which tax debt relief option is right for you is essential and the professional counsel of a skilled tax attorney will be to your benefit as you maneuver through the maze of logistics associated with IRS dealings.
Contact a Tax Settlement Attorney Today
We are proud of the rock-solid reputation we have earned among our former clients and colleagues and look forward to providing you with high quality legal assistance as you deal with the possibility of Chapter 11 or 13 bankruptcy or foreclosure on your home. Please contact our offices located in Sherman Oaks and Los Angeles today to speak with one of our bilingual staff members and to start the process of financial recovery. As a Southern California debt relief agency, we are standing by to assist you. Call us at (213) 699-3055 today for a free consultation.
“The bankruptcy attorneys at Resnik Hayes Moradi LLP provided us the peace of mind I so desperately needed. I was not sure what to do and I felt like I was at the end of my rope. They were there the entire step of the way and gave me the necessary information I needed to make the right choice for my family.” – Dave B.