Stockton Tax Attorney
Taxpayers looking to resolve IRS debt can call a local Stockton tax attorney for advice. A lot of individuals struggling with debt either do not have enough income to support the payments needed or have too many other expenses. Regardless of the taxpayer’s financial situation, help is available from tax experts such as tax lawyer Stockton.
If a taxpayer in debt to the IRS has the money, a tax attorney in Stockton would recommend paying the full balance in as few payments as possible. This would halt collection efforts and restore good standing with the IRS. However, many people do not have enough money to pay their debt off that quickly. For those taxpayers there are several debt settlement programs that help by turning large payments into smaller installments over time. In most instances, these Installment Agreements (IA’s) involve paying the full balance off in a period of 60 months. The different types of IA’s include special considerations for different circumstances. For example, a taxpayer working to pay off credit card debt at the same time would be advised by a Stockton tax lawyer to apply for a Conditional Expense agreement.
In the case of a taxpayer that has proven an inability to afford any payments, the IRS can award a status known as “Currently-Non-Collectible” (CNC). This temporary status can change whenever the individual has a change in income or becomes non-compliant with the IRS. It is important to keep in contact with a tax professional such as a tax attorney Stockton. Financial disclosure with such an expert helps keep the taxpayer current with the IRS and can sustain the length of time this status can be maintained. Once the taxpayer is no longer considered to be under the CNC status, other payment options must be arranged. The other payment plan for those in debt to the IRS is the rare Offer-In-Compromise. Taxpayers considering this option work with Stockton tax lawyers to determine the maximum amount they can pay in a short-term monthly plan. These plans last from 5 to 24 months. Once the payment plan has been submitted to the IRS, they can decide to reduce the total balance owed.
Taxpayers needing help with any tax issues should find professionals like Stockton tax attorneys to assist them with anything from penalty abatement to advice on how to maintain proper records throughout the year. If you have IRS debt of any size, it is always important to act quickly. Nothing is worse than inaction when it comes to IRS balances. You can start the settlement process today! Call a tax lawyer of Stockton for a free consultation today.