How to Solve Any IRS Problem

Find Solutions with Our Cerritos Debt Relief Attorneys

The Internal Revenue Service (IRS) is infamous for being one of the least popular federal government agencies. The reputation is not exactly misplaced. When the IRS is owed debts by an individual, business, or other entity, it can use a variety of means – such as collection letters, liens, levies, and wage garnishments – to get what it wants. The pressure and persistence of the IRS can be enough to stress out anyone.

The only good thing about an IRS-related problem is that it can always be resolved. You can turn to Financial Recovery Law and our Cerritos debt negotiations lawyers for professional guidance through this trying time. We would be happy to put our 20 years of legal experience to good use for you.

Are You Behind or Out of Luck?

Every IRS problem can be sorted into two categories:

1. You have not filed one or more tax returns.
2. You cannot pay an IRS bill or tax statement.

Once you realize that your problem, no matter how complex it might seem, fits into one of those two simplified categories, the weight of the situation will lessen. If you are not caught up on your tax returns, you need to take steps to finish them and soon. If you cannot pay a bill, it is time to explore alternatives and negotiations with a tax lawyer. Either way, understanding the basics of your IRS problem is the first step in resolving it.

Interpreting & Reacting to the IRS

You may be notified by the IRS that there is a problem with your tax debt or tax situation but never told useful specifics. Discovering the source of the issue can rest on your shoulders. Start by requesting your tax record dating back several years, allowing you to see any and all returns filed, payments made, liens placed, and so on that could be pertinent to your case. Our Cerritos tax debt attorneys can help you study your record to determine what the solution may be.

We will want to consider these 5 options when pursing a resolution:

• Offer in compromise - The amount you owe the IRS is not unmovable. With the offer in compromise (OIC) program, you can actually discuss options to have that amount lessened. Your ability to opt into this program will be based on your income, expenses, and assets. If you do fail to qualify, ask about a penalty abatement program.
• Installment agreement - Comparable to a Chapter 13 bankruptcy filing, using an installment agreement with the IRS will restructure your tax debt and allow you to pay it back in lesser payments. Sometimes the IRS will tell you to pay a certain amount each month until the tax debt expires; at that point, the remaining debt is discharged.
• Uncollectible - People or parties with unstable incomes and few assets can achieve uncollectible status. The IRS will essentially shelve your tax debt for the time being, reviewing it annually to see if you are uncollectible still.
• Bankruptcy - If you are in tax debt due to personal income taxes, a successful Chapter 7 bankruptcy can completely eliminate the amount you owe. You should be prepared to lose some of your personal property in the process. Talk to your lawyer about exemptions.
• Repayment - The IRS will look into your financial situation with microscopic precision. If they determine that you can pay back your debt without bankrupting yourself, this is likely the only option they will offer you.

Struggling with Your Tax Debt? We Can Help You Through It!

The IRS is not going anywhere. If you owe them a tax debt, you must be willing to take the first step and take action to solve it, one way or another. At Financial Recovery Law, you will find that we are truly passionate about uplifting our clients and guiding them to comfortable, amicable solutions. We are renowned throughout Southern California for providing a friendly and professional environment for businesses and individuals alike.