Back Taxes Owed
When you owe back taxes, it is absolutely crucial to manage the debt as soon as possible. Failure to pay prior taxes could cause a tax bill to continuously increase. If you are facing financial hardship and cannot pay your back taxes, a tax lawyer can help determine which strategies may be available to you.
Late Tax Return Filing
If you are late filing or paying taxes, the IRS may impose certain penalty fees, interest fees, or both. The IRS could consider waiving the penalty fees if you are able to show some sort of reasonable cause for missing the deadline to pay or file. If you do not qualify or if the IRS does not accept your reason, a tax lawyer can help you regain your financial footing with penalty relief programs.
Non-Filed Tax Returns
When an IRS examiner discovers that an individual has failed to file his or her required federal tax return, the IRS may try to contact you to notify that you have failed to file a tax return. If you fail to respond to the notification sent from the IRS, the IRS may make a tax return on your behalf. More often than not, your best interests will not be served in a tax return filed on your behalf by an IRS examiner.
Offer in Compromise
An Offer in Compromise Program can provide an alternative way for you to settle your tax debts. The compromise can allow you to settle your tax debt for less than the full amount that was originally owed. An offer in compromise may not be for everyone, so to determine if an offer in compromise is the best alternative for you, consult me as your tax lawyer and certified public accountant.
By being licensed as a North Carolina Lawyer and a North Carolina CPA, I have the experience, compassion, and insight to assist in resolving your IRS or state tax problems. If you find yourself with IRS or state tax issues, please call The Law Offices of J. Edgar Halstead, III, PLLC at (704) 464-1088.