Ontario IRS Tax Debt Lawyer
Nobody enjoys paying taxes, but it’s a reality of life in California and the other 49 states. You may try to avoid paying taxes, such as by not filing your income tax returns. This is not a good idea, though. You are charged interest and fees when you don’t pay your taxes on time. You could get your bank accounts levied and your wages garnished. In extreme cases, you could even be sent to jail.
Not paying your taxes can lead to financial and even criminal consequences. Get the help you need from Wadhwani & Shanfeld. Our Ontario IRS tax debt lawyers can advise you on your options.
What Can an IRS Tax Settlement Do?
If you owe income taxes and cannot afford to pay them, you may be able to settle them through an IRS tax settlement called “Offer in Compromise.” This process was created by the state and federal taxing entities, allowing taxpayers to pay just a fraction of the amount owed.
The IRS or the state taxing authority will consider your full financial situation when determining whether to accept an offer. Therefore, it is important to hire an attorney who is experienced in gathering the appropriate information to present with the offer. The lawyer will contact the IRS or state tax board on your behalf and offer a lesser amount than what you owe.
The taxing authority will typically only accept an Offer in Compromise when there are extreme and exceptional circumstances present. Because of this, not everyone qualifies for a tax settlement. There are certain conditions required for success, so your lawyer will work with you to ensure success. This means they will gather all the required information, including your income, assets, expenses, and debt. They will also look at any hardships you may have, such as medical bills, divorce, and job loss.
Typically, you will qualify for an Offer in Compromise if you:
- Filed all required tax returns
- Have a valid extension for a current year return (if applying for the current year)
- Have made all required estimated payments
- Are not currently in a bankruptcy proceeding
- Are an employer and made tax deposits for the current and past two quarters before applying
If you do qualify, be patient. The process does not happen overnight. Your lawyer will ensure that the Offer in Compromise application has been received by the IRS. Making sure that the application has been received and is in the process can take two months or so. Your lawyer will then make sure the appropriate steps are being taken. The entire process can take roughly a year.
Contact Wadhwani & Shanfeld Today
Many people don’t worry about their tax debt, but once their wages are garnished and there are liens on their assets, they start to worry and wonder what options they have.
Contact the Ontario IRS tax debt lawyers at Wadhwani & Shanfeld for help paying off your tax debt. Schedule a consultation today by calling (800) 996-9932.
