Settle Delinquent Taxes– With the Help of a Kissimmee Tax Resolution Professional!
Avoid IRS Wage Garnishment with a Voluntary Wage Assignment – Consult a Kissimmee Tax Resolution Professional
The IRS is mandated by law to take drastic actions to collect outstanding tax liabilities or delinquent taxes. One such drastic collection procedure is wage garnishment which takes a large chunk of an individual’s monthly paycheck even if he has dependents. With the help of a Kissimmee Tax Lawyer or a Kissimmee Tax Relief Professional, the delinquent taxpayer can avoid wage garnishment through a voluntary wage assignment. A wage assignment is similar to a wage garnishment in all respects except that it is voluntary – as such a negotiated and easier, more manageable payment scheme is put in place. Of course the delinquent taxpayer still needs to settle his tax liabilities with his hard earned money but at the very least his IRS Tax Problem is now more manageable. To find out more about this and other tax relief options you should contact a Kissimmee Tax Resolution Professional.
A delinquent taxpayer may through a Tax Resolution Professional negotiate a wage assignment plan with the IRS where a portion of his or her paycheck is transferred to the IRS. This transfer is done by the taxpayer’s employer as installment payments for his outstanding tax liabilities. Both wage assignments and garnishment are governed by statutes in most states.
Offer in Compromise
The “Offer in Compromise” (OIC) IRS program allows taxpayers with unpaid tax debt to settle their tax liability for less than the amount originally owed. Individuals who simply cannot pay for their tax liability or doing so may create burdensome financial hardships usually qualify for an OIC. You should let experienced Tax Resolution Professionals help you prepare your OICs to increase the chances of getting them approved.
IRS Tax Levy
An IRS Tax Levy refers to the statutory authority given to the Internal Revenue Service (IRS) to seize the property of a taxpayer in order to satisfy his tax liability without the need to go to court. The taxpayer’s properties may include the monies in bank accounts or paychecks. Until a levy release is granted, the levy remains in effect and the services of a Tax Attorney are required to reverse this.
IRS Tax Audit
An IRS Tax Audit is a review made by the IRS on your tax returns to determine the veracity and accuracy of your reported income, reported expenses, and credits included. It is best to seek the services of a Kissimmee Enrolled Agent from the get go – this way you know what to expect in the initial interview. If you so desire, you may even send your Tax lawyer or any Tax Resolution Professional in your stead for the IRS Audit!
The IRS imposes stiff Tax penalties and Interests on unpaid tax liabilities. Oftentimes they constitute 25% of the total amount due. The IRS Penalty Abatement program allows taxpayers to have their penalties reduced or removed from their tax liability, thereby lifting a huge financial burden off your tax liability. Reliable Enrolled Agents can help you reach a Tax Settlement with the IRS that is financially favorable to you.
IRS Tax Lien
An IRS Tax Lien is a legal claim or hold on a property to insure the payment of outstanding tax liabilities. They are often served in connection with a tax levy. In effect, it freezes the personal or business accounts of the delinquent taxpayer. The frozen assets can not be removed until after the tax liability is paid. Tax Lien specialists can help you remove IRS liens and free your assets.
The Myth and Misconception about IRS and Tax Settlements
Myth: You will go to jail if you do not pay your taxes!
Fact: If you have filed your returns accurately but just have not paid the corresponding Tax liabilities, you will not go to jail! Having a tax debt or owing IRS money is not a crime! What is considered a crime is not filing your tax return or filing a fraudulent tax return – for these you can go to jail.
There are a lot of ways to pay off your Tax Debts - but simply ignoring it or leaving it unpaid can make IRS take more drastic collection procedures such as wage garnishment, seizure of real estate properties, social security benefits, 401Ks, IRAs, cars, boats, houses, account receivables, cash loan value of life insurance, or commissions owed you! If you have outstanding tax debts you should contact a local Kissimmee Tax Resolution Professional immediately to consider all the possible settlement options – and avoid a continuing harrowing bout with the IRS. Remember – the IRS does not take kindly to those they have to run after!