Tax debt can become a problem with any individual irrespective of how responsible that person is. Moreover, this problem can also seem like overwhelming and you may not know exactly what to do in a situation like this. Many individuals like to get professional help from the very first step while others like to wait. So, when is the right time to hire a tax attorney to give you tax debt relief?
You must know that working with a tax attorney can be an expensive affair so, unless you really need one, it is better that you handle situations on your own. However, if you are in one of the below mentioned positions, a tax attorney may be your best choice to get tax debt help.
• Foreign tax related debt: If you have an investment in a foreign country and the IRS has hit you for that, you may require an attorney for the foreign tax debt related issues. These taxes can be a little complicated than you can actually give them credit for. So, in case you really understand the nuances, you must hire an attorney to get tax debt help for your problems.
• IRS Summons to court: If you have been summoned to court by the IRS, you may want to get help from a tax attorney. Court cases can become complicated when you are looking for tax debt relief. Often people think that it is not possible to prevail in court with the IRS but that is not true. You may prevail in court but you need to have a very strong case. Sometimes tax payers do challenge IRS rules as well as interpretation of the rules and it so happens that the case gets in favor of the tax payer. If you want to have a good case against the IRS or if you get summons to a court from the IRS, you may want to hire professional help for your tax debt problems. However, make sure you get an attorney who is good at his/her job because you cannot afford a general and inexperienced person for this purpose. Check the attorney’s track record before you appoint him.
• Offer in compromise: This is a program offered by the IRS to settle tax debt related problems. If your offer is a little complex, you may need the tax debt help from an experienced attorney. When you pursue an offer in compromise and the IRS accepts it, they may forgive the remaining balance and this may become the beginning of a new problem for you. Sometimes, there are significant liabilities that may be attached with significant assets and if you have a significant asset, the IRS will be tracing it to get the portion of their loan that you still owe them. If you want to save your assets from being liquefied, you may need help from a professional attorney.
No matter what may be the case, but you should always weigh your situation carefully in the beginning. This way you will know exactly what you should do and in which direction you should be going in order to get tax debt help from a professional.
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Jacob Smith is a contributing writer for New Life Tax Relief on tax debt help and a senior debt analyst. He writes mostly on finance, tax debt relief, tax debt.
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