Tax Compromises and Negotiations
A dispute with the Internal Revenue Service (IRS) can be both stressful and intimidating. If you are fed up with running away from the IRS, it is time to take control of your financial situation. Consider contacting a knowledgeable tax attorney to negotiate with the IRS on your behalf and help you navigate the tax resolution process.
Depending on your circumstances, your attorney could help you resolve a tax problem with the following options:
- Installment Agreements. If you cannot pay your tax balance in full at once, your attorney might be able to negotiate an installment agreement with the IRS on your behalf. The agreement allows you to pay your outstanding balance with monthly installment payments.
- Offer in Compromise. Alternatively, you could reach an agreement with the IRS to settle your tax debt for less than what you owe. This option is known as an “Offer in Compromise” Your attorney can help you prepare an offer to the IRS and negotiate the terms of the agreement with the federal agency.
- Penalty Abatement. Penalties can add hundreds or thousands of dollars to your tax bill, making it difficult or impossible to pay your unpaid balance. However, a tax resolution attorney will review your particular situation to determine whether or not you qualify for penalty abatement, also known as penalty relief, to eliminate some or all of the penalties.
- IRS Tax Payment Plans. A payment plan approved by the IRS allows a taxpayer to pay their bills within an agreed-upon period. Your attorney can help you identify the best tax payment plan for your unique situation.
- Audit Representation. Audits can be scary. That is why taxpayers can benefit from having an advocate on their side to represent them throughout the audit process and fight for the best possible outcome.
Prior Year Income Tax Returns Preparation
Tax returns preparation can be confusing—even overwhelming—whether you are an individual or a business. While the IRS processes more than 240 million tax returns and other forms per year, the federal agency is very meticulous about details in each filing. Even a small error in tax returns preparation or filing could lead to an IRS audit, while failing to file on time can result in harsh penalties.
An experienced attorney will assist you with prior year income tax returns preparation by preparing the necessary paperwork and submitting documents to the IRS by the due date. Having an attorney on your side when preparing your prior year’s returns can help you avoid tax return errors and other problems related to your taxes.
Annual Tax and Bookkeeping
It is critical to keep your finances well organized and in compliance with state and federal regulations. Bookkeeping can set a path for financial growth because it helps you keep track of your income and expenses.
As an experienced tax attorney at the Law Office of David A. Semanchik, I assist clients in Toms River and throughout the state of New Jersey with both individual and corporate tax return preparation. I offer annual tax and bookkeeping services tailored to each client’s specific needs and goals.