Tax Debt Negotiation Attorneys with Ronald D Weiss Attorney Lawyer

General tax negotiations explain by Ronald D Weiss

Many people fail to pay their individual income, corporate, payroll and other federal taxes on time to the Internal Revenue Service (IRS), or to the New York State Department of Taxation and Finance. , payroll taxes and other state taxes. This is a problem for taxpayers as well as the federal and state governments, so plans were put in place to negotiate the debt owed to both government agencies. Our office can negotiate your tax debt and find a solution that works for you.

IRS Debt Negotiation:

The following statistics were provided by the Internal Revenue Service; the IRS has approximately 76,000 employees who processed approximately 133,949,000 tax returns in 2019. With these statistics in mind, it becomes clear why dealing with and negotiating with the IRS is so difficult.

The IRS is now more burdened than before the COVID-19 pandemic. The IRS has extended the tax payment deadline from April 15, 2020 to July 15, 2020. level. Therefore, negotiating tax debt may be more difficult at this time, but our office has the necessary systems in place to easily and confidently negotiate on your behalf.

IRS Debt Enforcement with Ronald d Weiss lawyer

Taxation Notice:

IRS levies are a broad enforcement tool that allows for the following enforcement methods: seizing your property to pay for your tax debt, garnishing your wages, and taking or freezing funds in your bank or other financial accounts. Additionally, the IRS has the authority to seize and sell vehicles, real estate, and other personal property to satisfy your IRS obligations. If you have received a Final Notice of Intention to Collect and a Notice of Right to Hearing, please be sure to call our office to handle this for you. This notice is the action the IRS takes before collecting taxes from you, and compliance is critical when dealing with the IRS.

IRS Solution:

Please see the following IRS programs that our office will use to negotiate your tax liability:

Deferred Payment: is an agreement plan that provides taxpayers with an additional 120 days to pay the IRS debt owed in full. This allows taxpayers to avoid any late payment penalties.

72-Month Installment Agreement: is a payment plan that gives taxpayers 72 months, or 6 years, to pay back their tax debt to the IRS. The IRS may require financial documentation, but generally does not require a complete financial statement.

84-Month Instalment Agreement: is a payment plan that gives taxpayers 84 months, or seven years, to pay off their IRS debt. These programs are available to taxpayers who owe the IRS more than $50,000 but less than $100,000. The IRS may require financial documentation, but generally does not require a complete financial statement. Finally, the IRS may also require that this payment plan set up automatic payments before it is finalized.

Partial Payment Instalment Agreement: A payment plan that provides an alternative to taxpayers who cannot afford a 72-month or 84-month instalment agreement. A Part Payment Instalment Agreement is a plan based on your financial statements that takes into account your income and expenses. Although these plans incur penalties and interest, taxpayers may pay much less after 10 years of payments. Because the taxes owed will eventually be classified as uncollectible based on the statute of limitations, the total balance owed can be reduced. Additionally, tax liens will be filled and the IRS may request updated financial statements every 24 months, which could result in increased payments if a taxpayer's income increases. Overall, this is an affordable option for eligible taxpayers.

Currently Not Collectible (CNC): is an option that requires financial statements. This option allows qualifying taxpayers to avoid the monthly repayment plan while allowing the taxpayer to remain in good standing with the IRS. The IRS may request financial statements annually to continue to show that the taxpayer's debts are in a current, uncollectible state.

An Agreement Into Combination (OIC): is a payment plan that allows a taxpayer to settle their entire IRS debt for less than the total amount owed. The IRS will not accept a settlement agreement if the taxpayer is deemed to be able to repay the debt in one lump sum or through an offered repayment plan.

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