Tax Debt Negotiation with the IRS or State of Florida
If you are in trouble for not paying taxes, ignoring the problem or denying that you owe the government money will only make matters worse. The IRS will prosecute debtors who make no attempt to pay, but the agency will work with honest debtors who negotiate in good faith.
It is possible to reduce the tax principal or at least the penalties and interest. Some taxes can be discharged through bankruptcy. But your tax problem can quickly become a criminal problem if the IRS suspects tax fraud or tax evasion. The Tampa Bay attorneys of Stamatakis+ Thalji + Bonanno can examine your specific case and help you pursue a resolution to eliminate taxes or pay them off gradually without further penalty or legal trouble.
We handle tax matters, as well as related bankruptcies and foreclosures, in Hillsborough, Pasco, Pinellas and surrounding counties of Florida. Arrange a free consultation today.
Tampa Tax Settlement Lawyers: Explore Your Options
Stamatakis + Thalji + Bonanno represents individuals and couples, as well as small businesses, in tax controversies with the Internal Revenue Service (IRS) or the Florida Department of Revenue. Our experienced lawyers have resolved client issues involving federal income taxes and state excise taxes and doc stamp taxes on real estate. We also handle failure of businesses to pay sales tax or payroll withholding taxes, which are even more likely to draw the attention of prosecutors.
We can commonly knock down the interest and penalties, negotiate lump sum or installment payment of tax arrears or finesse an offer in compromise to settle your tax debt for far less than what you owe.
There are different methods you can pursue if you have tax debt and cannot qualify for a payment plan. The IRS does realize there are certain circumstances where individuals should not be held liable for some of or all of their taxes owed. It is critical to have a knowledgeable attorney advocating for you to strategize and negotiate your tax problem.
When people talk about settling tax debt for pennies on the dollar, this is how it is done:
Offer in compromise is not for everyone. The IRS has strict qualifications for accepting people’s offers and they do not make the filing easy. The IRS will only accept an offer in compromise if they feel that your offer is equal to or greater than the amount they would ever collect from you, even if they used forced collection mechanisms.
Penalty abatement is a way individuals can get the IRS to forgive certain penalties that have been charged on their tax debt. This is a very common method for settling taxes for less than the amount owed. In fact, about one-third of all penalties assessed by the IRS are abated at a later date.
A partial payment installment agreement is similar to a normal installment agreement in the sense that you are paying the IRS over a period of time. The difference is that you end up paying less than the total amount you owe due because a portion of debt falls off as the Statute of Collection expires. You are no longer responsible for that part of the tax debt, so this is considered a form of tax settlement.
Innocent spouse relief is only available to those taxpayers who have filed jointly for the year they seek relief. When individuals file a joint tax return, each spouse is equally liable for all tax, penalties and interest that come about from that particular year. The IRS created innocent spouse relief because it realizes that there are times that it would be unfair to hold a spouse liable for the tax liability that was created during the joint filing.
Bankruptcy can be considered a form of tax settlement if you qualify for Chapter 7 discharge of debts. In some cases, with Chapter 13, tax debts can be forgiven but normally Chapter 13 requires you to pay taxes in full through a payment plan. Bankruptcy will severely impact your credit (more than other options) and you may have to liquidate assets. However, if you have substantial taxes that are three years old or older, along with other unsecured debts, bankruptcy is a one-time opportunity to eliminate those debts and start fresh.
If you would like to settle IRS and/or state taxes, our team can analyze your financial situation and find which tax settlement method would work best for your particular situation. There are many different forms of settlements and it is important to get a professional opinion and professional assistance to choose the right course and work out the best deal.
Discuss Your Tax Problem with Experienced Debt Relief Attorneys
To discuss your specific circumstances and all the ways Stamatakis + Thalji + Bonanno can help, call us at 866-479-6946 or contact us online.