Navigating tax settlements can be a complicated and stressful process. With the help of an experienced levy attorney, however, you can achieve a successful resolution and alleviate the burden of your tariff debt.
In this blog post, explore the benefits of hiring a taxation attorney and provide an overview of the levy settlement process, and get you with the best offer in compromise during settlement.
Why Hire Them?
There are several reasons why hiring a tax advocate is a wise decision when navigating taxation settlements. Firstly, such attorneys are experts in taxation law and can help you navigate the complex web of levy regulations and procedures. They have a deep understanding of the law and are experienced in dealing with the IRS, making them a valuable asset when negotiating a settlement.
Secondly, an attorney can help you understand the full extent of your tariff debt and can advise you on the best course of action. They will be able to review your financial situation and determine which tariff settlement options are best for you. This can save you time, money, and stress in the long run.
Lastly, a levy attorney can represent you in negotiations with the IRS. They can handle all communication with the IRS, including responding to notices and requests for information. This can be particularly beneficial if you find the process overwhelming or are unsure how to respond to IRS inquiries.
Taxation Settlement Options
When it comes to taxation settlements, there are several options available. The most common settlement options include the following:
Offer in Compromise (OIC): An Offer in Compromise is a settlement where you agree to pay a reduced amount of your levy debt to the IRS. This option is available to those unable to pay their entire levy debt and can demonstrate financial hardship.
Installment Agreement: An Installment Agreement is an agreement to pay your tariff debt in regular installments over a set period. This option is available to those who can pay their debt but cannot do so in a lump sum.
Penalty Abatement: Penalty Abatement is a process where the IRS may reduce or eliminate penalties associated with your taxation debt. This option is available to those with reasonable cause for not paying their debt or filing a late levy return.
Navigating the Settlement Process
The levy settlement process can be broken down into several steps:
Consultation: The first step in the levy settlement process is to consult with a tax attorney. During the consultation, the attorney will review your financial situation, levy debt, and any correspondence you have received from the IRS. Based on this information, they will advise you on the best course of action and which tax settlement options may be available.
Preparation: Once you have decided on a settlement option, your attorney will prepare the necessary documentation and forms required by the IRS. This may include financial statements, tariff returns, and settlement proposals.
Submission: After the necessary documentation has been prepared, your levy attorney will submit it to the IRS. They will handle all communication with the IRS and respond to any inquiries or requests for additional information.
Conclusion
Conflicts involving income tax increase between the Income Tax administration and income taxpayers must be settled by the Income Tax Commission. The settlement order must be approved by the Income Tax Settlement Commission within months after the user’s filing date by the applicant.
