There are three (3) categories of OIC’s: Doubt as to Collectibility; Doubt as to Liability; and Effective Tax Administration. Doubt as to Collectibility means that the IRS believes that it will not be able to collect the full amount of the tax owed based on the taxpayers ability to pay. Doubt as to Liability means that there is a legitimate doubt that the taxpayer owes the amount the IRS has assessed to the taxpayer. Effective Tax Administration is where although there is no doubt that the taxpayer owes the taxes and the taxpayer could pay the taxes, exceptional circumstances exist which allow the IRS to waive the amount due when the taxpayer demonstrates that it would create an economic hardship.
First of all, facing the IRS means that you either haven’t hired an accountant, or your current accountant has done a pretty bad job of managing your finances. This means that it is already too late to hire another CPA to fix your problem. The IRS has already done the math, so you will be wasting resources if you hire another person to do it all over again. You need to focus on areas that you still need to prepare for. What you need is a competent Sarasota, Florida tax law attorney to help you with the legalities that you will be facing.
Running a company or just running the personal finances is not always going to be so easy. In fact, those who do not follow the law and pay their taxes might run into a lot of trouble with the IRS. There are many out there who will turn to a tax attorney for the right amount of help. There are numerous tips to look into before hiring an individual for the much needed job. Those are in need of various services including strategic tax planning will need to make sure that they use this guide right now. This is the best way to seek a tax attorney – hire a business tax attorney within the shortest amount of time possible. Take note of the services that are offered to individuals and how the professional will be able to help. The sooner the search begins, the sooner the taxes can be taken care of so get started.
Very few people look at the calendar with wide eyed anticipation of that wonderful day when they must submit all their financial paperwork for the year. As a matter of fact, staring at that particular deadline is responsible for a considerable amount of avoidable stress and unhappiness in the general population. This is probably when to hire a tax attorney if you have need of one’s services.
It can be very confusing and frustrating. There are so many boxes to check and spaces to fill out that it can be overwhelming for many people. Scrabbling through shoe boxes full of receipts and invoices, digging through filing cabinets stuffed haphazardly with uncollated paperwork, and trying to keep everything organized on the desk is more than most people are willing to do, legal requirement or not.
Is it really possible to pay the IRS “pennies on the dollar” and have the rest of your tax bill forgiven? Yes – it is possible…but it’s not very likely. It’s called an Offer-In-Compromise – and it used to be the only legitimate way to negotiate an actual lowering of the amount of taxes owed to the IRS by a taxpayer…sometimes far less.
Along that same line of thinking, if you had a problem with the IRS, would you go it alone? Don’t believe for a second that reading a couple books, a website or a couple emails about “how to deal with the IRS” will prepare you to deal with the IRS if you owe them money.
Taxpayers should pay attention to every detail of their tax returns, according to Florida tax attorney Mary E. King
Don’t let false assumptions get you in IRS tax trouble! Florida IRS tax attorney, Mary E. King warns that wealthy individuals or large corporations aren’t the only ones that need experienced tax attorneys. There are any number of situations a taxpayer may be involved with, in a given calendar year, that demand the expertise of [...]
Paying back taxes may cost taxpayers more than they realize as a result of fees and penalties, interest and other factors, according to Sarasota Florida IRS tax attorney Mary E. King. It’s important taxpayers not only realize that improperly dealing with their tax burdens can cause them more than they might have initially paid the Internal Revenue Service (IRS), but also understand how tax attorneys can help ease their burden.