Raleigh Tax Debt Resolution Lawyers
If you are experiencing a buildup of debt because of unpaid taxes and are getting bullied by the IRS, you need to contact an attorney. Without an attorney, unmanaged debt can lead to anxiety and excess stress. We understand the struggle debt can cause, and how difficult it can be to repay taxes. Our knowledge about the best methods to take when alleviating debts to the IRS comes from years of experience. With the help of an attorney that focuses on tax debt resolution, you can be on the road to being debt free.
For over twenty years, Bradford Law Offices, PLLC has been in the business of guiding people through the twisted world of tax collection and the IRS. Our firm has helped over three thousand people going through rough financial patches in their life. These days, it’s so easy to fall into tax debt that it almost seems like the system is designed to trap innocent people. Our experience includes residential, commercial, and government levels of problems stemming from excess tax debt.
Our firm has been a pillar of the community of North Carolina since we were established in 1996. Our clients are families and local businesses; neighbors and friends who are much more than the IRS sees them—a number. We believe that everyone deserves a second chance. Don’t let your tax debt control your life. Call a Raleigh tax attorney who focuses on helping people like you start down the road to becoming debt free. Call us at (919) 758-8879 to schedule an initial consultation and walk through your legal options with an experienced representative.
Do I Need a Tax Debt Resolution Attorney?
If you have a large amount of tax debt that can’t reasonably be paid off within five years, then you need to call an attorney. The IRS collects taxes through a blanketed system that doesn’t take each person’s specific circumstances into consideration, and this makes debt under your name unmanageable. You need an attorney tackling your tax debt because there are numerous installments or compromising programs that you could be qualified for. However, the specifications and intricacies of these programs are hidden within hundreds of pages of tax codes and regulations. An attorney will wade through all the code and regulation to find you a specific plan of action to start resolving your debt working towards a life free of burdening financial stress.
Why Should I Choose Bradford Law Offices, PLLC to Help Resolve My Tax Debt?
As a firm that has been in business for over two decades, we have seen nearly every kind of case come through our doors. We have garnered considerable experience and can approach the problem of tax debt from many conceivable angles. As an adaptable firm, we have kept up to date with the fluctuating tax code to make sure every single person we assist is provided with the most accurate information. Our attorneys are equipped to handle any amount of tax debt that you may have taken on. We believe that nobody should have to live their lives in the shadow of debt. When it comes to repaying the IRS, there is a multitude of plans and choices to make. You need a firm that has been around long enough to understand the law and who knows how to navigate your financial situation to the best possible outcome. You should choose Bradford Law Offices, PLLC to take on your case because you deserve to have a peace of mind.
The Ways We Can Help You Can Resolve Your Tax Debt
You just want to be debt free as soon as possible, that’s where our attorney’s come in. When it comes to owing the IRS an outrageous amount of debt in taxes, there are a variety of legal avenues to pursue. Attempting these financial plans without the help of a legal professional can be difficult and can lengthen the process. A list of some of the plans our firm can help you with include:
- Installment Plan: This complex procedure is extremely technical. There are numerous recouping amendments in the tax code with a wide spectrum of eligibility requirements. All this is coupled with differing interest rates depending on your financial status. Setting up this type of plan is complicated, to say the least.
- Offer in Compromise: This plan allows those who qualify to repay their tax debts at a lower settlement than what was originally owed. Meeting the qualifications for this plans often requires thorough proof that the debt is far outside of the sum of one’s assets and financial earnings—amongst other requirements.
- Currently Not Collectible: With this program, the IRS will choose not to collect on someone’s tax debt for a window of a year or two. This allows the taxpayer time to form an explanation and thorough description on how you plan to repay your tax debt without the IRS reclaiming everything. Having legal help negotiate this kind of plan is critical.
- Bankruptcy: One should consider bankruptcy if they are eligible for tax discharges. There are numerous types of bankruptcy depending on your financial status and currently held assets. Our firm is experienced in practically all areas of bankruptcy and can help find out which chapter best suits your situation.
Thankfully there are multiple plans out there that can be tailored to anyone facing a large amount of tax debt. However, due to the intricacies of tax codes and law, the best solution is never apparent and often hidden in muddy regulations. Our attorneys can help anyone facing unreasonable tax debt find the best solution to their dilemma.
What Do I Do If I Get a Notice from the IRS?
The IRS sends out millions of notices to citizens for a whole host of reasons. Receiving a notice from the IRS requires immediate attention, and if ignored, could lead to federal action against you. According to the IRS’s official website, the main reasons that you will receive a notice and letter from them include:
- You have a due balance on your taxes
- Having a larger or smaller tax refund due
- The IRS wants to ask a question about something on a tax return
- The IRS wants to verify your identity
- The IRS needs additional information
- The IRS changed your tax return
- They need to let you know of any delays in the processing of your tax return
Our firm can help you move forward if you have received any kind of notification from the IRS recently. If there is a potentially long and drawn out debt collection process ahead of you, contacting an attorney specializing in tax debt resolution should be your first step towards financial freedom.
What Types of Installment Plans Does the IRS Offer?
The complex system of IRS tax debt installment plans includes five potential options:
- Guaranteed Installment Agreement – requires you to pay back the balance owed plus interest in three years or less, or by the Collection Statute Expiration Date (CSED). This method is open only to individuals who owe less than $10,000.
- Streamlined Installment Agreement (SIA) – Individuals who owe $100,000 or less can take up to 84 months to pay. Active businesses that owe $25,000 or less have 36 months to pay income tax debts and 24 months to pay trust fund taxes. Businesses that are no longer active, with more than $25,000 in debt, may also apply for this option. SIAs do not require disclosure of finances.
- Financially Verified Installment Agreements – are available to individuals who do not qualify for the SIA option. This option requires extensive paperwork submission and financial disclosures, and typically entails the assistance of a professional.
- Partial Payment Installment Agreements (PPIA) – This settlement technique is generally easier to obtain than an Offer in Compromise (OIC), particularly if you are rejected for an OIC. It entails an agreement with the IRS in which the individual pays smaller monthly payments than is typically required, along with an IRS assessment of your financial situation every two years.
- Direct Debit IRS Installment Agreements (DDIA) – These are monthly payments withdrawn from your bank account. Individuals are eligible if $50,000 or less is owed and they are seeking a tax lien. For $50,000 or more tax debt, a direct payroll deduction is required.
Bradford Law Offices, PLLC can help you determine which option is right for you.
How can I qualify for an Offer in Compromise and how long does it take?
Unfortunately, the IRS rarely grants Offer in Compromise (OIC) filings. Less than half of applicants are typically excepted each year. This status is granted to those who are not financially able to repay their debt in a timely manner, who are not in bankruptcy, and/or whose tax bill may be deemed incorrect. Businesses may be eligible for this option in addition to individuals, but filing requires the help of a professional. It will generally take six to nine months for the IRS to respond to your case. If you are rejected, you have 30 days from the date of denial to appeal.
What types of tax debt may be discharged in Chapter 7 Bankruptcy?
If an individual files for chapter 7 bankruptcy, income tax debt may be discharged if it is at least three years old and the tax returns were filed at least two years ago. These taxes must be assessed at least 8 months (240 days) before you file for bankruptcy, and there must be no evidence of fraud or evasion on your part. There are many loopholes involved in this process, however, which must be discussed with an experienced tax attorney. Filing for bankruptcy may not be the best course of action to settle IRS debt simply because not all tax debts are discharged, particularly if they are less than three years old.
The Prevalence of Tax Debt in North Carolina
From statistics posted to the Tax Policy Center, the federal government collected $83,714,348 in taxes total from North Carolina in 2016. Out of the $3,333,449,083 collected across all fifty states, this means that our state contributes 2.5 percent of all taxes to the federal government. Our tax contributions are more than even our representation in the Senate! Moreover, the majority of funding the government receives from taxes actually comes from the citizens. Nearly two-thirds of the government’s tax collection comes from individual tax brackets, with less than a sixth coming from business income taxes. With numbers like this, it can seem like the IRS is trying to trap citizens in debt.
Being in debt can feel like it is just you, one citizen against the IRS. However, tax debt is a much more common issue than many people think. According to the Committee for a Responsible Federal Budget roughly 17 percent of federal taxes each year go unpaid. That 17 percent is made up of both unfiled claims and under-reported incomes, and many people who make up that 17 percent so desperately need the repayment plans that exist for them. No two situations are the same for any of these people suffering from unpaid debts, which is why there are so many different programs for people to utilize. Knowing which program you are eligible for can be extremely difficult, especially if you have no knowledge of the tax codes. Navigating federal tax code and financial documents can be a headache of information and wording unless you have the help of an experienced lawyer.
Contact a Raleigh Tax Debt Resolution Attorney Today
If an unreasonable amount of tax debt is looming ominously in your future, you need an experienced attorney today. With the experienced guidance of an attorney, your financial stress doesn’t have to be your burden to bear alone. At Bradford Law Offices, PLLC we believe that everyone deserves a second chance in the form of a fair method of debt repayment. With the tax code changing with the current political climate, it is vital to have someone fighting for you who is adept at keeping up with changing regulation. Call us today at (919) 758-8879 to schedule a consultation, and we can walk you through your options towards a debt-free future.