Tax Debt Resolution Lawyer Serving Wake Forest

Being overburdened with tax debts and constantly fighting off pressure from the IRS is a nightmare. In addition to the stress you’re feeling, carrying extensive tax debts makes it much harder to be approved for credit, which can affect many different areas of your life. And if you owe back taxes to the state or federal government, you could also find yourself facing criminal charges.

As dire as things may seem, there are ways to take care of your tax debts with help from an experienced attorney. The Wake Forest tax bankruptcy lawyers of Bradford Law Offices have more than 25 years of experience helping people deal with their tax debts. Our founding attorney, Danny Bradford, belongs to the North Carolina Bar Association’s Bankruptcy Section, as well as the National Association of Consumer Bankruptcy Attorneys. With our help, more than 3,000 of our clients have found a way to resolve their debts and move forward with their lives. To learn how we can help you with our case, call (919) 758-8879 or visit our contact page.

Table Of Contents

    Why You Need a Tax Debt Resolution Lawyer

    If your tax debts have reached a level where you likely can’t pay them off within a few years, you need a lawyer to help you find a way forward. Everybody’s financial situation is different, but the IRS doesn’t care because they apply the same system to everyone when collecting taxes.

    You may qualify for one or more debt resolution plans under the law, but the IRS likely won’t tell you what they are or whether you qualify. But a tax debt resolution lawyer can look at your debts and go through various tax regulations to help you find a path back to financial solvency. Your attorneys can deal with these headaches and talk to the IRS while you take other steps to improve your finances.

    How We Can Help Alleviate Your Tax Debts

    If you prepare your own tax returns, you know how difficult it can be to figure out the various regulations that may apply to your situation. Our lawyers have spent their careers dealing with these issues, so we know what the common strategies are for resolving outstanding tax debts. There are a few different strategies you can use to resolve your debts, such as:

    • Installment plans. The theory behind installment plans is simple. Instead of paying off all your tax debts at once, you pay them off over time in smaller chunks. In practice, however, the IRS rules regarding installments are incredibly complex, and the type of installment plan you qualify for can vary widely depending on your particular situation. Installment plans also carry interest penalties in many cases, so this may not be the best option for everyone.
    • Offer in Compromise. An Offer in Compromise is basically an agreement with the IRS to pay off a portion of your tax debts while the remaining balance is discharged. The requirements for these plans are quite strict, and you generally need to prove the debts you owe are well beyond your ability to pay them back through your earnings or selling your assets.
    • Currently Not Collectible. Under the Currently Not Collectible program, the IRS agrees to not collect on your tax debts for a year or two. This gives you some time to better explain your situation, as well as outline a plan for how you’re going to pay back your debts. In some cases, you may be able to avoid having to pay back the entire balance of your debts.
    • Bankruptcy. Depending on your situation, you may be able to have some or all of your tax debts discharged in bankruptcy. You have to meet certain requirements, though, and there may be multiple bankruptcy options with different pros and cons. A tax debt resolution lawyer can tell you if bankruptcy is a worthwhile option for you and what type of bankruptcy would be best.

    Discharging Tax Debts in Chapter 7 Bankruptcy

    You can have your income tax debts partially discharged through Chapter 7 bankruptcy as long as you meet certain qualifications. First, your debt must be at least three years old. Second, you must have filed the relevant tax returns at least two years ago. Finally, these taxes must have been assessed at least eight months before you file for bankruptcy, and there can’t be any evidence of fraud or tax evasion.

    Bankruptcy is one option for people with large tax debts, but it does have certain costs, and you need to make sure you understand and follow all the rules. A tax debt lawyer can walk you through the bankruptcy process and help you figure out if it’s the best answer for your situation.

    What To Do If the IRS Sends You a Notice

    If you receive a notice from the IRS about your taxes, you need to speak to an attorney right away so you can address whatever issue is raised in the notice. Ignoring a notice from the IRS could lead to significant legal consequences, including the possibility of jail time. Some reasons the IRS might send you a notice include:

    • Explaining that you still have a balance due on your taxes
    • Informing you that you may have a larger or (more likely) a smaller refund than you were expecting
    • Asking for clarification about something on your tax return
    • Asking for information to verify your identity
    • Asking for additional information related to your tax return or another issue
    • Informing you that there’s been a delay in processing your tax return

    We strongly recommend you speak to a lawyer immediately if you receive an official notice from the IRS. Any delay in responding to their notice could cost you more money or lead to other penalties. Contact Bradford Law Offices right away for more information.

    Contact a Wake Forest Tax Debt Resolution Lawyer Today

    The tax debt resolution attorneys at Bradford Law Offices want to help you find peace of mind if you’re feeling the pressure of outstanding debts. Call our office at (919) 758-8879 or visit our contact page to get a consultation today.

    Written By: Danny Bradford Last Updated: March 12, 2024