Hialeah Tax Attorney
Taxpayers that have failed to file their recent taxes should contact Hialeah tax attorney for help preventing penalties charged to their balances by the IRS. If an individual has been assigned penalties due to circumstances outside of their control, tax experts can attempt to get the penalties abated. These abatements are granted in cases of taxpayer death, illness, and absence, destruction of a place of business or business records and other similar cases. If none of these scenarios apply, a tax professional like tax lawyer Hialeah will be able to explain the impact these penalties will have and how to solve problems caused by any accrued interest or fees.
Hialeah tax attorneys often advise their clients that tax penalties only increase with time, so rapid action helps to keep balances low. The penalty for failure to file a tax return is interest added at a rate of 5% per month, not to exceed 25% of the unpaid taxes. If a return is filed more than 60 days beyond the deadline, the minimum penalty will be 100% of the unpaid tax or $135, whichever is the smaller amount. This accrued interest is generally greater than that of the failure to pay, which has an interest rate of ½% of the unpaid taxes per month. Tax specialists like a Hialeah tax lawyer will be able to recommend settlement options if the interest increases debt to the point where a debtor needs help with resolution plans.
IRS payment plans can be a source of confusion for taxpayers. This can be lessened by seeking the advice of a tax attorney in Hialeah. Such experts are trained to suggest appropriate methods of repayment based on an individual’s income, debts and expenses. From this point, a plan will be chosen by the tax professional and their client. A taxpayer with student loan obligations, for example, can find relief through an Installment Agreement that allows for balance settlement over a 60 month period, with the first year seeing reduced payments to the IRS to allow for the payment of the loan debt. Once a tax lawyer in Hialeah has set up a settlement agreement with the IRS, it is up to their client to make all necessary payments and stay compliant in the future.
Debt settlement can be a difficult situation to manage. Hialeah tax lawyers have the skills needed to secure a resolution plan that will satisfy the IRS and not cause undue stress to a taxpayer. If you are looking for debt relief, local tax professionals are offering their services and will provide complimentary consultation to anyone with tax questions. Call a tax attorney Hialeah today will get you on the path toward financial freedom!