Back Taxes Resolution and the IRS

Back Taxes

Fort Lauderdale Tax Attorney

Boca Raton Tax Lawyer

Many businesses and individuals do file their tax returns timely but do not have the funds to pay the full tax bill.  Many individuals and businesses unfortunately do not know where to turn for guidance when this occurs and can end up owing back taxes to the IRS.   This can become a serious problem because the accrual of tax penalties and interest can result in a debt even bigger than the original tax liability. Back taxes can be a very serious problem and if not addressed by a competent tax professional or tax attorney may result in serious consequences.

Individuals who have unpaid taxes and cannot pay, are still expected to pay the IRS.  There are ways around having to pay the full tax bill in one lump sum but this involves reaching a resolution with the IRS.   We suggest contacting a tax professional or tax attorney to work out a resolution to your tax problems.

Once the IRS determines you owe back taxes, you will start receiving automated computerized notices.  These notices will let you know how much you owe, plus any additional interest and penalties. After the initial assessment letter is sent, you will receive what is called the 500 Series Notices, if you do not respond to these notices, the IRS will proceed to filing a levy and possible wage and bank account garnishments.   It is important to contact a tax professional or tax attorney once you receive these notices to work out an arrangement with the IRS.

The IRS offers several options for individuals and businesses who have unpaid back taxes.  These options range from making monthly payments toward the tax amount owed to paying only a fraction of what is owed and calling it even.   Depending on your financial situation, you may be able to work out an affordable arrangement with the IRS.  

Settlement of back taxes through an Offer in Compromise or other IRS installment repayment plan may allow you to affordably comply with the tax laws and resolve your tax problems.  Whether you are entering into a repayment installment plan or an Offer in Compromise, we would suggest speaking with a tax professional or tax attorney or tax lawyer.  

Call the tax attorneys and tax lawyers at Tiller Law for your free consultation to go over your options. Serving Miami, Fort Lauderdale, Hollywood, Boca Raton, West Palm Beach, Palm Beach Gardens, Jupiter, Hobe Sound, Stuart, Port St. Lucie, St. Petersburg and Tampa and throughout the State of Florida.