Owing back taxes to the IRS is an extremely serious matter. Back taxes may not qualify for discharge by bankruptcy. Ignoring the IRS doesn’t make them go away. They may garnish your wages or file a lien against your property. If you can’t pay or aren’t paying, your balance continues to grow because of penalties and interest. What can you do if you owe back taxes? Should you get help from an Ohio tax resolution lawyer?
What Can You Do If You Owe Back Taxes?
If you owe back taxes, you may be eligible to participate in a special program offered by the IRS. This program is known as the Offer in Compromise (OIC). Using the OIC, individuals and businesses may be eligible to settle with the IRS for less than they owe.
It’s a helpful program, but there are some requirements that must be met to qualify as a participant. You cannot have an active bankruptcy. If you have an active bankruptcy, the tax debt must be addressed during the bankruptcy proceeding. To learn more about how bankruptcy affects tax debt, make an appointment to speak with an Ohio tax relief attorney.
You must have filed all of your required federal tax returns. This must be done regardless of whether you have the ability to pay what you owe. If you have not filed all of the required tax returns, you will not be eligible for an Offer in Compromise.
If you own a business and you’re required to make quarterly payroll tax deposits with the IRS, you must be up to date for the current quarter as well as having made your quarterly deposits on time for the previous two quarters. Business owners may find it particularly helpful to discuss their tax situation with an Ohio tax lawyer.
You must not be under investigation by the Department of Justice for criminal prosecution related to tax crimes. Offers in Compromise cannot be made for any tax year related to the investigation.
How Can an Ohio Tax Resolution Lawyer Help?
If you owe back taxes and you’re exploring the possibility of settlement, you owe it to yourself to speak with an Ohio tax resolution lawyers. Even if you meet the qualifications to apply for the Offer in Compromise program, there’s no guarantee that you’ll be accepted, especially if you go through the process on your own.
Additionally, an Ohio tax lawyer can help determine if there are other options that may benefit you more than this particular program. The job of a tax lawyer is to contact the IRS and work on your behalf to resolve back taxes, tax liens, and to help you get back on track.
If you need help with back taxes, contact J. M. Sells Law at 1-877-517-0307. We’re available 24 hours a day, seven days a week. As expert tax attorneys, we have more than 20 years of experience. We have the experience you need. Schedule your free phone consultation today or use our free instant price quote.