The Internal Revenue Service (IRS) is not always the bad guy. Sometimes, with proper representation and reasoning, the IRS is willing to work with you to abate tax penalties or assist in some other manner of tax debt relief depending on your situation. Raymond J. Muratori is a licensed Connecticut attorney who is ready to help you in your representation to the IRS and potentially decrease your debt and eliminate any penalties. Old Saybrook IRS tax penalty lawyer Raymond J. Muratori knows how frightening it can be to attempt to face the IRS alone, and is willing to help you through every step of the way.
There are a variety of ways that the IRS is willing to work with you when you are unable to pay your tax debt. However, you must have a valid reason for requesting debt relief and that process and the requirements can be quite confusing and convoluted. Some of the most common types of tax debt relief include offers in compromise, installment payments, and abatement of liens and levies.
An offer in compromise is an agreement between you and the IRS that allows you to settle your outstanding federal tax liability for less than the amount you owe. If you are unable to pay the full amount of your tax liability or doing so would create a “financial hardship,” then the IRS may be willing to accept a much lower liability depending on your facts and circumstances.
Installment payments allow you to set up a monthly payment plan if you are unable to pay the entire liability at once. If you complete all of your payments timely and in full, you can avoid the tax penalty and interest and even the fee associated with setting up the installment agreement.
Lastly, in recently years, the IRS significantly increased the leniency of placing liens or levies on wages, bank accounts, and other property by increasing the delinquent debt amount that can be paid in installments. This saved many taxpayers from having a lien placed on their wages. If you set up an installment agreement after a lien has been placed on your property, you may be able to have your lien withdrawn.
When you have failed to pay your delinquent debt or failed to file a return completely, IRS will issue a tax penalty when it comes to their attention. In addition to the penalty, the IRS charges interest on unpaid taxes until the debt is paid. For many taxpayers who are already unable to pay the amount in taxes they owe, this can be detrimental to their financial welfare. The IRS may be willing to abate the penalty amount, or accept installment payments, reducing the interest you owe based on a variety of reasons.
An Old Saybrook IRS tax penalty relief lawyer can be extremely invaluable if you need assistance with IRS debt relief or tax penalty relief. An experienced attorney can represent your best interests, and can provide you with a wealth of information regarding tax law.
Raymond J. Muratori, Attorney at Law, has been a licensed attorney for over 25 years. The law practice, located in Old Saybrook, Connecticut, focuses on tax law, and more specifically IRS debt relief and tax penalty relief. Attorney Muratori is prepared to use his knowledge and experience within this field to help you in any way that he can. Contact the law firm at 860-388-3599 for an initial consultation.