Ponte Vedra Tax Debt Settlement Attorney

Ponte Vedra Tax Debt Settlement Lawyer

Having tax debt can be financially straining and stressful. When you are faced with financial issues outside your control, you may miss tax payments, and the resulting interest and payments can make your financial situation more overwhelming. It can be tempting to ignore the problem, but this will only worsen your situation. A Ponte Vedra tax debt settlement attorney can guide you through the process of applying for tax debt settlements and negotiating with the IRS for you.

Whether you have tax debt as an individual or as a business, it is important to address the problem quickly. There are multiple options that could be open to you in order to settle your debt, such as penalty abatement, the Fresh Start Program, offers in compromise, and other options. An attorney can determine the ideal option for settling your debt.

Skilled Tax Debt Settlement Attorneys

The attorneys at Tax Smith Tax Attorneys are skilled Ponte Vedra tax lawyers who have worked for decades in tax law. We have handled many tax debt settlement cases for businesses and individuals and can use our experience to provide you with comprehensive legal aid.

We are dedicated to understanding you and your unique tax debt situation. Although we have significant experience to work with, we know that your circumstances are unique and require unique solutions. We can negotiate on your behalf to lower the stress of your situation.

Methods for Tax Debt Settlement in Ponte Vedra

Tax debt settlement can be incredibly useful for many taxpayers. For most individuals who owe the IRS tax payments, that debt must be paid in full. However, negotiating with the IRS has several benefits, even if you must pay the amount in full, including limiting penalties and interest and showing that you are working in good faith to address your debt. Additionally, there are some options that allow you to settle for less.

If you are eligible, you may be able to pay a lower amount or have a payment plan over time to settle your debt, enabling the IRS to receive some of the payment. Some of the options available for settling tax debts include:

• Installation Agreement: An installation agreement is a payment plan over time that enables you to settle your tax debt. Typically, installation agreements require that the full amount is paid, but over months or years. This can make it more financially feasible for many taxpayers than a lump sum amount. It also shows the IRS that you are willing to work with them to pay off your debt and prevents actions like levies, liens, and garnishment. Whether you qualify for this program relies on your tax debt amount, your income, and other financial factors.
• Offer in Compromise: In situations where it is impossible for an individual to pay their debt, or doing so would place them in severe financial hardship, the IRS offers debt settlement through an offer in compromise. An offer in compromise enables you to settle your tax debt for a lower lump sum amount. These are extreme cases and difficult to apply for successfully. This settlement may also be available if you have a legitimate dispute regarding your tax debt or would be unable to pay the full amount.
• Currently Not Collectible: Listing your tax debt as currently not collectible means a momentary pause on the collection of your tax debt, including methods used to collect the debt, such as levies and liens. Although this does not settle your tax debt completely, it does give you time. This option does not pause interest and penalties, so your attorney can help determine if this is a useful option for you in the long term.
• Innocent Spouse Relief: In some cases, your tax debt was incurred by a spouse or ex-spouse. When this is the case, and you did not benefit from the money they failed to pay taxes for, this is an option for settling some or all of your debt.
• Penalty Abatement: If you have owed back taxes for some time and are able to pay the taxes but not the accrued penalties and interest, penalty abatement can remove these penalties.

Your attorney in Ponte Vedra can determine which options you qualify for and what most effectively settles your tax debt.

FAQs

Q: Can a Tax Attorney Negotiate With the IRS?

A: Yes, a tax attorney can negotiate on your behalf with the IRS and could secure a solution to your tax debt. This may include an offer in compromise, a payment plan, a penalty abatement, or other options depending on your situation. By having an attorney represent your needs to the IRS, the process of negotiating will be less strain on you and more likely to be successful. Ignoring your tax debt will lead to more significant penalties and issues in the future.

Q: How Much Does a Tax Attorney Cost in Florida?

A: Tax attorney costs in Florida can range anywhere from $100 to $500 an hour or even higher. Depending on the type of service you are requesting, an attorney may charge a flat rate instead of an hourly fee. This is typically for a one-time filing request or a very straightforward case. Negotiation or litigation of tax debt is likely to be at an hourly rate. An attorney’s rates rely on their experience, the complexity of your case, and their firm’s policies and location.

Q: What Is a Tax Lawyer?

A: A tax lawyer is an attorney who focuses on legal tax issues and tax law, with the license to give their clients legal advice regarding their taxes. Tax lawyers help both individuals and companies with tax needs such as tax filings, tax strategy advice, IRS tax debt negotiations and settlement, tax audit representation, and other tax disputes. Tax attorneys are also helpful when companies are handling business restructuring and corporate tax efficiency.

Q: How Much Will the IRS Usually Settle For?

A: The IRS will usually settle for as much as you can reasonably pay if you qualify for an offer in compromise. An offer in compromise is an IRS method to reduce your debt with a smaller payment. This offer is not available to every taxpayer but enables the IRS to recover some amount of money they are owed. The IRS will review a taxpayer’s resources, income, debts, and expenses to determine what a fair settlement for their tax debt would be.

Tax Smith Tax Attorneys: Helping You Settle Tax Debt

Contact our team at Tax Smith Tax Attorneys to learn how we can settle your debt.