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  • What to Expect: Settling Your Tax Debts

    shutterstock_129073034Nevada Tax Relief Attorney

    Clients who pursue tax relief services typically have two primary questions: “How long will it take to resolve the situation?” and “Is it possible to reach a settlement for an amount that is less than what is owed.”

    The process of settling your tax debts can be a lengthy process, depending upon your unique situation. It depends on what your current income and expenses are and what assets and liabilities you have.

    Generally, we can help you tend to the most pressing issues in a timely manner, such as removing levies, wage garnishments and other issues. Fortunately, the phone calls and letters will also stop once you seek out tax debt resolution services as we will communicate with the IRS on your behalf. So the most stressful elements of your situation can typically be addressed in a very prompt manner.

    Depending upon the amount of money owed, the type of liability and your unique circumstances, it can take anywhere from 6 to 12 months or longer to arrive at a resolution in the case of an Offer in Compromise.

    Each case is unique, so the resolution process and time frame will also be unique to some degree.

    The Road Map to Tax Resolution

    If you’re ready to resolve your tax problems, then the first step is to obtain a free, confidential consultation. During this consultation, you’ll discuss your unique situation with an attorney from our office.

    During the consultation, you’ll be asked a range of different questions about your situation and circumstances. Based on this information, the attorney can provide you with an overview of your available options, offering a recommendation for what’s apt to be the best course of action for your precise circumstances.

    The consultation process can take up to an hour, although in some cases, additional information may be required before we can make a recommendation for the ideal course of action to resolve your tax problems.

    Prior to your consultation, remember to bring in all relevant letters and documents, including notices and correspondence issued by the IRS.

    Retaining Services from a Tax Relief Firm

    Once you have met with an attorney to discuss your case, you will have a better idea as to whether you have sought out the right firm to assist with your needs.

    If you feel that the firm is a good fit, you will have an opportunity to sign an Engagement Letter or Retainer Agreement and you will need to make arrangements to pay for the services rendered.

    Once you have contracted with our law firm, our firm will submit a power of attorney (POA) filing with the IRS. This is a key document, as from that point forward, the IRS will be required to deal directly with our law firm. This means you will no longer need to deal with the stresses of constant letters and phone calls. If you do receive a call, you simply direct them to our law firm.

    Notably, you may need to complete a second power of attorney form if you require assistance with state tax matters in addition to federal IRS-related issues.

    Starting the Tax Resolution Process

    We will serve as your primary point of contact, and will manage your case and actively work to help resolve your situation.

    IRS Compliance

    Before you can enter into a settlement or negotiation for your tax liabilities, you will need to ensure that you are a fully compliant taxpayer. To be in compliance, you must file any and all delinquent tax returns. Once this is complete, you must also be current on any quarterly tax payments. Your withholdings must also be appropriate for your earning situation.

    If you don’t have specific records that are typically required to prepare your tax returns, there are IRS-approved methods that can be used to tend to your tax returns in a timely and effective manner. We will advise you every step of the way.

    Your Responsibilities as a Client

    As a taxpayer and client with our law firm, you have a few responsibilities that you will need to keep to ensure prompt and effective resolution of your tax problems.

    The most successful clients view their relationship with our firm as a collaborative one. This is a process that requires your input and cooperation in order to be successful.

    In addition, it is important to provide documents, answer questions and follow through in a timely manner. This allows our law firm to tend to your case as quickly and as effectively as possible.

    The Tax Settlement Negotiation Process

    Once we have worked to ensure taxpayer compliance through the filing of any delinquent tax returns, our law firm will work to develop a proposed plan of resolution.

    This plan of resolution is one that you should be able to fulfill and see through to completion. Our law firm has an excellent track record and we take pride in negotiating the lowest possible settlement permitted by law.

    It is important to note that the IRS rarely accepts a settlement proposal right away. But our law firm will work in a diligent and persistent manner, providing additional documentation, information and negotiating further to ensure that an acceptable resolution is ultimately accepted.

    Achieving a Tax Resolution

    Once negotiations are complete and the IRS has accepted the tax settlement proposal, our law firm will perform a thorough review of the agreement to ensure that it properly reflects the terms that have been proposed. If the agreement does not reflect the agreed upon terms, we will insist upon its revision. In cases where the IRS refuses to make the appropriate revisions, we will advise you on your next step in the process.

    Ultimately, we will work with you to ensure that a suitable tax settlement is negotiated. Our qualified tax professionals will also work to help you avoid future tax problems as well. That is our commitment to you.