In a recent interview, leading tax attorney Benjamin Goldburd, partner at Goldburd McCone in Manhattan, New York, revealed multiple ways that legal know-how can help settle your tax debt. —
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When asked to comment, Goldburd said, "Being confronted with a hefty tax burden by the IRS can be intimidating for many taxpayers. Working with a tax professional who has experience in dealing with the IRS can go a long way in lifting this burden."
A tax professional - such as a tax attorney - can work on the taxpayer's behalf to reach an installation or payment agreement with the IRS.
Goldburd explained, "Before exploring tax relief options, you should review your filed return thoroughly to be sure that you have included all applicable deductions, credits, and exemptions. Balances can often be reduced just by amending your already filed returns that neglected good tax saving strategies."
Goldburd then added the next step would be exploring tax payment solutions which a tax attorney can negotiate on your behalf such as installment agreement plans.
A seasoned professional with plenty of tax know-how can also stop the IRS from seizing and levying property.
When asked to elaborate, he said, “When someone doesn’t pay their taxes, the IRS may place a lien or levy against wages, bank accounts, homes, and vehicles. Of course, this doesn’t happen at all once - the IRS will send notices, which is when a tax attorney can intervene.”
“In certain situations, a lawyer can make a case that for reasons of undue financial hardship, or more importantly that such a seizure would impair the IRS’ own ability to collect their debt, such as directly impeding your ability to make money,” he said.
Goldburd further pointed out that it's important to communicate with the IRS after receiving a notice to lien or levy property. Otherwise, the problem will only get worse.
Reaching an offer in compromise is another way that a tax professional can help their clients relieve tax debt.
When asked to explain further, Goldburd said, “In the case that you are unable to pay your tax debt in full, the IRS could potentially forgive part of the debt. For this to happen, you’d need a tax professional to strike an offer in compromise with tax authorities.”
He was quick to point out that reaching an offer in compromise can often be a complicated process. There are no “pennies on the dollar” quick fixes. In order to qualify, the IRS considers several factors such as income, expenses, and assets.
"It's best to consult with a tax attorney about the best way to proceed as they are well versed in knowing which forms need to be filled out and which information to provide the IRS," he added.
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