Daytona Beach IRS Tax Lawyer

Having unresolved problems with the IRS can lead to severe consequences. If one does not address the matter, the IRS can eventually levy (seize) assets from your paycheck or bank account(s).

Keeping this fron happening is possible. Offer in Compromise is the first method we will look at. Taxpayers have the option to settle their tax debt in full via this Congress-mandated program. The taxpayer can make an offer to 'settle for less' and the IRS would determine the amount. Your property or wages will no longer be seizable once there is an offer in place. The offer can be one of three different types.

Doubt as to Liability is the first. The lawfulness of the debt is what is in question here.

The second type of offer is called Doubt as to Collectability. This is the most common type of offer and what people typically think of when they think of an Offer in Compromise.

Effective Tax Administration is the third type of compromise. This is a rare offer in terms of acceptance by the IRS. In this type of settlement, there is usually some difficulty in implementing payment.

There is a fairly well-kept secret that constitutes the second basic way to resolve IRS difficulties. It is based on the fact that the IRS actually has a time limit during which they must collect their tax. This is called the Collection Statute Expiration Date (CSED) and is generally ten years from the date of the assessment of the tax. You can sometimes simply wait for this date.

The third way to handle IRS difficulties applies if a taxpayer has no ability to pay (according to the IRS' analysis). Currently Not Collectible is the name of the status of this situation. This is also referred to as Status 53, so named because the number on the screen that an IRS employee sees for this procedure is: 53. When in this status, a taxpayer's accounts are put into hardship for a year or so at a time.

The fourth alternative is to set up an installment agreement of payment plan. This is just what it sounds like.

The fifth way you can be deemed eligible for IRS tax relief debt is when you are in bankruptcy. In this case, some of the taxes and penalties owed may become discharged.

Penalty abatement is the sixth of your options. This means you are requesting that penalties be cancelled. You still must pay the original tax.

Finally, there is what is referred to as Innocent Spouse Relief. This, too, is what it sounds like - if your current or former spouse failed to report income, you may be entitled to relief.

When you are ready to resolve your IRS problems, you are well advised to seek professional assistance.

American Tax Lawyer, Darrin T. Mish represents taxpayers all over the United States and on every inhabited continent. His many years of experience in dealing with tax problems benefit clients tremendously. For more information, visit http//americantaxlawyer.com. Darrin may be reached by calling toll free (888) 438-6474.