How Long Should Taxpayers Wait To Resolve Their Debts? Is It Ever A Good Idea For Taxpayers To Reach To The IRS Themselves?

Well, the truth is the IRS can be pretty hard to get a hold of. It can also be quite intimidating for some people, so they come directly to us for guidance. However, we strongly encourage that individuals who are aware that they owe the IRS, to call them right away. Do not wait for those notices, instead, get a head start on the issue. If they feel they can do it themselves, great; if not, definitely give us a call, give any attorney a call, to try and get that resolved. The last thing you want are liens and levies to start popping up, especially for those individuals that are really dependent on credit. If you are looking to finance something or, perhaps, start a business, those liens and levies may get in the way. Lenders may take notice of them and it will deter them from working with you as they are aware the IRS liens and levies take precedent.

Right now, the IRS is so backed up that there haven’t been many notices of intent to levy just yet. Now would be the perfect time to reach out and get on top of the situation. Procrastinating will only result in higher penalties, interest, levies, and liens. Once you get to that point, the damage is already done and it can be much harder to get the situation under control. Once you reach that lien stage, there’s really no going back. Even if the taxpayer comes to our office and we work out a deal with the IRS, the tax payment we negotiate still needs to get paid before the lien can be removed. For example, if the lien is for $10,000, and I reduce the tax liability down to only $10, that does not mean the lien also gets reduced to $1000. That $10,000 lien is going to stay there until it’s paid off. Obviously, once the $1000 is paid you can move forward to have the lien removed. Settling your debt with the IRS through an Offer in Compromise can definitely put taxpayers in a better situation, but it does not undo all the damage. That’s very important to remember, and why we always say it better to tackle the debt sooner rather than later.

For more information on Tax Debts in Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (305) 606-6139 | (305) 285-3042 today.