Nearly 14 million Americans and businesses are overwhelmed by insurmountable back taxes. Unfortunately, many businesses have to decide whether they will pay their back taxes or their employees’ salaries. Similarly, individuals are forced to choose between paying for their landlords or Uncle Sam. Back taxes can seem like a never-ending downward spiral, especially when the penalties and interest start to kick in.
At SG Law Group, we understand these feelings of helplessness and frustration, and our dedicated team of attorneys is determined to relieve you of that burden. We can help lower your back taxes to a manageable level and, in some cases, extinguish it altogether. Our firm has created a strategy of using the very rules and regulations that bind the IRS to reduce or eliminate back taxes, penalties, and interest. Regardless of whether it stems from personal income tax, corporate income tax, or payroll tax, you can count on SG Law Group to free you from the shackles of back taxes so you and/or your business can flourish once again.
No matter how hopeless it may seem, there are options out there for you, and we will guide you through it all.
So, you have back taxes? Here’s what you can do about it:
The IRS can provide an additional 120 days to taxpayers to pay their full balance. This option can be very beneficial for those that can afford to pay the entire amount of back taxes within a few months.
If there are extenuating circumstances that prevented you from paying the taxes that fall under the approved
reasons as set forth by the IRS, the IRS may abate some or all of the penalties associated with not making timely payments. This will not reduce the interest due.
Taxpayers can set up an installment agreement with the IRS if taxpayers are unable to pay the lump sum. This makes the debt a lot more manageable and less of a burden. The agreement for each taxpayer will vary as it depends heavily on their particular financial situation and the amount they owe.
This particular strategy is what SG Law Group does best, and how we help most of our clients. An offer in compromise is essentially just a settlement agreement with the IRS. This option works in favor of taxpayers that are dealing with financial hardship and are not able to pay their back taxes within a reasonable amount of time. Of course, this method can also be used when you question owing the tax as well. Thanks to the Fresh Start program, the IRS is now required to negotiate with taxpayers that show genuine inability to pay back what they owe. When filing an offer in compromise, we present the IRS documentation regarding the taxpayer’s financial situation and submit an offer of payment that the taxpayer can afford to pay back. In addition to settling or reducing their debt with the IRS, taxpayers are also able to enter into a payment plan to pay off their smaller balance in increments.
Wondering how SG Law Group can help you? Give SG Law Group a call! We are ready to bring you freedom from your back taxes! Click here to contact us!
- Will Tax Debt Resolution Plans Always Be Accepted By The IRS?
- What Is The IRS “Fresh Start” Initiative?
- What If I Have An Installment Agreement With The IRS?
- What Happens To These Tax Debts When People Are Not Paying Them, When Businesses Are Not Paying Them?
- Can The IRS Ever Be Negotiated With?
- Why Would The IRS Ever Agree To A Negotiation For Less Than What You Owe?
- How Long Should Taxpayers Wait To Resolve Their Debts? Is It Ever A Good Idea For Taxpayers To Reach To The IRS Themselves?
- Is Bankruptcy Ever An Option, Good Or Bad Idea, To Resolve Tax Debts For Individuals Or Businesses? Is It Even Possible?
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