Sherman Oaks Tax Debt Lawyers
If you are being audited, or have already been audited and informed that you owe money to the IRS, it is in your own best interest to take action quickly, before the payment deadline, because there are potentially heavy consequences involved in an IRS collection process for non-payment of back-owed taxes. These include seizure of your bank accounts, social security benefits, wages, retirement income, and more. Additionally, the IRS has the power to seize property, including real estate and vehicles. The collections process may also mean that your future tax refunds can be seized and applied to your remaining tax debt. However, there is hope in even the most dire tax debt scenarios. The Sherman Oaks tax debt lawyers at Wadhwani & Shanfeld are here to help you take the next steps in reducing your tax burden by settling with the IRS or representing you in a hearing.
Not everyone who gets audited is actually at fault for doing their taxes improperly. There could be a simple issue, such as lacking proof of a business expense, that triggered the audit. After decades of being underfunded, the IRS workforce has been gutted; most audits are triggered by an algorithm, not an actual person. An attorney can help you resolve the simple filing issue, or dispute more complex audit issues.
Tax Liabilities and Collections
If you are currently facing an IRS collections action, you need an attorney on your side. A tax debt attorney will be there for you to negotiate with the IRS, as well as minimizing collection methods, such as wage garnishment or a lien on your property.
Offers in Compromise
One of the desirable outcomes in an IRS collections case is an offer in compromise, which allows the individual to settle their debt for a lower amount than what they owe the IRS. This is only possible if an attorney is able to cast doubt on the accuracy of the tax liability, able to show that paying the full amount would result in significant financial hardship for the taxpayer, or if it is revealed that taxpayer would not actually be able to pay the IRS what it is requesting. Not everyone qualifies for an offer in compromise, however, and much of the qualifying standard is tied to your income and overdue tax liability amount.
Call a Sherman Oaks Tax Debt Lawyer Today
There are situations in which a taxpayer can reduce the tax burden they are being asked to pay, including doubt of the tax liability, inability to pay the full amount, and IRS errors. An attorney can bring to light these potential solutions, whether you are facing an audit or collections, and can even help you appeal decisions that have seemingly already been made in stone by the IRS. The Sherman Oaks tax debt lawyers at Wadhwani & Shanfeld are here to help you reduce your alleged tax burden and put this stressful event behind you once and for all. Call us today at 899-996-9932 to schedule a free consultation.