Norwalk Tax Attorney
Connecticut taxpayers receiving notice from the IRS should call a Norwalk tax attorney for more information. Notices relating to debt, liens and levies should be answered quickly. Regardless of the reason for the notice, if there is debt, there are relief options. Norwalk tax lawyers can help a taxpayer to know where they stand financially and what can be done to secure a debt-free future.
To make sure that all debt relief options available are considered, taxpayers can ask tax experts for advice. A tax attorney in Norwalk is familiar with the programs offered by the IRS and what criteria are needed to qualify for them. If a taxpayer has the available funds, the best case scenario is to pay off the debt in as few payments as possible. If that is not possible, there are options for smaller payments found in Installment Agreements (IA’s). These are typically used to pay off the full balance in a period of 60 months. Sometimes an IA includes provisions for other circumstances, such as a short term financial obligation the taxpayer has like a car or student loan payment. Disclosing financial information to a Norwalk tax lawyer is helpful when applying for an agreement like this.
If a taxpayer’s specific financial situation does not qualify for an Installment Agreement, the IRS can allow for a reduction of the total balance. This rare instance is called an Offer-In-Compromise, and is an agreement in which the taxpayer pays as much as they can per installment over a short period of time, ranging on average from 5 to 24 months. If the taxpayer commits to that agreement and stays compliant with it, the IRS will lower the total amount due. Norwalk tax attorneys can determine the appropriate amount of the monthly payment. If there isn’t enough money available to afford any payments because the available income is less than the monthly expenses, taxpayers can be considered under a “Currently-Non-Collectible” status. To obtain this status the IRS has to determine that the taxpayer is in financial hardship. This is temporary and should be accompanied by frequent contact with a tax lawyer of Norwalk to ensure continuous compliance.
Tax debt owed to the IRS can produce both financial and emotional stress for a taxpayer. However, you might be one of the people struggling with other tax issues, from missing deadlines to fee and interest penalties. Tax attorney Norwalk can help with anything from debt and penalty abatement to how to make sure you file properly without missing any forms. Call tax lawyer Norwalk today for a free consultation to get any of your tax questions answered.