IRS Attorney Chicago
Chicago IRS attorney is available to help taxpayers who have tax debt and are struggling to find a solution. The best option is to be able to repay the debt quickly and in full, but this is not possible for many people in this situation. For individuals looking for other ways to settle, the IRS has 3 main programs for settlement: Installment Agreements, Currently-Non-Collectible status, and Offers-In-Compromise.
To be able to pay tax debt in smaller monthly payments, IRS lawyer of Chicago can advise a taxpayer on which Installment Agreement program applies to them. Most Installment Agreements are paid over a 60 month term. For example, a Conditional Expense agreement is used when an individual can pay their full balance but has other monthly payments they are required to make (such as credit card payments). Financial documentation is required to prove the conditional expenses. Some Installment Agreements do not demand that the full balance be repaid. A Partial Pay Installment Agreement allows for a reduced liability to be paid off over a specified term. The IRS agrees to lower the total debt if the taxpayer remains on the installment plan until the term expires. Consulting with Chicago IRS lawyers regularly will help to determine if a plan like this is appropriate and assist a taxpayer in remaining compliant on the payment plan through the term.
Taxpayers unable to make any payments on their debt can contact IRS lawyer Chicago to see if Currently-Non-Collectible (CNC) status is an option for them. This is awarded by the IRS on a temporary basis to those who have monthly expenses exceeding their income. To be considered for CNC status, full financial disclosure must be given to the IRS and tax professionals working with them. Providing all financial documentation and important information to IRS attorney in Chicago will help with obtaining this consideration and maintaining that status for as long as the taxpayer remains compliant and doesn’t have a change in income.
A less common option for tax debt settlement is an Offer-In-Compromise (OIC). This allows a taxpayer to pay as much as possible on a monthly basis over a short term. In return for the commitment to pay a larger amount over a period usually lasting between 5 and 24 months, the IRS will reach a compromise and lessen the total debt amount. The process for this kind of offer requires detailed analysis of t taxpayer’s financial situation. To determine how much should be paid to qualify for an OIC, IRS attorney Chicago will go over all pertinent financial documentation.
Regardless of your financial situation, Chicago IRS attorneys can help you find a repayment program that works for you. The worst thing you can do is nothing. There are many different IRS programs for debt settlement. The first step towards freedom begins by contacting a tax expert near you. Tax professionals can also help with other problems such as tax preparation. Call a Chicago IRS lawyer today for a free consultation and get the help you need.