Implications of an Intent to Levy from the IRS and How Your IRS Tax Lawyers Can Help

Thursday, October 13, 2011

When you receive Internal Revenue Service (IRS) Intent to Levy in your mailbox, then you should contact your IRS tax lawyers immediately to plan the course of action you need to undertake. The implications of an Intent to Levy from the Internal Revenue Service are serious. The Intent to Levy signifies that your taxes are not in order and that you have unpaid back taxes you somehow ignored to settle.

The Intent to Levy is a notice from the IRS that within 30 days, the Internal Revenue Service will commence with the seizure of your assets or bank accounts, as a way to satisfy payment of the back taxes you failed to pay.

Intent to Levy from the IRS may be given to you in person, sent to your place of work/business, or sent to your last known address.

Implications of Intent to Levy

The IRS Intent to Levy means that if you do not contact your IRS tax lawyers and act accordingly within 30 days, the IRS can legally seize or sell any of your assets. The following are ways the IRS may implement the seizure (levy) of your assets:

  • The IRS may seize any of your assets in your possession, and they may sell them.
  • The IRS may levy any of your assets that are not in your possession, like you salary/wage, retirement benefits, bank accounts, income from rent, life insurance, commissions, bonuses, and other receivables.

Due to the implications involved when you receive IRS Intent to Levy, contacting your IRS tax lawyers is a must that you should not disregard. There are several courses of action that your IRS tax lawyers can suggest to avoid the seizure of your properties or wages.

Course of Action

An option you can resort to is to ask your IRS tax lawyers to help you request for a Collection Due Process hearing with the IRS Office of Appeals. This request must be filed within 30 days, so you need to act fast. Below are some of the concerns your IRS tax lawyers can discuss with the IRS.

  • Account Settled –You can inform the IRS that you have settled all back taxes you owe them before you received the IRS Intent to Levy.
  • IRS Errors – Your IRS tax lawyers found errors in the assessment made by the IRS on your tax account.
  • Unable to Dispute Tax Liability –You were not allowed a viable opportunity for you and your IRS tax lawyers to dispute the tax liability assessed against you.
  • Other Payment Options – At the advice of your IRS tax lawyers, you wish to discuss other collection options.
  • Innocent Spouse –You may be an innocent spouse and the tax liabilities should not be held against you.
  • Collection Period Expired – The Intent to Levy arrived after the statute of limitations (time the taxes must be collected) has expired.
  • Bankruptcy –You have filed for bankruptcy before you received the IRS Intent to Levy.

Intent to Levy from the IRS is a serious matter that you need to take care of but in no way does it suggest your doom. There are several things that your IRS tax lawyers can do for you to try and mitigate its effects. But as mentioned earlier, you and your IRS tax lawyers should act quickly before the IRS begins levying your assets or wages, which you will find discomforting, to say the least.

IRS Resources

If you need further information regarding the seizure of your assets/wages check out what the IRS says about a tax levy.  Wikipedia also has information about levy procedures that you may find useful. To find out what your local state says about a tax levy, search Google using state tax levy as keyword. You may also find the Beverly Hills Bar Association and other bar associations online helpful.

Better Alternatives to an IRS Wage Garnishment with the Aid of an IRS Tax Attorney

Thursday, October 13, 2011

Sooner or later, tax liabilities you have disregarded will affect the way you live, one way or another. The Internal Revenue Service (IRS) has more ways than one to collect payment for taxes you have not paid. For instance, to satisfy your payment for your unpaid taxes, the IRS can legally levy your wages, or what is known as IRS wage garnishment.

To be able to collect payment via IRS wage garnishment, the IRS will contact your employer informing them that your wages will be garnished as payment for your back taxes. Since the employers are mandated to abide by this order, or else be slapped with penalties themselves, they have no choice but to allow the IRS to garnish your salary.

Other than an IRS wage garnishment, the IRS can also collect tax payments through other forms of tax levies. The IRS can also levy your assets, your bank accounts, or even other earnings like bonuses, commissions and retirement benefits.

Nature of an IRS Wage Garnishment

The IRS will usually implement an IRS wage garnishment and collect payment up to the fullest amount they can and leave you with just the right amount for allowable living expenses. An IRS wage garnishment is one of the most unforgiving collection procedures that the IRS will implement therefore you should not take it casually.

You should seek help from an IRS tax attorney to discuss what other options are available to you. Your IRS tax attorney will be able to help you with better tax settlement alternatives that will be more advantageous on your part. With the aid of your IRS tax attorney, you can even avoid this type of levy, if possible.

Other Alternatives

To avoid an IRS wage garnishment, your IRS tax attorney can resort to a number of ways. Of course, these alternatives are far better than an IRS wage garnishment, so seeking the counsel of an IRS tax attorney is a wise thing to do. Some of the ways you can resort to are the following.

  • Offer in Compromise – Your IRS tax attorney can help you enter into an agreement with the IRS for an offer in compromise. If you qualify, an offer in compromise will let you settle your account by paying only part of what you have to pay.

  • Fully Pay Taxes – If you can afford to pay the IRS in full, then you are better off doing so. You may have to borrow money from other sources who can offer you better deals compared to an IRS wage garnishment, which will leave you with almost nothing but what is only enough for your daily expenses.

  • Payment Plans – Another alternative your IRS tax attorney can help you with is entering into a payment plan with the IRS. Typically, these plans allow you to pay your back taxes in installment basis and will have far lighter effects on your finances than an IRS wage garnishment.

Having to face an IRS wage garnishment is not a walk in the park. It will limit your finances and ultimately affect the way you live. If you are facing the possibility of an IRS wage garnishment, or any type of tax levy for that matter, you should consult an IRS tax attorney to help find better alternatives on how to pay your taxes. 

IRS Resources

To know wage garnishment laws in your area, you might be interested in visiting Google. There is also a helpful guide on wage garnishment found on The Department of Labor website. You may also find this 2011 IRS table helpful for calculating the amount exempted from wage garnishments. You may also check out the Beverly Hills Bar Association or other bar associations online.


How to Obtain an IRS Bank Levy Release

Thursday, October 13, 2011

The IRS has a number of pretty strong avenues to work with when it comes to collecting on back taxes owed. In some cases, depending on how long you have owed back taxes, as well as the overall back tax liability, they may even impose an IRS bank levy on you. This is, essentially, a temporary freeze on your financial accounts until the IRS can seize the assets to pay the back tax debt. However, with the help of a talented, skilled IRS tax attorney, you can work to obtain an IRS bank levy release before it is too late.

An IRS bank levy release is the process by which you are able to regain access over your funds. With the help of an experienced attorney, an IRS bank levy release does not have to be a headache inducing process. There are a number of different ways in which you can obtain an IRS bank levy release, and they all have their own set of requirements that go along with these means. Your attorney can help you navigate the application, or if applicable, the appeal process you will need to go through in order to obtain an IRS bank levy release.

Options for obtaining an IRS bank levy release

Your first option, which is pretty obvious, is to pay off what you owe to the IRS. If you do so, you will be able to obtain that IRS bank levy release without any issues. However, if you are saddled with back taxes, chances are you aren't simply refusing to pay, you are unable to. If this is your case, there are a number of different options you have at your disposal as well.

Your attorney might work for an Offer in Compromise that will allow you to get an IRS bank levy release. An Offer in Compromise is a settlement that you negotiate with the IRS. Often, you will end up paying far less than you owe and this is a great means of obtaining an IRS bank levy release - that is, if you meet the requirements and the IRS accepts your offer. It is rather difficult to obtain this form of IRS bank levy release, but if you meet the requirements and you have a skilled attorney at your side, you have a good chance of getting a good settlement.

You can also get an IRS bank levy release if you enter into a payment agreement with the IRS. Your lawyer can help you negotiate a reasonable repayment plan that will allow you to obtain an IRS bank levy release and repay your back taxes. This is often the most attractive option to both the debtor and the IRS. It allows the debtor to repay their debts without risking their financial solvency.

If you have been faced with an IRS bank levy, you do not have to roll over and let the IRS take your assets. With the help of a skilled attorney, you can qualify for an IRS bank levy release that will allow you to regain control of your bank account. You have a number of avenues you can pursue to get an IRS bank levy release, so contact a lawyer immediately to nip this problem in the proverbial bud.

IRS Resources - IRS Bank Levy Release

You can find out more about IRS bank levies from their official webpage. This will provide you with detailed information about what the levy will entail as well as what your rights are. You can also check out the Wikipedia entry for an explanation in plain English. If you have more questions, simply do a quick Google search. You can also see the Los Angeles County Bar Associations website.

How to Avoid IRS Wage Garnishment

Thursday, October 13, 2011

If you owe back taxes to the IRS, it is just a matter of time before they take action to collect on that debt. Avoiding communications with the IRS will lead to hefty and still penalties and consequences. This is why it is best to contact an experienced tax attorney as soon as you start having trouble with the IRS. However, even if you have failed to comply with the IRS, and they are threatening an IRS wage garnishment, it is not too late to save your fiscal solvency. With the help of a tax attorney, you can work with the IRS to find an agreement or settlement that will work for you and avoid IRS wage garnishment.

What is wage garnishment and how to avoid it

IRS wage garnishment is a collection mechanism employed by the IRS if multiple attempts to collect on back tax debt have failed. This mechanism allows them to take part, or all, of your wages earned, before they are released to you, in order to satisfy your debts. An IRS wage garnishment is not imposed as soon as you fail to pay your taxes, it is the result of many failed attempts to get in touch with you, or to collect the debt from you. The IRS cannot just simply start an IRS wage garnishment. There is a process they must follow and this gives you and your attorney the opportunity to avoid IRS wage garnishment.

Before the IRS can go about actually pursuing your wages, they must send you a number of official notices. Before an IRS wage garnishment can be imposed, the back taxes you owe must be presented to you in writing, and you must be given the opportunity to satisfy those debts. The IRS usually attempts to collect or contact a number of times before any further actions are pursued. If you fail to pay or communicate with the IRS, they will further their efforts for an IRS wage garnishment.

After numerous unsuccessful attempts to collect have passed, the IRS will send you a Notice of Intent to Levy. This is their final warning before they actually move forward with the process of IRS wage garnishment. If you have received an Intent to Levy notice, you have 30-days to enter into a payment agreement, obtain a settlement, or pay the debt in full. If you do any of these things, the IRS wage garnishment will be null and void. If you fail to comply or enter into an agreement during this 30-day period, the IRS will then be able to move forward in their efforts at an IRS wage garnishment.

It is vital that you take these warning seriously as once the IRS has your money, it is difficult to get it back. You are given multiple opportunities to work with the IRS to find a workable solution before the IRS wage garnishment is imposed. With the help of an experienced tax attorney, who knows your rights and options, you can avoid the IRS wage garnishment altogether. However, you have to act before it is too late. If you have received a notice of Intent to Levy, or a notice to impose an IRS wage garnishment, contact an attorney as soon as possible to ensure your fiscal solvency.

IRS Resources - IRS Wage Garnishment

To find out what percentage of wages are exempt from an IRS wage garnishment, check out the 2011 table that provides said information. You can also check out the Department of Labor's guide on wage garnishment as many find it highly useful. A quick Google search can also provide answers to any questions you may have. If you want further information, check out the Los Angeles County Bar Association website.

How to Handle an IRS Intent to Levy

Thursday, October 13, 2011

If you have failed to pay back taxes owed, there is a good chance that the IRS has been trying to get in contact with you. Failure to comply - that is to either pay the back taxes owed or make alternative arrangements - will often result in a scary letter called an IRS Intent to Levy. If you have received an IRS Intent to Levy notice, chances are you are pretty scared and feel like there is nothing you can do. With an understanding of what an IRS Intent to Levy notice means, as well as with the assistance of an experienced tax attorney, you can work through this without losing your financial solvency.

What is an Intent to Levy?

The IRS Intent to Levy notice is officially called for CP-90/CP-297. This is what usually comes after multiple failed attempts to collect or otherwise get in contact with you regarding past tax debt. An IRS Intent to Levy notice is the IRS informing you that they intent to place a "levy" on your financial accounts in order to recover the back taxes that you owe them. The IRS Intent to Levy notice is a final straw in the eyes of the IRS, but you do still have time to take action.

The IRS is an institution of processes, and in order to actually impose a levy on your account, the IRS must follow a specific process. The first step in the process is sending you the IRS Intent to Levy notice. If you have failed to comply or contact the IRS about your back taxes, and you have received an IRS Intent to Levy notice, it is a good idea to contact an experienced tax attorney to help you keep your assets in tact.

Once you have been sent the IRS Intent to Levy notice, there is a 30-day period that must pass before further action can be taken on the part of the IRS. This 30-day period is to allow you to appeal or otherwise contact the IRS to work out an alternative arrangement. The IRS Intent to Levy notice is not what will actually result in the ultimate levy of your account. If you fail to contact the IRS within 30-days of receiving the IRS Intent to Levy notice, they may then move further with pursuing the actual levy. Even once your account has been levied, you have a period with which to appeal the decision, but it is best to act as soon as possible. If you have received the IRS Intent to Levy notice, contact a lawyer immediately.

An IRS Intent to Levy notice is serious business. This means that you have sufficient back taxes to warrant an actual freeze and seizure of your financial assets in order to recoup the debt owed to them. However, getting an IRS Intent to Levy notice does not mean that all hope, and all your money, is lost. With the help of an experienced tax attorney, you can work with the IRS to come to an agreement that will work for you.

IRS Resources - IRS Intent to Levy

For more information about IRS bank levies, see the official IRS webpage for more information right from the source. You can also find more about the actual process of a bank levy, in plain English, from this helpful Wikipedia article entry. If you have further questions, do a quick Google search for answers. You can also keep up with the latest in law changes, get answers, and more on the Los Angeles County Bar Association's website.

Chicago Tax Attorney: Why Estate Planning is so important

Wednesday, October 12, 2011

While no one wants to think about their eventual demise, the reality is that we are only here for a short time and then we are gone leaving our assets behind. With that in mind getting your assets together and preparing the necessary papers to ensure they are left to those chosen, is a smart thing to do and a Chicago tax attorney can help you. Depending on the value of your estate there are a lot of reasons to prepare a Will, Power of Attorney and Living Will while you are still able.

Why Should I Prepare Now?

While deciding who you would like to leave what to is important, it is just as important to plan for your passing with a trained professional, such as a Chicago tax attorney. Since anything you own right down to your pots and pans, is considered part of the estate you will want to rely on a Chicago tax attorney who is up to date with all the tax laws that change from year to year. Chicago tax attorneys specialize in helping those left behind retain as much of your estate as is possible rather than it being seized by the government do to unpaid required taxes placed on the estate. Your Chicago tax attorney can also prevent your family members being tied up in probate court after your death. The last thing you want to happen after your death is for your estate to be in the hands of the IRS due to uncertainty.

When is an Estate Tax Charged?

There are ways around giving up your home or other assets. It is true that a surviving spouse acquires the home after the partner has passed away. Once the other spouse spouse passes away however, there are heavy taxes applied to the property known as estate tax. The only way this is avoided is if it passes directly to the spouse, where then a Chicago tax attorney will advise you on the particular situation. Having someone prepare papers taking the home out of your name and placing it in trust, prior to you death helps to eliminate most of the taxes. This is just one example of the benefit of having a Chicago tax attorney handle your assets for you.

What can my Chicago Tax Attorney Help Me With?

There are many things to arrange such as all accounts bearing your name from checking to savings, retirement funds, life insurance policies and any other accounts you may have. Placing the burden on someone more qualified such as your Chicago tax attorney, to ensure your assets are retained by those you choose, will allow you to spend your time left with family and friends. Having peace of mind in your final days can be a reality instead of a dream. With your careful planning with a trained Chicago tax attorney your estate will be left down to those you love giving the quality of life you have worked hard for to the next generation.

IRS Resources – Estate Planning 

Need more information about estate planning?  The IRS Form 8939, Allocation of Basis Increase For a Property Received or Acquired from Decedent, may be helpful to you.  It’s a good idea to do a Google search to find out what the latest news about estate planning could be.

IRS Bank Levy

Wednesday, October 12, 2011

There are many different ways that the IRS can seek out the repayment of your IRS debt. However, while the thought of the IRS is scary, you can rest assured that they do not exercise drastic measures such as an IRS bank levy until you have refused to respond to several of their notices. Once this happens and an IRS bank levy is placed on your assets, you will need to seek out the help of a tax attorney to get the IRS bank levy released.

What is an IRS Bank Levy?

When an IRS bank levy occurs, the IRS has legal rights to seize your personal property. Property can be yours or even belong to your business depending upon the types of taxes that you owe. If you have defaulted on any type of taxes, payment arrangement or simply have neglected to respond to any correspondence sent to you by the IRS, you are opening yourself up to the danger of having an IRS bank levy placed on your assets.

How can a Tax Attorney Help Me with an IRS Bank Levy?

Tax attorneys are highly qualified to assist you with many different types of tax issues, including an IRS bank levy. Your tax attorney will work with you to determine why the IRS bank levy has been placed upon your assets. Once the reason is established, the tax attorney will work with the IRS on your behalf, with your permission, to establish the best type of resolution possible. In the meantime, you will be directed to bring all future correspondence from the IRS to your attorney’s attention. This will help ensure that all tax issues are resolved at the same time so that no more IRS bank levies are placed upon your assets. If you have already had a levy placed, the tax attorney will work on your behalf to get the IRS bank levy lifted so that you do not lose the assets that are in your personal banking accounts.

How to Avoid Future Bank Levies

Avoiding a bank levy is really easy as the IRS does not seek to take your assets away. Rather, it is used as a last resort when you do not respond to their notices. To avoid an IRS bank levy, make sure you file your taxes on time each year and answer any correspondence that the IRS sends to you. If you are unsure what the letter means, take it to your tax attorney for review. Your tax attorney will know the best course of action to take in regards to the notice and in doing so, you avoid further action from the IRS including an IRS bank levy.

IRS Resources – Bank Levy 

If you are looking for more information on IRS bank levies and seizure of assets, there are plenty of resources online. You can view that the IRS has to say about a bank levy.  You can also determine the difference between a bank levy and a federal tax lien.  For more information, read about the bank levy procedure from Wikipedia. Use your local state as a resource for bank levy information and see what the state has to say about a tax levy by using your state and bank levy as a keyword to search Google.

IRS Amnesty Program

Wednesday, October 12, 2011

In recent years there have been many instances of people being discovered with harboring money offshore and subsequently being charged with crimes related to tax fraud. Whether or not holding money offshore is illegal is up for debate. It is not against the law to have an offshore account providing that you are claiming the income that you are making on that account. If you have been guilty of not reporting your income in prior years, this is the time for you to consult your tax attorney and take advantage of the available IRS amnesty program. There are conditions that apply to taking advantage of the IRS Amnesty program and your tax attorney will be able to review the situation and determine if you qualify. For more information on the IRS amnesty program, read on.

Why is the IRS Cracking Down on People with Offshore Accounts?

Simply put, the IRS does not care if you have an offshore account. Rather they care if you are not paying your taxes on the income you are making with that account. This is known as avoidance of taxes or tax evasion, which is punishable by hefty fines and possibly even jail time. Taking advantage of the IRS amnesty program helps to ensure that you will not suffer the consequences by coming clean about offshore holdings. The IRS amnesty program was designed as a way to entice people to pay taxes on their offshore account income rather than trying to conduct illegal activities. It appears that the IRS amnesty program is being held more than once, and since it has been held in prior years, it may very well be held in future years.

How do I qualify for the IRS Amnesty Program?

To determine if you qualify for the IRS amnesty program, you can visit the IRS website or you can ask your tax attorney. There are conditions that must be met such as not being under civil examination for another IRS issue. Use the advice of your tax attorney to determine if you qualify and what the next procedures are in coming forward to take advantage of the IRS amnesty program.

What are the Penalties for Not Claiming Offshore Income?

If you do not claim offshore income you are subject to hefty penalties if the IRS discovers your offshore accounts. If you think you are safe, chances are you are not. With the past IRS amnesty programs that have been successful, the IRS has discovered many offshore banks that are now being thoroughly investigated. You can avoid penalties such as hefty fines, accumulated interest on all past income not claimed and criminal charges by simply taking advantage of the IRS amnesty program today.

Your tax attorney and the IRS office will be able to give you a detailed list of steps that you have to take in order to effectively be covered under the IRS amnesty program. It is in your best interest to avoid penalties and possible jail time by coming clean.

IRS Resources – IRS Amnesty Program 

The IRS 2011 Offshore Voluntary Disclosure Q&A page is a good place to start.  About.com has helpful information on what you should know before applying for tax amnesty.  Need to know what your local state laws might be?  Head to Google and do a local search.

Withdrawal of Tax Lien with the Help of IRS Tax Lawyers

Tuesday, October 11, 2011

If you have been delinquent in paying your tax dues, then one of these days you should not be surprised when you receive a notice informing you that the Internal Revenue Services (IRS) is imposing a tax lien on your properties. A tax lien is the government’s way of securing payment for your years of tax delinquency.

When this happens you should immediately contact IRS tax lawyers to help you get out of this very uncompromising situation. A tax lien can hamper you in more ways than one. For instance, it will prevent you from selling, or transferring ownership of your properties, and is also applicable to properties you acquire after the lien has been imposed.

IRS tax lawyers will be able to help you get a grip of the situation. After complying with requirements to lift the imposition of the tax lien, IRS tax lawyers can request for its withdrawal after it has been released.

Tax Lien Withdrawal

Consult your IRS tax lawyers if you have complied with requirements that warrant the withdrawal of a tax lien. However, before this is possible, you must first be considered eligible. The following are the eligibility requirements:

  • You should have settled all your tax delinquencies, and the lien should have already been released.
  • You have been religiously filing correct returns and paying the right amount of taxes, whether these taxes are for an individual or for your business. You can easily comply with these with the help of IRS tax lawyers.
  • Also, you should have no other delinquencies and that your account is current on estimated tax payments and tax deposits.

If you satisfy all of the following listed above, the IRS may withdraw the Notice of Tax lien. Ask your IRS tax lawyers to request the withdrawal in writing using Form 12277-Application for Withdrawal of Tax Lien.

Direct Debit Installment Agreement

Another way that you can have a tax lien withdrawn is by entering into a Direct Debit installment agreement with the IRS, provided you are qualified or have met eligibility requirements. You can qualify for this if you fall under one of the following:

  • Businesses with income tax liability only
  • Individuals or other non-business entities

To be eligible, the requirements are the following:

  • You are required to make three consecutive payments through direct debit transactions.
  • The amount you are required to pay is not more than $25,000. However, if your tax liability is over that amount, you can pay the excess amount before asking your IRS tax lawyers to request for tax lien withdrawal.
  • Your IRS tax lawyers should remind you, however, that you should pay the full amount you owe within 60 months, or before the expiration of the collection statute.
  • Also, your IRS tax lawyers should make sure that you comply with filing and payment requirements, as mandated by the IRS.

A tax lien brings a lot of inconveniences that would hamper your financial situation. However, with the help of the right IRS tax lawyers, you can have you tax situation sorted out enabling you to get out of this predicament. However, the best way to avoid this situation is by filing tax returns on time, and by paying taxes religiously. In this regard, IRS tax lawyers can be very helpful allies in ensuring that you are always current in your taxes, filing them correctly and properly.

IRS Resources – Tax Lien

If a tax lien has been imposed against you, you can check out the IRS Tax Lien library for more information. You might also be interested in finding out more about the IRS sections on federal tax lien.  Aside from these, you can know more about laws related to your situation at Google

Things You Need to Know About IRS Amnesty Programs with the Help of IRS Tax Lawyers

Tuesday, October 11, 2011

We currently face tough times today and we can only expect tougher times ahead of us. Running our daily lives or operating businesses are already challenging enough, so facing the burden of tax liabilities only makes things worse.

Aside from that, tax liabilities also bring along tax interests and penalties imposed by the Internal Revenue Service (IRS) that make the amount of taxes you need to pay substantially larger. It is important to know that apart from interests and penalties, the IRS may also levy sanctions on you that may include lawsuits, criminal prosecution, tax liens and even the seizure of your assets. These efforts are done by the IRS to ensure that you pay your back taxes.

However, there are ways that you may be able to reduce the burden brought by your tax delinquency, and even avoid prosecution. One way is by applying for an IRS amnesty program with the help of IRS tax lawyers.

What is an IRS amnesty program?

An IRS amnesty program is offered by the IRS that allows delinquent tax payers to pay a specified amount for their tax liabilities, including interests and penalties. Below are several facts about what an amnesty program is.

  • An IRS amnesty program encourages you to file and pay your back taxes. You can consult your IRS tax lawyers to help you satisfy requirements for you to be accepted into the program.
  • An IRS amnesty program takes away the threat of lawsuits or criminal prosecution.
  • An IRS amnesty program allows you to file late returns or revise erroneous ones you have previously submitted, and pay your outstanding balance in full.
  • An IRS amnesty program is applicable to those with incorrect or inaccurate filings and even those who deliberately overstated deductions to reduce their tax liabilities.
  • Normally, an IRS amnesty program comes with a short prescription period that requires you to settle your account within that time after which an investigation may be conducted, and sanctions may be imposed upon you or your business.
  • In certain cases, an IRS amnesty program may ask you to pay the required full amount you owe the government.
  • The prescription period may run from two to three months so you and your IRS tax lawyers should act as soon as possible when an IRS amnesty program is available.
  • Also, with the assistance of your IRS tax lawyers, applying for an IRS amnesty program also requires you to sign a settlement agreement with the Internal Revenue Service, stating that you will abide by the government’s tax regulations. That settlement agreement is a promise on your part to file and pay your taxes on time in the future.

It is highly advisable to consult IRS tax lawyers when facing possible sanctions due to your tax delinquencies. IRS tax lawyers will be able to help you deal with the situation minus all the hassles involved in undergoing the procedures involved with an IRS amnesty program. Also, you should be reminded that it is always beneficial to contact the IRS about certain errors on your part with regards to your tax filings, or if you have taxes you have not paid. By doing this, the IRS my give you some leniency in dealing with your case.

As always, it is better to avoid all these, no matter whether an amnesty program is being offered. It is always good business sense to consult IRS tax lawyers to help you file your taxes properly and on schedule.

IRS Resources – IRS Amnesty Program

For more information about amnesty programs from the IRS, you can read the IRS 2011 Offshore Voluntary Disclosure Q&A page.  Also, there are helpful things regarding what you should know before applying for tax amnesty at About.com. You can also search Google for your local state laws.