Tax debts can be frightening and challenging to resolve, especially with federal and state taxing authorities working aggressively and backed by complex webs of tax laws. Hone Maxwell LLP tax attorneys help individuals and businesses resolve tax debts while minimizing liability and protecting assets.
Payment Plans/Installation Agreements
Negotiating a successful tax installment agreement requires a detailed analysis of the client’s financial position, an in-depth understanding of rights and responsibilities and experience navigating complex internal tax authority procedures. With a background in accounting and tax, HMLLP attorneys effectively analyze and understand personal financial and tax information, present this information to the taxing authority and negotiate a payment structure that is reasonable and manageable.
Offers in Compromise
Offers in compromise reduce tax debt by negotiating a lower tax bill. Sometimes described as settling taxes for “pennies on the dollar,” many taxpayers do not qualify for this option. Each tax debt case must be properly reviewed and analyzed to determine if an offer in compromise is appropriate.
Bank and Wage Levies
The IRS and other taxing agencies use tax levies to collect taxes owed by taxpayers. Taxpayers often receive little notice before the government uses this powerful tool to seize their properties. Levies can have a devastating effect on many taxpayers and may result in the loss of wages, an empty bank or investment account and liquidation of retirement savings.
Release of a Tax Lien
A tax lien is a claim used as security toward, or payment for, taxes owed. A tax lien filing serves as a public notice to creditors that the taxing agency has a claim on property in the taxpayer’s name, including any properties acquired after the lien is filed. Under certain circumstances, a tax lien may be withdrawn or released to do things such as sell a property or recover funds to a business to make payroll. Tax liens, which can impact credit ratings, should be resolved quickly to minimize financial damage and protect assets.
Trust Fund and Payroll Taxes
If trust fund taxes are not withheld, or if deposits of withheld funds are not properly remitted, a penalty may be assessed up to the full amount of the unpaid trust fund taxes. There are precise legal definitions to determine who will be held liable for trust fund taxes, whether the responsible party is an individual or a corporation.