Helping Clients Regain their Financial Freedom
For many years, tax relief attorney Travis Watkins has helped clients throughout Oklahoma and Texas with a wide range of tax problems. If you are facing tax penalties, fight the devastating consequences by contacting the Travis W. Watkins Tax Resolution & Accounting Firm today.
Fixing Your Tax Problems
The IRS may suggest that you don't need a lawyer to negotiate for you and that they will help you — don't be fooled. If you owe sales tax, the state considers you a thief and will treat you accordingly. If you can't pay back the sales taxes that were supposed to be held in trust quickly — usually within a year — your business is going away and the responsibilities will remain.
Some solutions you may be able to pursue are:
- Offers in compromise – An OIC is a compromise between you and the IRS because there is virtually no way to remedy the full debt. There are three types of OIC, including Doubt as to Collectability, Doubt as to Liability, and Effective Tax Administration.
- Innocent spouse relief – Sometimes a spouse makes errors when filing taxes. The other spouse can avoid tax debt by showing that the return was filed jointly; the at-fault spouse failed to report income or took an incorrect deduction, credit, or basis, which caused an understatement of the taxes owed; there was no transfer of property from one spouse to another as part of a fraudulent scheme; and the innocent spouse had no reason to know that there was an error.
- Penalty abatements – You may be able to wipe out some of these extra costs and lower the amount of money due to the IRS.
- Hardship status – If you are unable to pay tax debt right away, you may be eligible for a postponement of payments if you can prove your monthly expenses prevent you from being able to pay what is owed. The IRS will investigate your financial situation and will expect to receive documents that reflect costs like your mortgage or rent payments, as well as pay stubs. The IRS also will ask about expenses like food, clothing, transportation, and utilities.
- Bankruptcy – Many types of bankruptcies exist, and some can alleviate tax debt altogether. An attorney can help you weigh the pros and cons of having a bankruptcy stay on your credit history for a number of years versus seeking alternative solutions for handling your tax debt.
- Tax lien release – The IRS can attach a lien to your property to prevent you from selling everything to avoid debt. Liens can harm your credit and prevent you from borrowing loans. Speak with a tax attorney about obtaining a tax lien release.
Regardless of which type of solution you seek, the IRS will require many documents to prove your claim and investigate your financial history and income status. Travis Watkins can provide you with a free copy of his book, The Ultimate Survival Guide for IRS Problems. Call today to get started.
Dial (866) 817-0090 or contact us online to schedule a consultation with our Oklahoma tax attorneys.
Payroll or Employment Tax Problems
If you are a business owner, you know that meeting day-to-day expenses can be difficult when you aren't generating revenue. Sometimes, business owners put payroll tax responsibilities on the back burner to keep the lights on and the door open. Uncle Sam, however, refuses to wait. Unpaid employment taxes can result in a levy or seizure of your property to satisfy these debts.
Because it's a business owner's responsibility to collect federal income, Social Security, and Medicare taxes from employees, the IRS considers nonpayment of these taxes theft, making it difficult to avoid penalties. Even if you miss only one payroll tax payment and make all of the rest for the year, the IRS will continue to apply the current payments a cycle late, causing you to incur penalties which can spiral into more debt.
Problems with an IRS Revenue Officer
Depending on the tax debt, an IRS Revenue Officer may be assigned, adding to your stress by sending an agent to knock on your door and try to collect that debt. While these officers are expected to be courteous and professional, they do not take into account your financial situation or any personal problems that may affect your ability to pay your tax debt.
These officers can garnish your wages, freeze your bank accounts, seize your property, or put a lien on your home. With their backing from a major governmental institution, it doesn't make much sense to go up against them on your own. A certified tax lawyer can ensure that you have someone on your side with your best interest in mind, ensuring that tax laws are used to your advantage. This can make all the difference in saving your business or home.
Contact Travis W. Watkins Today
There are countless reasons why so many Americans have problems paying their taxes. Illness, crime, or a life-altering incident can eat up income delegated for the IRS. An unforeseen business expense can affect the ability to pay your company's liabilities. For many years, tax relief attorney Travis Watkins has helped clients throughout Oklahoma and Texas with a wide range of tax problems. If you are facing tax penalties, fight the devastating consequences by contacting the Travis W. Watkins Tax Resolution & Accounting Firm today.