Unfortunately, tax problems are not uncommon. The Internal Revenue Service (IRS) has many rules and regulations that can make the process of filing taxes overwhelming even for experienced individuals.
It is important to understand your rights as a taxpayer, and when necessary seek out the assistance of an attorney who understands the tax law. Here are five common IRS tax problems and how an attorney may be able to help with each one.
1 - Failing to File Taxes on Time
It is important to file your taxes on time each year. If you fail to do so, the IRS may impose a penalty for late or incomplete filing.
An attorney can help you identify why you are unable to file on time and work with the IRS to reduce any penalties or fines associated with your situation.
2 - Owing Back Taxes
If you find yourself owing back taxes, it is important to take action quickly. The longer the debt goes unpaid, the more likely it is that the IRS will begin collection actions against you.
An attorney can help work out a payment plan with the IRS or even negotiate an offer in compromise on your behalf.
3 - Omitting Income on Your Tax Forms
The IRS requires that all income be reported on your tax forms. If you accidentally omit any of your income, the IRS may assess penalties and fines for incorrect reporting.
An attorney can help determine why the income was omitted and work with the IRS to get any penalties or fines reduced.
4 -Receiving an Audit Notice
An audit can be intimidating and confusing. The IRS may implement an audit if it suspects that you have not reported all of your income or have made an incorrect deduction.
An attorney can help make the process easier by preparing you for what to expect and helping you understand your rights and responsibilities during the audit.
5 - Incorrect Deductions or Tax Credits
Claiming incorrect deductions or tax credits can lead to problems with the IRS. They may want more information about the deductions and credits you claim.
An attorney can review your return and make sure that you are claiming the right deductions and credits. They can also provide recommendations for what you need to do next.
Contact an IRS Tax Attorney
By understanding your rights and seeking assistance from an experienced tax attorney, you can help to ensure that your taxes are filed correctly and that any outstanding problems with the IRS are resolved.
For more info, contact a local tax attorney.