Norfolk Tax Attorney
Taxpayers with any tax related issues can contact tax attorney in Norfolk to get answers to their questions. Tax experts can be helpful with anything from filing taxes properly to debt repayment options. If an individual is in debt to the IRS, it is important to act quickly and find a solution. The IRS has resolution programs for a variety of financial situations. Regardless of the scenario, Norfolk tax lawyers recommend working with a tax professional to get the debt settled.
While there are several options to become compliant and settle with the IRS, some taxpayers neglect their debt. This causes the IRS to start the collection process. If this has happened, individuals should call tax attorney Norfolk right away. Once begun, collection only ceases once the IRS is satisfied by either full balance payment or a settlement agreement made between the taxpayer and the IRS. If no action is taken to pay the IRS, the taxpayer may receive a notice of lien. This notice means that without payment, the IRS can put a hold on the taxpayer’s funds to ensure that the money is available to the IRS to pay the balance owed. Liens damage credit ratings and stay in a credit report for 7 years. Norfolk tax lawyer can help get a lien removed through settlement.
If a taxpayer still ignores their debt, the IRS will put a levy on their assets. This gives the IRS the right to seize assets ranging from the taxpayer’s bank accounts to their house. At this point, repayment becomes much more crucial. Getting in touch with a tax lawyer of Norfolk can help inform a taxpayer of their options once a levy has been issued. The IRS starts by freezing bank accounts. After 21 days, the funds in the accounts must be sent to the IRS. The IRS can also sell your property, such as a house, boat or car. It is important to move quickly to avoid losing more than just the money owed. Norfolk tax attorneys advise that the debt can still be settled. Tax professionals can provide options for resolving debt as well as getting the process started with the IRS.
While tax debt is a serious reason to hire a tax expert such as tax lawyer Norfolk, they offer many other services. You can reach out to a tax professional to get help with filing your taxes, for penalty abatement options, or just to get questions answered. It is very important with any tax issue is to find the solution and to stay compliant with the IRS. If you have any questions, Norfolk tax attorney offers free consultation. Call today to find the answers you need!