Owing any kind of back taxes can present an overwhelming experience for almost anyone today. One of the best ways to reduce stress and better organize your personal finances is to settle with the IRS as quickly as possible.
Fortunately for taxpayers there are multiple ways that the IRS allows taxpayers to pay or reduce the amount of tax debt owed. Resolving tax issues can be as simple as knowing the best course of action and working with an IRS tax lawyer In Atlanta.
It is a general misconception that living overseas or working abroad excludes US citizens from filing US taxes.
Being contacted by the Internal Revenue Service (IRS) brings to mind the line from Shakespeare, that it is an "ill wind which blows no man to good." They would protest, noting that not all of their mailings bode ill for the receiver. Nonetheless, while the receipt of a notice from the IRS is not a time to panic (even the IRS says this,) but it is also not a time to sit on your hands and take no action.
April 15 has come and gone, and we hope your income tax filing went was timely and accurate. As Atlanta tax attorneys we work with dozens of taxpayers with issues concerning their taxes and we understand how stressful receiving a notice of an audit or any other tax matter from the IRS.
In many cases, the old saying goes, it's not the crime, but the cover-up that proves ones undoing. Denial is often more damaging than the initial mistake, crime or error. With tax issues, such as back taxes or tax evasion, that is often the case. Because the Internal Revenue Service is primarily concerned with money, they understand that individuals and businesses often attempt to minimize their tax burden. However, when legitimate efforts to reduce tax obligations may cross the line, at least in the IRS's view, to illegal tax evasion, their response is essentially to pile on the fines and penalties.
Lindsey Lohan may be rich and famous, but celebrity has never been much a defense when it comes to back taxes and the Internal Revenue Service (IRS). The IRS seized all of her bank accounts as security for the delinquent taxes the actress owes on the millions she has earned over the years.
The deadline of April 17, 2012 to file your tax return or request an extension has come and gone. Now What?
Taxpayers who are struggling to pay their taxes may get some relief from the IRS's expansion of its "Fresh Start" initiative, a program started back in 2008. The new Fresh Start provisions provide penalty relief to the unemployed and make installment agreements on taxes owed available to more people.
I recently answered another question about back taxes on Lawyers.comand I recommend you review it to learn what you need to do if you receive a letter from the IRS.