If your tax debts are becoming overwhelming, there are a number of options you should be aware of.
If You’re Behind on Federal Taxes
You do NOT want the IRS to come after you. In order to get paid, the IRS can:
If you haven’t filed your taxes for years, you could be looking at prison time and up to $250,000.00 in fines. The IRS has no time limit in collecting what they are owed (taxes penalties, and fines). If you have filed your taxes, but have not paid what you owed, the IRS has a 10-year statute of limitation to collect. But don’t think you have 10 years to pay – as soon as the IRS issues a “notice of deficiency”, they can start the collection process which includes the lien on your house and the levy on your wages.
If you are ready to try and get your federal tax debt under control, working with the right tax settlement lawyers can make all the difference, especially now. Before the pandemic, the IRS was understaffed and over worked. COVID made this problem much, much worse, leaving people trying to negotiate their own tax repayment programs in a very dangerous place.
Attorneys that specialize in tax debt negotiations have all the necessary systems in place to help you with any of the following was to help:
If you have ignored your federal taxes too long and have received a Final Notice of Intent to Levy and a notice of your right to a hearing, it is important to call our office immediately to handle this matter for you. You do not want to fight the IRS on your own.
If You’re Behind on New York State Taxes
In some ways, New York State can be scarier than the IRS. Not only can they garnish your wages, freeze your assets, and seize and sell your property, they can also suspend your New York driver’s license.
As soon as New York State realizes that you haven’t you haven’t paid your taxes, they can file a tax warrant against you, without warning you in advance. There is a 20-year statute of limitation to collect that starts on the day the tax warrant is filed. Once filed, New York State can then begin the collection process, including garnishing 10% of your income until the tax liability is fully paid.
As with federal tax debt, the right tax settlement attorney can help negotiate your debt with the state. They can help with the following resolutions:
If you have never filed your New York State taxes before, your best option is the NYS Tax Department’s Voluntary Disclosure and Compliance Program (our office can apply on your behalf). This can help you avoid fines and possible criminal charges. We will explain to the state what taxes you owe, which you’ll then have to pay (immediately or over time).
What to Do First
If you’re looking for more information how to handle your tax debt, see our overview on Tax Debt Negotiations and Settlements https://www.ny-bankruptcy.com/services/mortgage-modifications-and-negotiations/tax-debt-negotiations-and-settlements/
Or if you’d rather talk directly to a compassionate, knowledgeable, human being, reach out to New York tax settlement lawyer Ronald Weiss for a free consultation. He can tell you if tax debt negotiation is right for you, and help you get the process started. Call 631-271-3737 and take the first step to a fresh start.