Tax Debt FAQs
Is there a statute of limitations regarding back taxes?
- Yes, there is but it isn’t as cut-and-dry as it sounds. Generally speaking, the IRS has 10 years to collect on your back taxes. Once that time has elapsed, the IRS is legally prohibited from taking collections actions against you.
How far back can the IRS go to audit my return?
- The statute of limitations is generally three years after a return is due or was filed, whichever is later. However, if the IRS identifies a substantial error, they can request to extend the statute of limitations.
I have a deadline with the IRS right around the corner. Is it too late to get professional help?
- The answer, with few exceptions is a resounding no. We are equipped to intervene almost immediately and take control of your collection case. Although it is best to engage us as far in advance of any deadlines as possible, there have been many times where we have succeeded in meeting, postponing, and even cancelling client tax-related deadlines within as little as an hour after being engaged.
Will the IRS garnish my paycheck and seize my assets if I owe money?
- Depending on the situation, it’s possible. If you’re struggling with tax debt, please contact us today so we can talk about your unique case and work out a plan that mitigates the risk of unpleasant surprises from the IRS.
What is a bank levy?
- A bank levy is the IRS garnishing your account or accounts for an unpaid debt. This “freeze” will last 21 days until the bank releases all the funds to the IRS as a payment towards what you owe them.
What is a penalty abatement?
- Abatement means reduction or elimination. So, for a penalty abatement, this would reduce or remove some or all of the penalties associated with your tax liability as well as the interest associated with those penalties. There are two types of penalty abatement- Reasonable Cause (Death, fire, divorce, flood, etc) and First time Penalty Abatement. While someone may qualify for one, they may not qualify for the other.
When Should I Hire a Tax Attorney?
You should seek the counsel of a tax attorney if you are under a tax audit, have tax debt issues, have received collections notice from the IRS, have a Revenue Officer assigned to your file, or are under investigation for tax fraud.
How can a Tax Relief Lawyer Help Me?
Tax law is complex, and many taxpayers have a difficult time of understanding the various rules and regulations surrounding taxes. Debt problems can mount to a point where you might need legal guidance for debt collection harassment. In these cases, you can count on the Florida Tax Law Group to assist you. We answer these questions and offer clear solutions to your tax problems.
The larger part of our clients never has to meet with the IRS, thanks to our keen insight and successful track record of working with them.
Still Have More Questions?
Call to speak with our knowledgeable tax relief practitioners by calling (844) 511-4800 or contact us by completing the submission form down below!