Naples Tax Debt Settlement Lawyer

Naples Tax Debt Settlement Attorney

If you miss filing your taxes on time, it is important to act quickly to address these unpaid taxes and their penalties. When you don’t, certain penalties will continue to accrue, and so will interest. You could end up with a tax debt much more significant than your initial payment. If you are in this situation and don’t have the financial means to address those debts, a Naples tax debt settlement lawyer may be able to help you secure a debt settlement or other solution.

You may have debt with the Internal Revenue Service (IRS) or the Florida Department of Revenue (DOR). Working with a tax attorney who has experience dealing with these agencies is crucial to achieving the most successful outcome in your debt settlement.

Let TaxSmith, LLC Help You in Naples

There are options if you cannot pay back your debt to the IRS or the DOR. You may be able to pause the collection of your debt, remove certain penalties, or settle the debt for less. At TaxSmith, LLC, we can help you address your debt so that you avoid future penalties and collection actions. Unresolved tax issues may lead to property liens that can restrict your financial options for years.

Our firm understands how stressful taxes and tax debt can be, and we want to bring you straightforward advice about your options for resolving these issues. For decades, our team has supported taxpayers in communities all across the state. We help individual and business taxpayers. Our firm determines what debt settlement options you qualify for and reviews which is right for your situation.

Options for Tax Debt Settlements

When you owe the IRS or the DOR a tax debt, you must usually pay this amount back in full. If this isn’t an option without putting yourself in financial hardship, tax agencies may be willing to negotiate to recover a portion of the debt you owe.

When you have a tax issue in Naples, you can work with a tax attorney to address it. The closest Taxpayer Assistance Center Office is located in Fort Myers, at 4210 Metro Parkway. When you work with an attorney, they can communicate with the IRS and negotiate on your behalf.

There are several potential solutions for your tax debt issues, including:

• Installment agreement – Allows you to create a payment plan for your tax debt. You must still pay the full amount, but you have more time to do so and can pay your monthly needs.
• Penalty abatement – This can eliminate certain penalties and interest from your overall tax debt. Penalties could be waived under the first-time abatement policy or if they were incurred under circumstances considered reasonable cause. First-time penalty relief requires a clean compliance history, while reasonable cause abatement needs documentation of circumstances like natural disasters or serious illness.
• Currently Not Collectible – This temporarily lists your debt as uncollectible, pausing repayment and collection actions. The debt will eventually have to be paid in full, but this can give you some time to recover financially.
• Innocent spouse relief. If your tax debt was created by your spouse or ex-spouse, and you didn’t benefit from the money.
• Offer in compromise – You can settle the entirety of your tax debt for a lesser amount. This is a useful tool, but it is only available to specific taxpayers and is hard to get approval for. In Fiscal Year 2023, the IRS only accepted about 42% of the proposed offers in compromise.

What Can a Tax Attorney Do for Me?

There are many benefits to working with a tax attorney to address your tax debt, primarily that you are more likely to settle the debt quickly and at the lowest cost and stress to you. A tax attorney can:

• Provide information and advice about state, local, and federal tax codes
• Personalize this information to your unique situation
• Determine what settlement options you qualify for
• Help you make informed choices about the type of debt settlement you apply for
• Help draft your application for the greatest chance at approval
• Represent you to the IRS or DOR and negotiate on your behalf
• Protect your financial interests

A successful outcome to settling your tax debt is more likely when you work with an experienced tax attorney in Naples.

FAQs About Tax Debt Settlement Law in Naples,FL

Can I Negotiate With the IRS Myself?

You could negotiate with the IRS yourself, but it is not advised. There is no legal requirement that you be represented by a tax law attorney, but an attorney can help you significantly and protect your rights. The IRS is open to compromise but will look out for its own financial interests. When you work with an attorney, you have a professional looking out for your financial interests and ensuring you secure a financially fair agreement.

Is the IRS Fresh Start Program Legit?

The IRS Fresh Start Program is now operated under offer in compromise debt settlement, and this is a genuine option for taxpayers. An offer in compromise lets you pay a smaller sum to clear all your tax debt. Unfortunately, the IRS has strict application requirements for offers in compromise, and it is very difficult to get accepted. You must be up to date on your taxes and be unable to pay back your debt without financial hardship.

What Percentage of Debt Will the IRS Settle for?

There is no specific percentage that the IRS will settle for when you are making an offer in compromise. The IRS settles for the amount that you can reasonably be expected to pay and still cover your minimum expenses. The amount will depend on your income, resources, and expenses, and doesn’t necessarily depend on the tax liability you owe. When you work with an experienced attorney, they can help you determine a reasonable offer.

Do Tax Settlement Companies Work?

Tax settlement companies may work, but you have to carefully review a company before you work with them. Unfortunately, many companies are illegitimate, looking to profit off of already financially vulnerable individuals, but with no ability to help them. Check a company’s past work, past clients, reviews, and reputation.

It is often more beneficial for you to work with a certified public accountant or tax attorney, as you can more clearly check that they are licensed and in good standing.

Address Your Tax Debt With TaxSmith, LLC

It’s important to act quickly if you have tax debt. At TaxSmith, LLC, we can help you understand what you can do to address your tax debt and the settlement options available to you. Contact our firm today to find the right resolution for your financial situation.