(813) 872-8787

BANKRUPTCY AND INCOME TAXES

A Chapter 7 or Chapter 13 Bankruptcy can frequently be used as a very effective way to resolve past due IRS tax debts. Many bankruptcy attorneys and many tax attorneys are unaware or do not fully understand how to discharge past due income taxes in bankruptcy. Please contact me at 813.872.8787 to discuss your case and learn how we can help you resolve your IRS tax problems.

CURRENTLY NOT COLLECTIBLE OR HARDSHIP

If you are unable to pay your past due IRS tax debts and have limited income, then you may qualify to have your account placed into what is called Currently Not Collectible or Hardship status. The IRS will not pursue collections against you while your account is considered not collectible. This may bring some temporary peace of mind but it is not a full and final resolution to your case. You should also note that penalties and interest will continue to be added to your balance during this time. This can sometimes be used as an effective strategy to wait out the Collection Statute Expiration Dates.

Please contact me at 813.872.8787 to find out how I can help you fix your tax problem.

COLLECTION STATUE EXPIRATION DATES

Generally speaking, the IRS has 10 years to collect past due income taxes from a taxpayer. This is the statute of limitations on tax collections. The statute of limitations begins to run when the taxes are assessed. However, there are many things that can stop the clock from ticking. For example, living abroad, filing a bankruptcy or filing an Offer in Compromise will at least temporarily stop the statute of limitations from expiring. That means that the IRS will have more time collect the taxes from you. Once their time to collect does expire, then the tax disappears and is no longer collectible. I can help you verify the amount of time, if any, remaining that the IRS may pursue collections against you.

Please contact me at 813.872.8787 to find out how I can help you fix your tax problem.

INSTALLMENT AGREEMENTS

An Installment Agreement is a payment plan with the IRS. There is a standard full pay Installment Agreement, Streamline Installment Agreement and a Partial Pay Installment Agreement. Installment Agreements may be used for a variety of reasons. Sometimes the balance due is relatively small and you have the ability to pay but just cannot pay the balance in one payment. A small monthly payment plan may be appropriate. The smaller or Streamline Installment Agreements are used when the tax due is $50,000 or less.

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IRS TAX LEVIES

The IRS will execute a levy to collect money from you. They will typically levy your bank accounts or your wages but they can also seize other assets like your home or your car. If you have a levy, then you must act fast. Imagine waking up and seeing your bank account at $0.00 or receiving only a fraction of what you normally receive in your pay check or your social security check. An IRS Tax Levy can be disastrous to your financial wellbeing and create a domino effect of not being able to timely pay your other bills. There are ways to get a levy released but you must act fast. If you received a tax levy, then call me now.

Please contact me at 813.872.8787 to find out how I can help you fix your tax problem.

OFFER IN COMPROMISE

The Offer in Compromise is by far the most popular and one of the most effective ways to resolve an IRS tax liability. This is probably also the program that most of you have heard touted time and time again as the way to settle with the IRS for pennies on the dollar. The good news is the IRS regularly settles cases with taxpayers for a fraction of what is owed. It is a fantastic way to resolve an IRS tax problem but it does not work for everyone. What the “marketing firms” do not tell you is it may not be the appropriate resolution for you. Call me today to find out if an Offer in Compromise may work for you!

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PENALTY ABATEMENT

If you are faced with paying your past due IRS tax debts, then an Abatement of Penalties can be a very effective way to help reduce your balance. The IRS will grant an abatement of penalties if you are able to establish reasonable cause to do so according to their guidelines or if you qualify for a first time penalty abatement. The IRS regulations regarding what may qualify for an abatement of penalties can be very intimidating and overwhelming.

Please contact me at 813.872.8787 to find out how I can help you fix your tax problem.

TAX LIENS

The IRS will file a tax lien against you to put the world on notice that the government has a legal claim against all of your real property, personal property and financial assets. The lien is filed in the county where you live and is a public record that will immediately have a negative impact on your credit.

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INCOME TAX RETURNS

The timely filing of your income tax returns is important for several reasons. Failure to do so can result in being assessed late filing penalties and late payment penalties. You should also note that the IRS can prosecute you criminally for a period of six (6) years for failing to report income. The IRS may also prepare a return for you. I’m sure you can imagine if the IRS prepares the return for you it results in a very high tax being assessed plus penalties and interest. You should also note that filing an extension of time to file your return does just that. It allows more time to file but it does not grant you additional time to pay your tax liability.

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Contact Daniel M. Genet, P.A.

Daniel M. Genet, P.A., 3621 W. Kennedy Blvd., Tampa, FL 33609
Ph: (813) 872-8787 | Fax: (813) 944-5205