When dealing with the IRS, it can be overwhelming. You don’t want to handle them alone. The complicated tax law combined with your elevated emotions around how much you owe and potential criminal charges can make the situation unbearable. These two reasons alone make it obvious that you need an experienced IRS tax lawyer you can trust to stand in your corner with you to reduce tax obligation and avoid penalties in the process. Don’t go another day without tax law representation. Contact Tax Law Offices in Naperville today!
Six Tax Lawyer FAQs
Now that you understand why you need a tax attorney in your corner, it’s time to address some questions you and hundreds of others have when they give Tax Law Offices in Naperville a call. What’s more, you will learn the answers to these questions so you can ask better ones when you give our firm a call. Here are 10 tax lawyer FAQs:
Question #1 – Do I absolutely need a tax lawyer to handle the IRS for me?
We’ll be frank with you. No, you don’t need one; however, the complexity and the intricacies of tax law can make even the experts’ heads spin. The IRS requires a specific process to be followed that changes after every piece of communication with them. It’s not enough to send in a few letters and payments and be finished. Add the overall tax law on top of this, and you have a massive headache. Furthermore, the more frequently you mess up your dealings with the IRS, the more they will penalize you, which costs you more money. They are not like your grandma down the street when you forget to pay her back the two dollars you borrowed. The IRS is strict and relentless.
Question #2 – How much will an “offer in compromise” save me?
The Offer in Compromise (OiC) is an IRS settlement program that you have to be enacted into by the IRS. For example, you may submit a request for an Offer in Compromise, but the IRS denies it. You’re still liable for your tax obligations and, now, the penalties and fees on top of what you tried to save through the OiC. If you are allowed to strike a settlement deal with the IRS through an OiC, the savings can be great; however, you have to follow their process strictly to gain access to that privilege. The IRS determines who gets an OiC based on their perceived ability to get the full amount owed from you.
Question #3 – When will my tax dispute case be over?
Payment and compliance with the IRS is a lifetime commitment. This is why you need an IRS tax lawyer on speed dial. Whenever you get into IRS trouble, like now or in the future, you can’t afford to take them on on your own. As of this post, the IRS is taking between six and nine months to process Offers in Compromise. In the meantime, new collection attempts are being made. It’s a compounding effect you don’t want to start.
Question #4 – What about tax attorney fees?
If you’re in search of an IRS tax lawyer, you want one that is transparent and candid with you. Although some lawyers may be charismatic, it’s better to go with the attorney that will give you the information you need to make a decision. Generally, you will need to contact your Naperville tax lawyer to discover what it would cost to handle your IRS tax issues.
Question #5 – I have earned gambling winnings; Do I pay taxes?
Yes, you pay taxes on gambling winnings. A casino, in most cases, will require a your social security number for a W-2G form to report your winnings. Trying to avoid paying taxes on gambling winnings can result in issue with the IRS. You are also allowed to write off losses with gambling, if you have sufficient enough documentation.
Question #6 – Can I lose my professional license?
Yes. If you owe enough back taxes, the IRS can suspend your professional license. This can extend to your driver’s license, too. So if you want to keep making a living and getting around with your car, it’s time you contacted a Naperville tax lawyer to determine and pay your tax obligations.