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Dallas

Sinking in Tax Debt in Dallas? Send an S.O.S. to National Tax Attorney

Finance is one of the most complicated parts of the modern life. It is one that is very difficult to understand and manage, especially if you do not have a knack for it. Yet, finance is the part that can ease your life and send you into a state of pure bliss if handled with diligence and skillfully. It is a reasonable assumption that someone who is good in numbers should be able to deal with most of the challenges of personal finance. For those who are not that gifted in the way of the numbers or have not taken the time to develop this skill the finance can pose a big challenge. Handling personal finance and especially taxes are a problem therefore that many adults, including the one living in Dallas, struggle with. There is absolutely no reason to worry though, because help can easily be found in the form of National Tax Attorney.

Filing taxes is a very important responsibility that you have, and by doing it the right way you can save yourself from incurring the wrath of Internal Revenue Service (IRS). Filing taxes is not an impossible job by itself if you have the right tools and knowledge. The trouble comes when some honest folks such as yourself make an error in filing the taxes because of not having the correct information or simply miss filing the taxes for a year or a sale that you may have made. The result is an audit by the IRS and you may find yourself at the receiving end of a process designed specifically for persuading tax defaulters to pay back every cent that you owe in taxes.

Back Taxes and Supplementary Return

The money that the Internal Revenue Service is looking for comprises of the taxes that you owe from previous years in the form of unfiled or misfiled taxes. The IRS upon finding out that you owe taxes proceeds with sending you a Notice of Balance Due, informing you of the amount that you need to pay back and giving you a period by which to respond to the notice. Ignoring a tax notice is one of the most dangerous and reckless things that you can do. It is advised that if you receive a correspondence from the IRS, that you respond to it yourself or get in touch with the National Tax Attorney who can help you prepare a proper response to this and help you resolve this situation quickly and effectively.

If you fail to send a satisfactory response to the query that you have received from the IRS, the situation is escalated and various methods of creating leverage to push you in action are initiated. One of the primary ways this is achieved is through filing of a supplementary return by the IRS on your behalf. Although this may seem like a harmless step, the reality is far from it. The Supplementary Return filed by IRS does not make any deductions or concessions that you would usually file in the tax return and it may also indicate your income to be way more than your actual income. The tax amount is also clubbed with penalties and late charges.

Tax Liens

To gain additional leverage on you the IRS can also place Tax Liens against your name. It is a big escalation of your tax problems since the tax liens will render yourself incapable of arranging a fresh line of credit for yourself. With a tax lien against your name, the IRS will alert any creditor that you may be approaching with a request for a fresh loan. The tax lien also gives the IRS rights to your assets in case you are not able to pay back the loan. Some of these assets may include your house(s), car(s), business properties and other wealth that you may otherwise own.

Tax liens and your credit score

The tax liens can place a bid smudge on your financial credibility as a borrower by lowering your credit score. In the modern times your credit score is extremely important since it declares to the creditors, your ability to pay back the money. With a lower credit score, you may find yourself incapable of getting fresh loans. It can also end up making the loan a lot costlier than before since the financial institutions charge a higher rate of interest from the individuals who have tax liens.

How to remove a Tax Lien

Although it sounds sinister, the denizens of Dallas who are facing a tax levy can easily have it removed by getting into an installment agreement with the IRS. The installment agreement is an agreement between yourself and IRS regarding the terms and conditions of the repayment of the amount that is due. The installment agreement also includes the schedule at which you must pay back the money on a monthly or a quarterly basis. Once the installment agreement is in place the IRS can rest easy that they are getting the money back from you and it will stop them from escalating it any further than this.

National Tax Attorney can easily be commissioned to negotiate on your behalf and decide on the schedule of installment repayment that you would be comfortable with. They can be contacted at their website and they will try to get in touch with you as early as possible to understand your requirement and intervene. Dealing with an outstanding tax debt can be a nerve wrecking experience and can also put you and your family and/or your business into the harm’s way. If you are overwhelmed just thinking about dealing with these things alone, it is not too late to find a friend such as National Tax Attorney who can help you protect yourself and your loved ones from the many dangers of tax debt.

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Tax Debt Settlement

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Areas served: Allen, Anna, Blue Ridge, Celina, Copeville, Farmersville, Frisco, Josephine, Lavon, McKinney, Melissa, Nevada, Plano, Princeton, Prosper, Westminster, Addison, Carrollton, Cedar Hill, Coppell, Desoto, Duncanville, Garland, Grand Prairie, Hutchins, Irving, Lancaster, Mesquite, Richardson, Rowlett, Argyle, Aubrey, Carrollton, Denton, Flower Mound, Justin, Krum, Lake Dallas, Lewisville, Little Elm, Pilot Point, Ponder, Roanoke, Sanger, The Colony, Sachse, Seagoville, Sunnyvale, Wilmer, Weston, Wylie
Services we offer:

Offer in compromise

Remove tax liens

IRS tax settlements

Stop wage garnishments

Remove bank levies

File old tax returns

Resolve IRS tax issues

Fix payroll tax problems

Set up installment agreements

Tax relief for back taxes

File innocent spouse claims

Remove tax penalties

Currently not collectible

Injured spouse relief

Legal advice

Audit representation

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Frequently Asked Questions

Can the Internal Revenue Service try to come after a person commercial enterprise for old income tax liabilities, upon twenty years go by?

The time limit regarding the IRS to collect on old tax is generally ten years when the Government identifies all of the income tax burden. Mainly, this implies I.R.S. has a ten year time frame to obtain on a Internal Revenue Service tax and so the period finalizes and the I.R.S. loses its recognized case over the taxes. This does not imply they are relieved though since the IRS may continue to pursue collection activity such as submitting an IRS LIEN. In Dallas this is a claim against their assets (along with cars or trucks, places of residence, and so on) as an effective protection in terms of a taxes owed Whilst; a tax levy is a valid seizure of their own personal material goods to fill that financial debt.

Could an income tax debt get removed inside of a Chapter 13?

The way in which back tax debts will undoubtedly be treated inside of a Chapter 13 Bankruptcy would depend directly on whether it's a real precedence or just non-priority tax bill burden. Quite a few IRS tax bills can't be cleared inside a Chapter 13 Bankruptcy. To make sure you emit an actual IRS tax bill in a Bankruptcy it will have to be viewed as non-main priority. A great number of IRS obligations are undoubtedly perceived of as precedent throughout a bankruptcy proceeding. Sadly, the vast majority of Internal Revenue Service tax bills cannot be managed with bankruptcy hearing alone. You might need to pay the vast majority of IRS tax debts with bankruptcy proceedings laws. |May a tax obligation be emitted in a Chapter 13 Bankruptcy? The ways back tax arrears will most likely be managed in a Chapter 13 depends directly on whether it is an actual principal or alternatively non-priority income tax bill. They will be obligated to pay all of the Precedence Internal Revenue Service tax liabilities within Chapter 13 Bankruptcy protocols. Primarily just non-principal I.R.S. tax debts may perhaps be cleared in Bankruptcy and as well most other non-anchored debts. Virtually all IRS tax bills are actually seen of as precedent throughout individual bankruptcy. That's why, applying for individual bankruptcy will not be the end with one's own I.R.S. tax bill trouble. Precedence Internal Revenue Service tax liabilities should be repaid in BK.

What I.R.S. bills can often be paid by BK?

A great number of credit debt of an unsecured nature can be absolved inside of a private bankruptcy. The B.K. court must always scrutinize to make sure items involved in the a bankruptcy proceeding did not originate from bogus tactics. If it is found that the client exercised a deceitful method to get goods or services then it would have to be taken outside the bankruptcy process. As opposed almost every other type of judgments are actually resolved. |What IRS obligations are able to be? Health-related bills and energy bills, personal loans, credit cards bills and some various other unleveraged obligations should be wiped away by having a BK. The BK court will have to study to make sure items part of the individual bankruptcy did not originate from phony actions. The phony assertion will need to have been made in some recoverable format with the loan provider and also misrepresentation should have been material, which signifies the portrayal was such that the loan originator wouldn't have provided the credit had the true details been known. On the flip side most other types of rulings tend to be forgiven.

Just what should someone do if they can't pay back their own I.R.S. obligations?

If for whatever reason a person is not in a position to settle an individual's tax debt the Internal Revenue Service does have monthly payment opportunities. Which method could be perfect someones situation hinges upon the amount one owes to the IRS as well as ones overall debt circumstances. Exact factors might need to be met to be able to take full advantage of these processes. Don't forget many might require a fee. Men contending with finance burdens could find that there's an IRS tax effect to predicaments like a work elimination, debt resolution or applying your money out of your SEP. Make sure you call immediately in case one has any type of tax dilemmas they require assistance with.

Exactly what Internal Revenue Service tax debt forgiveness possibilities exist?

The Internal Revenue Service provides various IRS tax resolution solutions that will help you with your taxes such as the IRS Fresh Start initiative. Most often a payment authorization can be used as folks who can't make the payment for your income tax burden all at once. This plan lets people to make equal payments until finally your income tax debt is completely satisfied. One new program, the Offer in Compromise will help you repay far less compared with what you will probably owe. Some individuals meet the requirements for an Offer in Compromise. In most cases a Penalty Abatement can easily reduce your tax obligation.

Can I.R.S. tax be resolved?

Yes, I.R.S. bills could very well be forgiven, however the tax influence of cancellation or debt consolidation will depend on on your personalized issues and meet certain conditions. This is a great solution when you just can't pay for your back taxes.

What exactly is the IRS tax debt forgiveness?

An Offer and Compromise makes it possible for a individual to pay off under what they are obligated to pay in IRS debts. The Offer and Compromise procedure has been created less painless within the Fresh Start effort. The IRS is already more accommodating when it comes to viewing the means to settle the income tax bills.

Exactly how much of ones personal I.R.S. tax obligations are usually consolidated?

Depending one's unique problem, a person will get rid of an individual's I.R.S. liabilities by ranging from Thirty five Per cent to 96 Percent .When it comes to an agonizing financial problem, for instance a specialized medical crisis or employment decline one could potentially qualify for IRS plans which would incredibly reduces a taxpayer's personal I.R.S. bill. . Their I.R.S. bill can be diminished if a taxpayer has sustained life transforming financial difficulties. Including a source of income reduction, sickness crisis and also other economic hardship. Note: An enormous discount against their tax burden is obtainable by just wiping out IRS penalty and interest charges.

Can I lessen my income tax liability on my own?

It is really easy to contend with all your Internal Revenue Service obligation problems all on your own however often situations occur that make it harder to carry on without the assistance of a Certified Public Accountant or a tax legal professional. In case your water heating unit broke during the night time, and your condominium flooded, the most effective way to expediently fix the problem is always to get in touch with a qualified professional. This is identical for income tax debt concerns. Eventually you'll save money by providing us a telephone call.

Could you strike a deal on your primary I.R.S. bills to the Internal Revenue Service?

The I.R.S. will almost certainly, reckon a reduced income tax liability. Verify you qualify with a capable Certified Public Accountant or a tax legal practitioner that can certainly look at your income tax challenges and invent some an idea to lower your IRS obligations. It is advisable to request steps from a tax firm that knows how to cope with the Internal Revenue Service taxes owed. Should you have severe back income tax debts, then a tax legal practitioner can take care of the situation and provide you with the best option to eliminate the Internal Revenue Service liabilities.