IRS Tax Debt Relief in Wisconsin
Is the Internal Revenue Service or the Wisconsin Department of Revenue aggressively trying to collect unpaid taxes from you? If you can't afford to pay your taxes or if the bill is inaccurate, then tax relief solutions are available. A Wisconsin tax attorney can help you find solve your tax debt problem.
Federal & Wisconsin Tax Relief Options
When you hire a Wisconsin tax lawyer, your attorney can review your past tax returns and your tax bills to ensure that they are accurate. If there are any errors, your lawyer can work with the IRS and the Wisconsin Department of Revenue to get mistakes corrected.
Your attorney can also examine your finances to determine how much you can afford to pay toward your back taxes and to determine which tax relief programs you may qualify for. Among the more common options:
- Installment payment plans - If you can't afford to pay your back taxes in a single lump-sum payment, you can apply to gradually pay your bill over time, using what is known as an installment payment plan. An installment plan typically requires you to commit to paying a specific amount each month. Interest charges and other fines may continue to accrue until your tax bill is paid in full, so you'd normally want to pay as much as you can afford each month in order to minimize the penalties.
- Penalty abatement - If your tax bill is the result of a financial hardship (such as job loss, illness or divorce) or an honest mistake, you can ask the government to remove the fees and interest charges that have been added to your tax bill.
- Offer in compromise - In certain circumstances, the government will allow you to settle your taxes for less than the full amount you owe. Certain conditions must be met to qualify for the offer in compromise program. You may be eligible if paying the entire bill would cause serious financial hardship, the government believes it will be unable to collect the full amount it's owed or if there is doubt as to whether you are actually liable for the full amount you've been billed.
- Discharging tax debt through bankruptcy - Many people mistakenly believe that you can never wipe out tax debt through bankruptcy. While this is generally true, there are certain limited circumstances when you may be able to discharge your tax debt through Chapter 7 bankruptcy. Your Wisconsin tax debt attorney or bankruptcy attorney can tell you if you qualify.
Your Wisconsin tax relief attorney can review all of the tax relief solutions with you in more detail and explain the advantages and disadvantages of each option.
How the Government Collects Tax Debt
If you instead decide to ignore the tax bills and government collection efforts, you can expect several things to occur as the government attempts to collect what it is owed.
First, the government will place a tax lien on your property. A tax lien is a type of legal claim made against a valuable asset. The lien serves as a notice to others that you owe money to a creditor. While the lien is in place, you'll be unable to sell the property, use it as collateral for a new loan or refinance an existing loan.
Next the tax lien will also be reported to the credit bureaus, which will add it to your credit report. This typically lowers credit scores, making it more expensive and more difficult to obtain new lines of credit or loans.
Finally, the government will impose a tax levy, which allows it to confiscate your assets—such as your home, car, bank account and more—and sell these items to pay your tax debt. You can also expect the government to seize your paycheck and intercept Social Security payments.
The government has about 10 years in which it can legally collect on a tax debt. And don't expect the government to overlook your unpaid taxes even if you owe a relatively small amount. You can assume the government will aggressively try to get payment.
Find & Hire a Wisconsin Tax Relief Lawyer
Don't spend your days trying to fend off creditors, including the government. Instead, hire a Wisconsin tax lawyer to help you tackle your tax debt problems head on. You'll find that your lawyer can serve as a trusted advisor and tireless advocate to help find the best possible tax relief solution for you.
If you're ready to hire a Wisconsin tax attorney, you've come to the right site! Attorneys.com offers a free service that can quickly connect you with a Wisconsin tax debt attorney in your area. To get started, call us at 877-913-7222 or complete the short form on this page. We'll collect some basic information that's used to help us match you with an attorney in your area. Once we've made the referral, you can contact the lawyer immediately, or the lawyer will call you within a couple of business days.