Welcome to IRS Debt Attorney Blog!

Are you stuck owing the IRS a large sum of cash? Debt is never pleasant, but IRS debt is probably worse considering the fact that every single day that passes without you resolving your problems the penalties and interest will continue to grow.


Initially it may not seem like much, but over time your debt could become a much bigger problem than it was to begin with!


If you’re reading this blog though, it probably means that you’ve decided to take steps to ensure that things don’t get that bad and hire an IRS debt attorney to help you do so. That is certainly a good move – but how much do you know about IRS debt attorneys to begin with?


In this newly launched blog, you’re about to find out absolutely everything you need to know about these specific type of attorneys. At IRSDebtAttorneyBlog.com, we’ll provide you with constantly updated content that gives you amazingly helpful insights into how you can resolve your IRS debt once and for all.


Assuming you have any opinions that you’d like to share, you’re more than welcome to leave a comment, or alternatively you could even submit an article that details your own insight or experiences with IRS debt attorneys.


This type of contributed content is part of what makes IRSDebtAttorneyBlog.com so unique, and it gives other readers the chance to learn from the firsthand accounts of others!


Before you go any further though – how about looking over a quick overview of what an IRS debt attorney really is, and how they could help you.

“What is an IRS Debt Attorney?”
In relatively simple terms, an IRS debt attorney is really just a lawyer who specializes in issues related to IRS tax and debt. There are no special qualifications that make such lawyers specialists, but for the most part these lawyers have an extensive tax-based background and a history of dealing with cases involving the IRS.


To cut a long story short, they are experts who know all aspects of how to help people deal with their IRS debts.


Unlike other tax experts however, going to an IRS debt attorney is much more helpful considering they can represent you directly when dealing with the IRS, provided you give them power of attorney.


Many cases of IRS debt require complex negotiations before they are settled, and who better to do so than a lawyer experienced in the intricacies of negotiating with the IRS?


Also, they can use a wide array of solutions to help you deal with your tax problems – including helping you to file for bankruptcy if it is really necessary and even representing you in court if the IRS has taken legal proceedings against you.


As you should be starting to realize, an IRS debt attorney is going to be able to provide you with all the help you need to solve your debt issues once and for all. Here at IRSDebtAttorneyBlog.com you will learn exactly how this can be accomplished, as well as what you need to do to find the right attorney to take your case!

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How Important Is A Patent?

Patents are a major influence in the business sector and this explains why large corporations are always keen to build their patent portfolios. Making such applications calls for some level of familiarity with the legal aspects of it though; hence, it is crucial to incorporate the services of a lawyer in acquiring and maintaining a patent. Still, before obtaining it, it’s good to gain knowledge of how patents can help.


Significance of Patents to a Business


Patents keep inventions protected. If you have a novel invention, a patent will give you exclusive rights to the product, meaning no one else will be able to make, sell or import it for a 20 year period. This certainly gives you a business advantage and the more of these you have in your patent portfolio, the better it is for your company.

In addition, where you need to get funding, a patent portfolio can be a loan collateral. A company’s intellectual property is always highly valued and as long as your business is earning a sensible income through the patent, the bank may take it into consideration.


Cost of Developing a Patent Portfolio


There is no set fee for patenting an invention as it all varies with the idea itself. However, the cost may be anything from £200 to £5,000 though this figures may go lower or higher in some instances. Regardless of the amount paid, most big companies view this as a small investment considering the value of the property they may be looking to protect. Profits made from patents are taxable though, and where you decide to sell your patent rights, the lump sum will be taxed as well.


On the Bottom Line


For a start-up, launching a new product is always a top priority but in most cases, not much thought is given to protecting it. Although patenting is important to nearly all businesses, it is even more useful to a start up seeing as in such cases, the innovation serves as the businesses most valuable resource. Thus, no matter the stage that your company is in, filing a patent application is vital. It may seem unnecessarily costly at a glance but when you do get it, your business will thank you for it in the long run.

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How to Negotiate Tax Debt with the IRS

Tax debts are considered as complicated and serious business involving a lot of rules and norms. If you are facing problems with unfiled tax returns, audit penalties or back taxes you need to find out an option to shake them off before it makes your IRS tax debt load unaffordable.

However negotiating tax debts with the IRS can be difficult if you are not quite equipped with the whole procedure. In such cases it would be best to look out for professionals help from experts to carry out a hassle free negotiation deal.

Given below are a few ways in which you can negotiate tax debts with the IRS without incurring any problems:

  1. Start the negotiation process early: If you have decided on negotiating your tax debts it will be a good idea to contact the IRS for negotiations as soon as possible. You need to let them know about your poor financial condition and your inability to make the payments before the due date. The fact that you are informing them early can work in your favor and there are high chances that they will accept your application and request for paying in installments.
  2. Negotiate through calls: If you want to negotiate your tax debts by yourself you need to take proper measures for it. You can send well framed emails to the IRS to carry forward your negotiation. However the negotiation may require some steady conversation on your part. So it is advisable that you purchase a recording device and carry out the negotiations. It will help you to have proofs about the negotiation deals discussed and finalized with the IRS. But do keep in mind that you follow the state laws stated regarding recording in order to avoid any legal issues.
  3. Always take the initiative: It is always recommended that you take the initiative to call the IRS to negotiate your tax debts. But before you do so make sure that you have all the necessary documents in front of you for example tax liens, bank bills, credit reports etc. In case they need to know about anything you should have the details ready. While making the call it will be better if you open the conversation by explaining your financial condition and your inability to pay the total debts. You need to make your reasons for negotiation quite clear so that it appears convincing.
  4. Offer to pay back the lump sum: If you want to make your debt negotiation sound convincing it would be a good idea to offer a lump sum amount as the initial payment. IRS is more likely to accept your proposal if they find that they are getting back the maximum they could have. Explain to them about your financial stand and the maximum amount that you can afford as payments. If the negotiation deal sounds good they are more likely to accept it.
  5. Look for professional help: One of the best ways to carry out your negotiation process is to take help from an expert. You can hire a tax professional, an enrolled agent, a certified public accountant or a licensed tax attorney to handle your case. As they know the rules of debt negotiation with IRS quite well they can negotiate your debts better. The enrolled agents and federal agents are generally trained by the IRS to handle such cases on behalf of the tax payers. So taking help from them means half of your negotiation job is already done.

Author bio:  Sam is a financial blogger and advisor with EasyFinance.com. He helps people to get rid of their financial problem related to debts, loans and home equity loans and etc.

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Can filing bankruptcy discharge your IRS income tax debt forever?

Do you have a lot of tax debt but cannot qualify for a payment plan? Well, there are various methods to help you get out of it. Tax debt settlement services might be a right option for you. If you want to eliminate your IRS income tax debt, a tax relief company can help you with this. They analyze your financial situation and find out which tax settlement method would work best for your particular tax situation.


However, if you ask whether IRS taxes are dischargeable in bankruptcy, most of the bankruptcy lawyers would say “No”. This is so because, it is only under certain circumstances, that IRS taxes can be discharged in bankruptcy. Certain specific timing rules must be considered before you decide that bankruptcy is the answer to your IRS tax problems. It is important for you to seek the proper IRS representation before filing an IRS tax bankruptcy. It is to be remembered that very few professionals in the entire country understand the timing rules and are experienced enough to give you an opinion.


What is IRS?

The Internal Revenue Service or IRS is a United States government agency responsible for collecting yearly state and income tax from working residents and businesses. Though most residents pay taxes on an annual basis, in some cases quarterly payments are essential for businesses and freelancers exceeding a given income threshold. It is part of the Department of the Treasury.


IRS Tax Bankruptcy

You may consider bankruptcy as a form of tax settlement if you qualify for Chapter 7 bankruptcy. Sometimes, with Chapter 13 bankruptcy, tax debts might be forgiven but generally Chapter 13 requires you to pay your entire taxes through the use of a payment plan. Bankruptcy, however, is not the best option as your credit score will be severely affected and you might have to liquidate your assets.


When can you discharge a tax debt in Chapter 7 bankruptcy?

You can wipe out your federal income tax debt in Chapter 7 bankruptcy only if you meet the following conditions:


Your taxes are income taxes: Taxes such as payroll taxes or fraud penalties cannot be eliminated in bankruptcy.
You did not commit fraud: If you have walked on illegal paths like filing a fraudulent tax return or willfully using a false Social Security Number on your tax return, bankruptcy won’t be of much help to you.
Your tax debt is at least three years old: To wipe out a tax debt, you must have filed the tax return at least three years before you file for bankruptcy.

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What Exactly is an IRS Tax Attorney?

If you’ve never heard of an IRS tax attorney in the past then you’re undoubtedly wondering what on earth such a position entails. As you well know, the IRS is the government department that handles tax – but why would anyone need an attorney to deal with them?

Here’s the simple and unadulterated truth: If you are in debt to the IRS because of outstanding and unpaid taxes, an IRS tax attorney could help you out.

What Does an IRS Tax Attorney Really Do?

Essentially an IRS tax attorney acts on the behalf of their client to help negotiate a debt settlement with the IRS.

Unlike regular debt settlement with banks, credit card companies and other institutions, the IRS is a very different and very unique entity. It has its own types of settlements, and various options that allow and help debtors to settle their accounts.

That being said – most people aren’t aware of these options.

As such, the very first role of an IRS tax attorney is to inform and provide their clients with the complete list of options that they can pursue. It is worth noting that when it comes to the IRS, some of the settlement options may have strict conditions attached to them and so you’re probably not going to be eligible for certain options – which is why an experienced tax attorney who knows exactly what each type of settlement requires would be an advantage.

Even after a client has chosen a debt settlement option however, an IRS tax attorney still has work to do.

In some cases, settling IRS tax debt is a simple affair – but in others it is not. Some of the options may even require various negotiations to decide on not only whether or not the client is eligible, but also the amount of the debt that they’re going to pay off, and so on.

Having an experienced lawyer who knows and has dealt with IRS officers in the past handling the negotiations will help ensure that you get the best deal possible. If you choose to handle such negotiations yourself, you’ll probably end up with a deal that isn’t nearly as good.

For example, your IRS tax attorney may help you to negotiate a partial payment in installments where you don’t even have to pay off the full debt amount, making it a lot more affordable based on your monthly income.

To cut a long story short, an IRS tax attorney can help you settle your debt with the IRS in the easiest and most efficient way possible.

While it is true that hiring an IRS tax attorney will cost you money in the first place, to put it into perspective it must be said that in the long run you could end up saving much more by knocking down the amount of IRS tax debt that you need to pay off.

There are many IRS tax attorneys in various states, and finding one shouldn’t be too much hassle if you need to know more!

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Dealing with IRS Tax Debt

If you find yourself facing a tax debt to the IRS, it is important that you deal with it sooner rather than later. Just as with any other debt, the longer you wait the more it will pile up and the more difficult it will be to manage.

There are a number of options at your disposal when it comes to dealing with IRS tax debt. In general though, the first choice you’re going to have to make is whether you’re going to handle this by yourself or whether you’d like to have a professional help you out.

Regardless of which path you choose, the options that you have to deal with IRS tax debt are:

Installment Agreements

There are several different types of installment agreements that will allow you to pay off your IRS tax debt month by month instead of having to pay it off immediately and all at once (which is something that you probably can’t afford).

Depending on your situation, you’ll find that there are various installment agreements that you may qualify for.

For example, if your balance is $10,000 or less you could qualify for a Guaranteed Installment Agreement where you’ll have 36 months to completely pay off your IRS tax debt in monthly installments – and there’ll be no negative effect on your credit rating if you do so.

In all general installment agreements you’ll have to pay off your debt in its entirety – and sometimes may even have to pay slightly more than the initial debt.

Partial Payment Installment Agreements

If you can’t afford to pay off your debt even in installments, you may qualify for a partial payment installment agreement. This is an agreement where you’ll only need to pay off a portion of your debt in monthly installments over the long term.

To qualify for this type of installment agreement, the IRS will audit your finances and determine just how much you can afford to pay. Subsequently every two years your finances will be audited again to determine whether or not you can pay more.

Offer in Compromise

Another way that you can get away with only paying off part of your IRS tax debt is through an offer in compromise, though for this option you’ll need to be able to pay it off immediately in one lump sum, or over an extremely short duration in installments.

Not Currently Collectible

In some special circumstances, your IRS tax debt may be allowed to slide for a year or so – but this requires that the IRS agree to not collect for that duration.

Filing Bankruptcy

Of course, the final and most dire option to deal with your IRS tax debt is to file for bankruptcy, and this is normally only a last resort when you can’t afford to pay off your debt even through partial payment installment agreements.

See how many different options there are when it comes to settling your IRS tax debt? Now all that you have to do is figure out which one applies to your situation and is best suited for your finances!

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