IRS and State Tax Levies
Chino Bankruptcy Lawyer Explains What to Expect
Federal and state taxes are serious matters, many individuals can find themselves owing taxes on a yearly basis, and when these taxes remain unpaid, the state and federal government can take action to secure payment. One common action that they will take is to impose a levy against your wages or property. If you are facing a levy, then you need to be sure that you are able to fight this process and pursue a favorable outcome. At the Law Offices of David R. Gunnin, we can provide you with the legal assistance that you need in order to pursue the results that you need.
In some instances, your taxes may be dischargeable in bankruptcy. We have been serving individuals suffering from severe financial issues for more than 30 years, and you can be sure that we will put this experience to work for you if you choose to work with us. We are dedicated and highly knowledgeable about the complex challenges presented by state and federal tax levies.
Internal Revenue Service (IRS) and State Tax Levies
Taxing authorities have broad constitutional powers to levy and collect taxes. In most instances, individuals need to know what their rights are with respect to the collection of those taxes. The Internal Revenue Service and, here in California, the Franchise Tax Board, have guidelines that they follow with respect to the collection of overdue taxes. It is important to understand these issues and how you can pursue a favorable solution.
The IRS has the authority to levy against your wages, bank accounts and other properties. They are not limited to a set amount for each levy, and they are entitled to issue a levy against your bank accounts. You can, through Chapter 13 bankruptcy reorganization, repay those taxes and usually not face interest and / or penalties. If you have not filed your tax returns or you simply did not have the money to pay the taxes when they were due, let us help you protect your financial security and deal with your obligations in a direct and forthright manner.
IRS liens placed against your property, generally real estate, usually cannot be removed until the taxes are paid. There are ways to negotiate a full or partial release of these types of liens, including the filing of a Chapter 7 or Chapter 13 bankruptcy.
Offer in Compromise
Under certain circumstances, the IRS may grant you an "Offer in Compromise." An offer in compromise will forgive a portion of your tax debt. Typically, these are granted where there is doubt as to whether the amount of taxes you owe is correct, doubt that you could ever pay the full amount, or the collection of the full tax debt would cause "economic hardship." We will examine your situation to determine whether or not this is a viable option. An innocent spouse may be able to challenge tax obligations if that person was not at fault or was unaware that taxes were not being paid.
Seek our representation today!
It is imperative that you understand the severity of your situation and that you are able to effectively pursue the results that you need. Our firm offers a free case evaluation so that you may obtain some legal advice and information regarding your situation before making any financial commitment to our office. Contact us today for the representation that you need on your side.