According to the Internal Revenue Service (IRS), approximately 143 million taxpayers reported earning an estimated $10.9 trillion in adjusted gross income, paying more than $1.6 trillion in individual income taxes in 2019. Every year, individuals living and earning money in the United States are required to pay taxes by reporting their total income and filing income tax returns with the IRS. Any failure to file a tax return may attract fines and other penalties. If you are trying to file your taxes or if you need help resolving a tax issue, it is important to consult with a knowledgeable Ohio tax resolution attorney for reliable legal counsel.
Attorney Sam Thomas III, Esq. and his legal staff are committed to providing experienced legal counsel and comprehensive guidance to clients facing tax-related issues. Our firm is available to discuss the unique details of your situation and help you explore all of your legal options before filing your taxes. If you need help resolving a tax issue, we can offer you the experienced legal guidance and advocacy you need to ensure you’re making strategic decisions with your taxes.
Attorney Sam Thomas III, Esq. is proud to serve clients across Shaker Heights, Ohio, Cleveland, and the Northeast Ohio areas, including Akron, Canton, and Youngstown.
As many people know, taxes can be quite complicated. People can fall behind on filing their taxes for a bevy of different reasons, such as a lack of funds, errors in tax calculations, or other extenuating circumstances — all of which can lead to serious complications with the IRS. If you owe back taxes, here are a few options that might be able to provide you with some relief:
Taxpayers who can afford to settle tax obligations using monthly payments can enter into an installment agreement with the IRS to pay off their back taxes. Entering into installment payment agreements can satisfy the IRS and reduce collection efforts, reminders, letters, and phone calls. Depending on the amount you owe, you can choose between a short-term or long-term payment plan.
Another option for taxpayers to find relief is through an “offer in compromise” (OIC). This allows you to settle your back taxes for less than the amount owed. The IRS will essentially reduce your debts through a settlement offer. If you’re unable to pay your tax debts or if paying the debt puts you in financial adversity, this may be an ideal option for you.
Penalty abatement involves eliminating an imposed tax liability completely. A taxpayer can request for penalty abatement to partially abrogate his or her liability based on reasons such as erroneous written advice by the IRS, delay or error on the part of the IRS, or other reasonable cause.
Furthermore, the IRS gives taxpayers more time to pay tax debts through a payment plan. There are two types of installment plans offered by the IRS, including:
A short-term payment plan of 1 year or less for those who owe a maximum of $100,000 in combined tax, penalties, and interest.
A long-term payment plan of 6 years or less for those who owe a maximum of $50,000 in combined tax, penalties, and interest. This is also referred to as a Direct Debit Installment Agreement (DDIA).
Audit representation is another option whereby a tax or legal professional stands in on the taxpayer’s behalf during an IRS tax audit. Your audit representative will outline a strategy to defend your position during the audit. Also, your audit representative can help prepare all documents requested by the tax authorities and respond to correspondence on your behalf.
Generally, the deadline to file individual income tax returns and pay any outstanding tax debt is April 15. Failure to file your past due return and pay tax debts may attract late payment penalties and interest charges. Penalties include:
Failure to file
Failure to pay taxes reported on your return
Failure to pay estimated taxes
Our attorneys at Sam Thomas III, ESQ. LLC can help you prepare and file your prior year income tax returns, and answer any questions that you may have along the way.
In addition, our firm also provides annual tax and bookkeeping services for individuals and corporate organizations. Whether you need accounting advice, bookkeeping, or annual tax preparation and filing, attorney Sam Thomas III, Esq. and his legal staff are available to provide experienced legal counsel and reliable tax services.
Filing income taxes, resolving tax debt problems, and other tax issues can quickly become a complex and overwhelming endeavor. Luckily, you don’t have to face the IRS alone. A knowledgeable Ohio bankruptcy attorney can offer you the detailed guidance and strong legal representation you need to face the IRS or other agencies that you owe back taxes to with confidence.
Attorney Sam Thomas III, Esq. and his legal team are dedicated to offering outstanding legal services and guidance to clients facing complicated tax issues. As your tax resolution attorney, Sam Thomas III, Esq. will help you understand your legal options and work with you to determine an effective strategy that can help you pay your taxes.
We can also help you prepare and file your prior year income tax returns, annual taxes, and help with other bookkeeping needs. Our experienced Ohio tax resolution attorney can handle all communications with the IRS, help resolve any past and current tax issues, and set you on a path toward future compliance. Don’t wait. Reach out to our office today to speak with an experienced tax resolution attorney and take your first step toward a more secure future.
If you need help filing your taxes or resolving complex tax issues, contact Sam Thomas III, Esq. LLC today to schedule a one-on-one consultation. Attorney Sam Thomas and his legal staff can offer you the experienced legal counsel and advocacy you need to navigate your tax situation. Our firm proudly serves clients throughout the Greater Cleveland and Northeast Ohio areas.