Find Solutions with Tax Penalty Relief Attorneys in Lisle, IL

The time of year when taxes are due is stressful for just about everyone. There is always the fear of making a mistake or being audited by the IRS. Even when you report your tax information accurately, you could still end up facing tax penalties. When you find out you have been assessed tax penalties after filing, the matter of taxes can be more than just a hassle–it can become a serious legal issue with possibly severe financial consequences. If you are facing penalties, you most likely have a lot of questions about how they work and what your next steps should be. With the help of tax penalty relief lawyers in Lisle, IL, find the answers you need along the way.

How Will I Know if I Have Penalties?

If you receive a penalty on your taxes, the IRS will send you written communication stating that you have penalties and also the type of penalties assessed. You may also be able to find out earlier than waiting on a letter by checking your account transcript. This will show you if any penalties have been assessed. Finding out you have penalties is stressful enough, but even worse, the letter and transcript may not tell you how much you owe for a failure to pay penalty. In order to find out the fees due for the penalties, you need to call the IRS and receive that information directly from an IRS agent. When faced with penalties, speaking with a tax penalty relief lawyer may put your mind at ease about what it means and how to fix it.

Which Tax Penalties Can I Use First Time Penalty Abatement On?

There are a few common tax penalties where it may be possible to apply for a tax penalty abatement. It is important to keep in mind that first-time tax penalty abatement is possible for first-time penalties only and can not be used more than once. The most common first-time penalty abatement includes failure to file, failure to pay, and failure to deposit. An abatement may also be requested to remove interest on what is owed, but this is rare to achieve if it is the only abatement you are seeking. If you are seeking one of the three first-time abatements listed above and an interest abatement, the interest abatement will usually be approved if the first-time penalty abatement request is also approved.

What Happens if I Choose Not to Pay Penalties?

If the IRS assesses penalties on your taxes, paying the fees associated with the penalties is a requirement. In the same way that the government expects you to pay the income taxes you owe after filing, they also expect you to pay any assessed fees as part of your taxes for the year. If you choose not to pay the penalties, the IRS has the right to take legal action against you. These actions may include wage garnishment, placing a lien or levy on your home, and freezing your bank account until you pay what you owe the IRS. If you owe over a certain amount in taxes and penalties, the IRS can involve the State Department, and this will result in the confiscation of your passport to keep you in the country.

How Can a Tax Penalty Relief Lawyer Help Me?

When facing tax penalties, there are plenty of reasons to hire legal counsel. A tax penalty relief lawyer understands tax laws and has experience dealing with the IRS on behalf of their clients. They are also skilled at negotiating and finding possible solutions. Being assessed tax penalties is stressful, especially if this is your first time. An experienced tax penalty relief attorney will answer all of your questions along the way to help ease the confusion. Finally, if you are unable to pay the penalties, a tax penalty lawyer may be able to help you navigate financial solutions to this legal problem. From negotiating for a reduced wage garnishment to asking for leniency based on financial hardships, a tax penalty relief lawyer will fight for the best interests of their client to find a workable solution. There are instances where an IRS tax case needs to go to court in order to be resolved. If this ends up happening to you, your tax penalty relief lawyer will represent you in a court of law.

Is a Tax Penalty Relief Lawyer Worth the Cost?

Many people worry about the added expense of hiring an attorney when they are already facing IRS debt. It is important to consider what a lawyer costs, but equally important to compare that cost to what you could stand to lose in a legal battle with the IRS. If the IRS decides to garnish your wages or place a lien on your house, those actions will certainly cost you more in the long run compared to the cost of hiring a tax penalty relief lawyer. Not only could you end up paying more than you should, but these actions can also hurt your credit which will hurt your chances of securing loans and mortgages. Unlike other forms of debt, where it may be able to go to collections and eventually be discharged, taxes and tax-related fees do not go away until you pay them or take legal action.

Find IRS Tax Penalty Help Today

Taxes are a serious matter, and penalties will not go away on their own. If you are assessed tax penalties after filing, it is important to take action as soon as possible to avoid further issues with the IRS. When you need help from a repossession lawyer, our team is here to help. Whether you have questions or need a legal representative to fight on your behalf, we are ready to offer compassionate legal counsel when you need it. Contact us today at (708) 575-1500 to see how we may be able to assist you in your legal fight.