Are you facing legal trouble by the Internal Revenue Service (IRS) because you failed to pay taxes for your small business? Rather than simply going with the flow and finding out what happens later, you might want to hire a tax attorney to help you sort out the situation.
Why Should an Attorney Be Hired When a Business Owner Has Unpaid Taxes?
Depending on how much money you are indebted to the IRS, there are several ways that they can go about handling the situation legally. One of the things that they can do is start garnishing your paychecks, which can put you in a financial bind if your business doesn't bring in a lot of money. If your paychecks are not garnished, the IRS may simply give a deadline for paying the taxes back before taking further actions. You don't want to leave the taxes unpaid because it might lead to you sitting in a jail cell, as being indebted to the IRS is a serious offense. A tax attorney will be able to help you come up with a solution to resolving the unpaid taxes in a way that keeps you out of jail and can satisfy the IRS.
How Can a Tax Attorney Assist When Indebted to the IRS?
The first thing that a tax attorney can do is assess your financial situation to determine what will work in your best interest. He or she will need you to provide evidence of the profits and losses that your small business typically has. The attorney will come up with a solid argument as to what kind of financial hardships you will face if you are not giving more time to pay the money. For instance, he or she can explain to the IRS how facing jail time can lead to you not being able to provide for your children (if you have any). The attorney will attempt to prevent your wages from being garnished completely, or may simply get the garnishments reduced so that your business can remain standing.
How Much Does a Tax Attorney Charge?
You should be prepared for a tax attorney to charge you an advance amount of money that is called a retained fee. The amount that you are charged will depend on how complex your case is. Basically, the attorney will deduct an hourly rate of $200 or more out of the retainer fee. Get help from a tax attorney as soon as possible so you can get on good terms with the IRS.Share