Mortgage Relief, Short Sales And Taxes

IRS Audit Rule No. 1 states “DO NOT GO to an IRS audit without IRS Representation.” IRS Audit Rule No.2 states “DO NOT GO to an IRS audit without IRS Representation.” The importance of going to the IRS with proper representation cannot be stressed enough because as the IRS Audit Rule No.3 states, “The IRS is not looking out for the taxpayer in an IRS Audit.” Here are some basic questions that you need to ask when shopping around for possible tax problem attorneys.

There will be a greater chance of success if your lawyer has handled tax cases like yours in the past. For one, he/she will be prepared for all the potential results of the legal process. In addition, your lawyer can work out the best deals possible.

Should you hire a tax attorney to deal with a $1,500 tax bill from the IRS? Probably not. You are going to end up spending more money in attorney fees than you will by just dealing with it yourself or paying the bill. Ah, but what if the tax bill you receive from the Agency is $25,000? Now we are talking about an entirely different game.

IRS tax debt forgiveness plague so many people that even the IRS can’t keep up and if they know you have someone who understands your options fighting for you, they will cave in and give you the best deal possible. However, if you go it alone, the IRS will take advantage of their leverage over you and settle your tax bill in a manner that best suits the government. Don’t let them do that, fight back!

This Act amends the Internal Revenue Code to exclude from gross income amounts attributed to a discharge of indebtedness incurred to acquire a principle residence (the one the home owner lives in). The amount of debt forgiveness can be up to $2 Million. This is great relief for all of the Joe and Jane’s of the adjustable rate world who just can’t keep their homes because the payments are too high and in many instances the property value has also decrease significantly.

During an audit, it’s really not advisable for you to try to represent yourself. The IRS is a well meaning agency, and it only wants to ensure that all tax payers meet their obligations because it would be unfair for those who try their best to pay their taxes if you got away with not paying yours. However, the auditing process itself can be pretty daunting to the alleged tax evader. If you’re proven guilty, you may be asked to pay up to 100% of the taxes you’ve failed to pay in the past. That’s a huge sum which can drive you to bankruptcy.

Life is much more fun and exciting if you are debt free, right? If you are in debt, do not just lock yourself in a room or cry yourself to sleep. There are many ways to eliminate your debts fast and efficiently. You just need to find the right credit card forgiveness method that suits you.