Tax debts with the IRS can mean the end for your small business if you don’t deal with it the right way. Most of the time, you can reason with the IRS to resolve the problem. A tax lawyer, with ample experience in settling tax debts, will be your most valuable ally in this time of peril. Here are some of the ways an attorney can help you.
Liaison to the IRS
If it is your first brush with the IRS, you need to be careful in communicating with them. The IRS will always keep tabs on you throughout the whole ordeal and you should always cooperate. Your tax lawyer could be your liaison to the IRS. You would also likely be required to present your financial information to the IRS. It is a good idea to have a tax lawyer on your side so you don’t disclose anything that could get you in even more trouble.
The IRS often deals with tax debt in a slow manner. This gives them more time to be thorough with you, but in the process, you also get more time to put together a plan. You should use this time to think about the best course of action for your business. Your lawyer can help you with your options. You could opt for a payment plan, get an offer in compromise, request an “uncollectible” status, or file for bankruptcy.