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Taxes are NOT voluntary, the law stipulates that each entity, whether a business or an individual is required by law to file tax returns. Businesses must pay quarterly duties to the IRS. From the standpoint of accounting, taxpayers could use the services of both a tax attorney and a CPA to solve a demanding IRS issues. There certainly are an abundant supply of proficient accountants available and many of them will be able to assist with financial advice related to IRS taxation issues, however their familiarity of taxation laws may be limited. In order to get proper law information, you may need a lawyer and any reputable tax accountant should be able to give you a good referral.

How a Tax Attorney Can Help You

Services provided by the tax attorney falls into two categories.

Tax Planning: Because of the knowledge of duty laws, the tax attorney can help with your financial planning, to help you prevent future taxation difficulties. They will act as a consultant to advise you on the financial path that will be compliant with the necessary revenue laws.

Tax Disputes: A Tax Lawyer will represent your interests and safeguards your rights should you become involved in tax controversies. If you are already facing issues with the IRS or State Revenue, the tax attorney can assist you by resolving on going problems. It is possible that Tax Attorneys may be able to negotiate debt relief with the removal of liens and levies. They should also be able to arbitrate, reductions of penalties or interest. They would handle all negotiations with the IRS or government on your behalf. IRS tax attorneys are normally accredited lawyers who have been trained to focus on domestic or international taxation.With in depth knowledge of taxation laws, they are able to assist with counsel or advice on taxes. Because these professionals are experts at understanding and applying tax law, they can help you find debt relief to reduce the amount owed to the Internal Revenue, and can assist in setting up a payment plans to minimize debt obligations.

Services provided by a tax debt attorney include, but are not limited to negotiating repayment of taxes on your behalf. They are also able to provide assistance on most tax related problems. If you are deficient on your taxes, you should be aware that the policy for the IRS to encourage full payment of all tax debt, and also that there exacting instructions and administrative barriers, before they will accept an Installment Agreement.The services of an IRS tax lawyer is almost absolutely necessary when facing tax related issues such as an audit. Tax attorneys can act on your behalf in a number of capacities that may include negotiating your tax burdens,in property seizures and levies,wage garnishments and bankruptcy proceedings.

When To Hire A Tax Attorney:

The conclusion resolution to hire a tax attorney should be a simple one. Tax related problems can be avoided with the guidance of a proficient tax lawyer who can be maintained with a monthly retainer. Then, he or she can act in the capacity of an advisor, and you can be apprised of impending difficulties. Working together with your accountant, the tax lawyer, can ensure that your affairs remain compliant. The difference between a tax attorney and an accountant or CPA is often misunderstood or under appreciated. Not everyone will need to hire a tax attorney. If you hire an attorney, should you ever be audited and brought to trial, unlike a CPA or bookkeeper that can be called to testify against you in court, anything you say to them is completely protected by the lawyer and client confidentially agreement.

There are several reasons you may need to hire a tax attorney.

The most prominent reason to hire a tax lawyer, is being in difficulties with the IRS. Being audited and confronting the IRS can be traumatic for most of the initiated people.. It can indicate incompetence or ignorance in previous tax returns. Your tax attorney should be able to offer advice on the best legal solutions that may be available to you. Most people will only seek the help of a tax lawyer after difficulties arise and need tax debt relief. Others may wait until meeting with the IRS, and others may attempt to negotiate with the IRS on their own.This is not advisable and can be literally and metaphorically walking into a minefield. There are very few individuals and business owners who can independently deal with the Internal Revenue Service effectively.

Tax Attorneys have been trained and specialised in tax laws and can help individuals and business in negotiating and avoiding problems with the IRS. To find out if you are on the right l path or avoid or deal with tax related issues visit http://check-for-it.com/irs-tax-attorney

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One of the most time-consuming and frustrating things a bankruptcy attorney has to deal with is a reaffirmation agreement. A reaffirmation agreement is a contract between the debtor filing bankruptcy and their creditor to keep a secured piece of property outside of the filing. Many individuals filing for bankruptcy have a once-in-a-lifetime opportunity to become debt-free and start all over. With this in mind, many attorneys feel the debtors should not hang on so tightly to their belongings and take advantage of the total power that a bankruptcy filing would give them.

It's very common for debtors that are filing bankruptcy to call their bankruptcy attorney after the discharge and ask what they can do to get out of their car loan, mortgage or other secured debt. It might be something changed financially in their family like losing a job or a reduction in pay that makes them no longer able to be able to afford the payment. This is exactly why the bankruptcy attorney had this conversation with the debtor during the filing. Most attorneys encourage debtors to give back anything that might be questionable. The time to relinquish property is prior to the discharge in Chapter 7 bankruptcy. When an individual surrenders the property in the bankruptcy, they will be free and clear from all future liability in regards to that property. If the debtor after bankruptcy decides to surrender their home to foreclosure or get their car repossessed the creditor can go after the debtor for any deficiency plus all legal fees. There is nothing a debtor can do to get away from it. It's like putting a final nail in the debtor's coffin.

Most bankruptcy courts require a reaffirmation agreement on all debtors that are seeking to reaffirm a debt. This agreement basically takes away the fresh start that Congress intended when creating the bankruptcy laws. Making the debtor liable for a loan after their bankruptcy seems counterproductive.

The reason this is a touchy subject for a bankruptcy attorney is because, first of all, most Americans are in love with their cars and their stuff. For a debtor to give something back, even though they can't afford it, is a sign of failure to them. Creditors know the emotional side effects of how people feel about their stuff and they use that to get people filing bankruptcy to sign these agreements.

The creditor has a list of requirements to make a reaffirmation agreement legal. First of all, it has to be enforceable under consumer law. Next, it has to be signed and completed prior to the bankruptcy discharge. The creditor is required to notify the debtor in their bankruptcy attorney that they are not required by law to enter into this agreement and state that it is totally voluntary. Before a debtor enters into a reaffirmation agreement the creditor must make sure that they have enough money to afford it, with approval from the bankruptcy court. And the last thing is, the agreement must be in the debtor's best interest.

Under bankruptcy law the debtor should have 60 days to resend the agreement prior to the bankruptcy discharge. When filing bankruptcy a debtor really needs to do some soul-searching, deciding on what's really important in life. Trying to hang on to stuff sometimes will end up in failure. Always use the expertise of a bankruptcy attorney as this is not their first picnic.

The author started http://filingbankruptcynow.com/ which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in bankruptcy filing under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

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Because of the real estate bubble that happened back in 2008 there has become a large interest in Chapter 13 bankruptcy. The power of a Chapter 13 really shines in stopping a foreclosure, while allowing the debtor to get caught up with back payments and negotiate a payment plan with the bankruptcy court. One of the fears of many going into a Chapter 13 bankruptcy filing is whether or not they will be able to continue making the payments for the 3 to 5 year time frame. There is no reason to worry because all the debtor will need to do is to contact their bankruptcy attorney and asked to modify the court ordered Chapter 13 plan. That's another feature of Chapter 13 bankruptcy that most people don't understand. There is an allowable amount of flexibility when filing bankruptcy under Chapter 13. The court understands that everything in a person's life is not set in stone. In today's current economy this is even more so. Many Americans today are struggling just to keep a job, any job and the court understands that.

If for some reason, the individual filing bankruptcy under Chapter 13 cannot continue making the payments the debtor can call their bankruptcy attorney and ask to convert it to a Chapter 7 bankruptcy. Section 1307(a) of the Bankruptcy Code states, that if you haven't previously converted your case from another chapter, the debtor can convert their bankruptcy to a Chapter 7 for any reason providing they qualify under the means test.

Nowadays, there are many reasons why people want to convert their Chapter 13 to a Chapter 7 bankruptcy. The most common would probably be, the debtor is having a tough time keeping up with the Chapter 13 payment plan. If the debtor can't continue making the payments, the bankruptcy trustee will file a motion with the court to dismiss the case. Obviously, this won't help the debtor's financial situation and the Chapter 7 bankruptcy might be an optional solution.

Many people use Chapter 13 bankruptcy for the reason of protecting their home and/or their car from foreclosure and repossession. If the debtor for some reason decides that they no longer want to keep their home or vehicle they no longer will need to be in a Chapter 13. They can convert to a Chapter 7 bankruptcy and wipe out all their unsecured debt. The Chapter 7 will also eliminate any deficiency owed on the property and also wipe out any future liability.

Using your bankruptcy attorney to convert the Chapter 13 to Chapter 7 is relatively easy. The bankruptcy attorney files a motion to convert with the Bankruptcy Court. The court will then enter a Conversion Order in the next couple days. Most likely, the debtor will be required to file a new means test showing they qualify for Chapter 7 bankruptcy. If all is good, the Chapter 13 trustee will return any funds they were being held to pay creditors.

The debtor can do this entire process on their own, but it's not advised. I suppose you could do surgery on yourself but the results might not be as good as having a surgeon do it instead. The cost of hiring a bankruptcy attorney is minimal when you compare the amount of debt you're discharging and the headaches you're avoiding.

The author formed http://filingbankruptcynow.com/ that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy and helps individuals with debt problems and helping stop foreclosure by putting them in touch with a local bankruptcy attorney. Check our website for more answers to bankruptcy questions for a debt free future.

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April 15 has passed leaving the tax season behind us. At least for some of us. Many Americans depending on when they filed their return might still be waiting for their refund. Individuals who are financially distressed and are considering filing for bankruptcy or already filed for bankruptcy, need to beware of what happens to their tax return. First of all, if you're not getting anything back you have nothing to worry about. But, if you're currently in the process of filing bankruptcy and are expecting a return it might just end up in the hands of the bankruptcy trustee.

This, along with many other reasons is why it's important to have a bankruptcy attorney. To the average individual, who doesn't understand the bankruptcy code, timing when to file bankruptcy is of utmost importance. A bankruptcy attorney stands back and looks at the entire picture, income, expenses and even the possibility of a tax refund that might come in during the filing. A tax refund can have a definite impact on your bankruptcy filing. Planning your bankruptcy can have an effect on your exemptions, income and assets.

A bankruptcy attorney knows the ins and outs of the code and will know the exact time to pull the trigger and file. If they know the intricacies of the case including all your personal information, they can foresee a potential problem and work around to correct it.

The only time the bankruptcy trustee will not go after an income tax refund is in the case of a married couple filing individually. If the debtor filed a joint tax return, with the refund coming back to them and the debtor was filing for bankruptcy as an individual, then the bankruptcy trustee could not take the entire refund. The bankruptcy trustee cannot force a non-filing spouse to abide by the court order that was imposed on the spouse was filing bankruptcy. The bankruptcy court believes that they would be imposing hardship on the non-filing spouse.

This would be another question for the debtor to ask your bankruptcy attorney. To avoid all the confusion in some cases it might be best to file your tax returns as married filing single. All situations are different and should be closely looked at by the attorney.

This reiterates when filing for bankruptcy, timing and planning is everything. Some people would qualify to file Chapter 7 bankruptcy at some point in the year depending on how they are paid. For example, a realtor might only sell one house a year and make $50,000 commission. If the realtor tried to qualify under the means test to file Chapter 7 shortly after receiving the commission they would not qualify because their income is too high. If they waited six months and got out of the looked back period their income would virtually show up as zero, even though they will make $50,000 that year. The moral of this story is, the knowledge of bankruptcy attorney has can be invaluable protecting their clients assets.

The author started FilingBankruptcyNow.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

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