Answering Your Tax Law Questions
Not knowing necessary information surrounding tax law can land you in considerable trouble. Instead of hoping for the best, get the answers you are looking for with our help at Kridel Law Group. Our New Jersey team can help you answer challenging questions like:
What Happens If I Do Not Pay My Taxes?
Deliberately choosing to not pay your taxes will likely result in tax evasion charges. The IRS often looks at the intent involved in a situation, so if you are cooperative with them after failing to pay your taxes, you will not likely see criminal charges.
Is It Possible To Only Pay A Portion Of What I Owe?
If you cannot afford your tax bill, there are alternatives. There are two primary options that you may qualify to avoid paying your entire debt:
An Offer In Compromise
If you have an outstanding tax bill that you have not been able to pay, despite your best efforts to, you may be able to reach out to the IRS and present an “offer in compromise” to settle your debt. The IRS often prefers to get some money instead of no money over a debt, and we can help you pursue this option of settling things if necessary.
A Partial Payment Installment Plan?
If you cannot make an offer in compromise, you can also try establishing a partial payment installment plan. If you owe more than $10,000.00, the IRS will allow you to make payments on your debt over a period of time. If at any time you fail to continue making these payments, your full debt becomes owed along with interest. If you successfully make payments for the duration of your plan, then your remaining debt is forgiven.
There are two ways to get this started. The first option involves completing Form 9465 for the Installment Agreement Request. This option, if the IRS approves your application, allows you to negotiate how much you pay back each month for your debt. The second option involves Form 433-A for the Collection Information Statement, which requires the three previous months of all income and expenses. We can help you complete these forms accurately to increase the odds of a favorable outcome.
What Is Structuring?
When depositing money into an account, any deposits over $10,000 require a notification to the IRS. “Structuring” is the act of dividing those large deposits into several smaller deposits that will avoid notifying the IRS, with the hopes of not having to report that income. This act is a white collar crime and comes with heavy sentencing.
Still Have Questions?
Unanswered questions can jeopardize your future when it comes to taxes. Get the answers you need by calling our Clifton office at 973-470-0800 or email us here to schedule your initial consultation today.