When dealing with tax issues, individuals often face problems from state and federal agencies. An experienced Tennessee tax attorney can help individuals with both state and federal issues by helping them understand and navigate the intricacies of state and federal tax law. Additionally, they can assist individuals with negotiating with the IRS regarding their tax debt, including through an Offer in Compromise.
Many people who struggle with tax debt in Tennessee can find relief from the stress that results from the collection efforts of the Internal Revenue Service. One way they can do so is by working with a Nashville tax debt lawyer who can negotiate with the IRS on their behalf. These attorneys can help clients avoid severe consequences, such as wage garnishment or property liens. They can also help their clients establish an affordable repayment plan for their tax debt.
What is a Tax Attorney in Tennessee?
A tax attorney in Tennessee is a lawyer who has extensive knowledge of state and federal tax law. They are able to represent individuals in both state and federal tax proceedings, including tax disputes and audits. They can assist with matters involving personal income, corporate, estate and gift, employment, excise, and international tax laws.
Some individuals who struggle with tax debt in Memphis, TN, are at risk of being saddled with a hefty IRS tax lien on their assets and properties. A tax lien can affect an individual’s credit rating, making it difficult to apply for loans or mortgages. An experienced tax debt lawyer in Memphis can help clients resolve their tax issues by contacting the IRS on their behalf and negotiating a settlement.
While it is possible to work with the IRS on your own, doing so can be complicated and intimidating. A professional Memphis tax attorney can help you reach an affordable settlement and minimize the impact on your finances. They can also protect you from pitfalls such as fraudulent tax debt relief companies that monitor public records for IRS lien information and send misleading letters warning of drastic consequences.
Working with a Memphis tax debt attorney can also help you avoid wage garnishment. Wage garnishment is when the IRS takes a percentage of your paycheck to pay back the money you owe them. This can have a devastating effect on your quality of life, especially in a city like Memphis. A tax debt attorney can work with the IRS to establish a payment plan or prove you’re financially incapable of paying your taxes by filing for currently not collectible status.
If you need help with a tax issue, call Frazier Law for reliable legal advice. This firm’s lawyers and CPAs can guide you through the Offer in Compromise process, which could end up clearing your slate of debt. The OIC program allows taxpayers with limited streams of income and no equity in assets to settle their tax liabilities for less than they owe. They can also provide representation during a tax audit, which may include questioning of your expenses and deductions to verify that you’re not lowering your taxes by manipulating business write-offs.