Tinley Park IRS Defense Lawyer Releases New Video Offering Insight on Back Taxes in Illinois
Will County Bankruptcy Attorney Eric G. Zelazny released a new video offering insight to Illinois residents who owe back taxes.
Zelazny explains that back taxes are taxes that were not paid when they were due, but there are several possible resolutions for this issue. Zelazny proposes the following potential options when approaching back taxes:
1. Negotiate a Payment Plan
Zelazny explains that back taxes can often be settled by negotiating a payment plan. He stresses this may not be the best option for everyone, but this method can still cease collection in many instances. He furthers explains that this method may sometimes seem like the easiest way out, but there is typically a nine percent interest rate attached and other penalties can also accumulate.
2. Offer and Compromise
In this scenario, Zelazny asserts that IRS debts can often be settled for as little as 10 cents on the dollar. He adds that this method can often be used in conjunction with other options such as bankruptcy.
Zelazny explains that back taxes can sometimes be resolved by utilizing bankruptcy. More specifically, filing for either Chapter 7 or Chapter 13 bankruptcy can help some individuals settle tax issues. He says if the back taxes are three years or older, or were filed two years prior to the bankruptcy this is a viable option. He points out that in this scenario the law is pretty clear and that if the correct steps are followed the taxes will usually be discharged with the bankruptcy.
“A lot of people do not know this including bankruptcy lawyers, but I concentrate my practice in getting rid of taxes through bankruptcy proceedings," says Zelazny.
Zelazny emphasizes the importance of contacting an experienced Illinois IRS defense lawyer to discuss what plan is right for your case as there is not a “one-size- fits-all” solution to handling back taxes.
To learn more about how you can resolve your Illinois tax law issues contact the Law Offices of Eric G. Zelazny for a free initial consultation. Call 708-444-4333 or visit http://www.zelaznylaw.com for more information.
About the Law Offices of Eric G. Zelazny:
For nearly 20 years, Tinley Park IRS Defense Attorney Eric G. Zelazny has been assisting individuals in securing positive resolutions for their IRS tax issues. The Law Offices of Eric G. Zelazny offers comprehensive and efficient solutions to bankruptcy and IRS matters. Zelazny holds both a CPA certification and law degree, which allows him to resourcefully achieve the best possible outcome for his clients.