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Dealing with IRS debt can be overwhelming and stressful, but it's important to take action to resolve it. Ignoring the issue can result in serious consequences such as wage garnishments, property seizures, and even legal action. Fortunately, there are strategies you can use to settle your IRS debt and regain your financial freedom. Who Is Eligible for IRS Debt Settlement?If you are solvent and have assets that can be used to pay off your IRS debt, you are not likely to be eligible for a debt settlement program. These programs are typically reserved for taxpayers who are experiencing financial hardship and cannot afford to pay their full tax debt. The IRS will require you to exhaust your assets, such as selling real estate or stocks, before they will consider settling your tax debt for less than the full amount owed. If you truly do not have the funds or assets to pay off your debt, the IRS, you may be eligible for the Offer in Compromise settlement program. Offer in CompromiseAn Offer in Compromise (OIC) is a program that allows taxpayers to settle their tax debts for less than the full amount owed. The IRS will consider an OIC if they believe that it's unlikely that they'll be able to collect the full amount of taxes owed. To qualify for an OIC, you must be current on all tax filings and payments and demonstrate that paying the full amount owed would create a financial hardship for you. If the IRS approves your offer, you can settle your debt for less than the full amount. To see if you qualify for this program, refer to the guidelines on the IRS website. It's highly recommended that you seek the help of an accountant to guide you through the OIC process. The forms and financial questions can be beyond the capabilities of most people, and an accountant can provide the necessary guidance and expertise to help you through the process. Seek Professional AssistanceNavigating the world of IRS debt settlement can be complicated, which is why it is necessary to seek the help of a qualified CPA. A CPA can help you determine the best strategy to settle your debt, whether it be through the OIC program or another solution. Even if you do not qualify for an OIC, a CPA can help you get caught up on IRS payments and create a plan to resolve your debt.
With over 35 years of experience in dealing with the IRS and settling tax debts, Larry Bradford, CPA, can help you navigate the complicated process of settling your debt. He can help you determine the best strategy to settle your debt, whether that be through the OIC program or another solution. Don't let IRS debt hold you back any longer. Take the first step towards resolving your tax problems and contact Larry Bradford today to discuss your options. Call 512-402-0049 or send an email to larry@bardfordtexas.net to schedule a consultation. With his help, you can take control of your finances and move towards a brighter, more secure financial future.
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Separate property tracing is a crucial process for anyone wanting to claim and secure their separate assets. These assets may encompass real estate, bank accounts, investments, vehicles, and other valuable possessions. Despite its significance, many people face difficulties in accurately tracing their separate property, often because of inadequate documentation. In this post, we will discuss why proper documentation is imperative in separate property tracing and why it is essential to utilize the services of a qualified certified public accountant. Why Documentation Matters for Separate Property TracingLack of documentation is the single biggest obstacle in separate property tracing. When it comes to claiming separate property, having accurate and comprehensive records is essential. However, many individuals struggle to maintain proper records and to keep track of all transactions and transfers involving their separate property. This can lead to confusion and disputes in the future, particularly in the event of a divorce or estate dispute. To overcome this challenge, it is essential to always maintain detailed and organized records of all transactions and transfers involving separate property. This should include receipts, invoices, bank statements, and any other relevant documentation. Additionally, it is important to keep these records updated and readily accessible in case they are needed in the future. The Standard of Clear and Convincing Evidence In Texas, separate property must be proven to be separate by clear and convincing evidence, which is the highest legal standard for proving property ownership. This standard requires evidence to be highly probable or reasonably certain. If the assets cannot be proved to be separate by clear and convincing evidence, they will default to community property. This is why it’s crucial to maintain accurate documentation that can be used to help meet this standard. Additionally, it is important to work with a qualified CPA who has the knowledge and expertise to gather and present the necessary evidence to prove separate property ownership. Why You Should Utilize Larry Bradford, CPA Given the need to prove property to be separate by the highest legal standard, it is essential to work with a qualified professional who has the knowledge, skills, and experience to accurately trace separate property assets. With a long-standing career as a CPA spanning over 35 years and over 400 court appearances, Larry Bradford has proven to be critical in the defense of separate property.
With his expertise and extensive experience, Larry Bradford is well-equipped to help you navigate the complex process of separate property tracing and overcome any challenges that may arise. Larry has the skills necessary to gather and analyze the evidence needed to prove separate property ownership to the highest standard, and he can provide you with expert testimony to support your claims. To set up an appointment, call 512-402-0049 or send an email to larry@bradfordtexas.net. |
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