Experienced Legal Representation For North Carolina Tax Disputes
Our lawyers at Bain & McRae, LLP, are your trusted local partner for answering tax law questions and tackling an IRS tax audit, a tax lien or levies, and other tax disputes. Unlike impersonal out-of-state companies, we are North Carolina residents who have dedicated our professional lives to supporting our community.
Practical Solutions For Tax Law Disputes
When tax troubles arise, whether from the IRS or the North Carolina Department of Revenue, you need a team that understands the local landscape. Our tax lawyers have successfully helped individuals and businesses navigate complex tax issues. We are not just professionals but your neighbors, committed to providing top-notch legal support.
Negotiating Penalties And Back Taxes
Many believe negotiating with the IRS is impossible, but that’s not true. It is possible to negotiate terms or request an IRS tax appeal. If you owe more than $10,000 in back taxes and penalties, there are avenues for relief. Our attorneys have a proven record of addressing tax liens, negotiating offers in compromise and reducing penalties and establishing manageable client payment plans.
Skillful Representation For Nonfilers And Innocent Spouses
Do you need to catch up on your tax filings? Falling behind on tax filings or being unfairly held responsible for a spouse’s tax debt can be overwhelming. Our firm can help to bring you up to date with your tax obligations, often uncovering refunds instead of liabilities. Additionally, we have experience using provisions of the Internal Revenue Code to protect innocent spouses from undue tax burdens. We are here to help you get back on track. Contact us for a consultation if you need help catching up on tax filings or resolving disputes over spousal tax liabilities.
Answering Questions About North Carolina Tax Law Matters
We understand the tax law challenges you may encounter and are here to provide clear, concise answers to your most pressing questions.
What should I do if I receive a tax audit notice?
Receiving a tax audit notice can be stressful, but staying calm and acting promptly is key. Begin by reviewing the notice to understand the IRS’s request. Next, gather all relevant documents and records supporting your tax return and respond within the typical 30-day period to avoid complications.
Consider consulting a tax attorney for professional guidance through the audit process and to mitigate potential risks. Following these steps can help you manage the situation effectively.
What are the potential penalties for tax evasion in North Carolina?
In North Carolina, tax evasion can lead to severe consequences. Civil repercussions include a 5% monthly penalty for not filing by the original due date, up to a maximum of 25% of the total tax due. If fraud or evasion is discovered, a 50% penalty on the unpaid tax bill may be imposed.
Additionally, interest is charged on any unpaid taxes from the due date until the date of payment.
Can I negotiate a tax settlement with the IRS?
Yes, it is possible to negotiate a settlement with the IRS through an Offer in Compromise (OIC). This is a program that allows you to settle your tax debt for less than the full amount you owe if you meet certain criteria, including:
- Eligibility: You must have filed all required tax returns and made all required estimated payments.
- Application: Submit Form 656 and Form 433-A (OIC) or 433-B (OIC) along with the required documentation.
- Review: The IRS will consider your ability to pay, income, expenses, and asset equity before approving the offer.
The right legal support can substantially improve the odds of successful negotiations.
How can I protect my assets during a tax dispute?
Amid a tax dispute, strategic planning and legal assistance can help you protect your assets. Be aware of potential IRS actions like liens and levies that could affect your assets. Consult a tax attorney to explore options such as installment agreements or offers in compromise.
Implementing asset protection strategies, such as transferring ownership or setting up trusts, to safeguard your assets effectively is also a wise step.
We Are Local. We Know Tax Law. We Are Here To Help You.
Schedule your consultation today to discuss your situation and take the first step toward resolving your tax issues. Tax evasion and violations of IRS codes can result in severe consequences, including penalties, back taxes and even criminal indictment. Do not take your tax matters lightly.
When tax issues disrupt your life, contact Bain & McRae, LLP, at 910-239-8184 to schedule an appointment in our Lillington office. Our veteran tax attorneys are ready to provide the experienced tax guidance you need. Let us help you achieve peace of mind and financial stability. Our office is next to the Harnett County Courthouse in Lillington.