Lansdale, PA -- (SBWIRE) -- 04/09/2020 -- Tax Day is an important day for everyone because it offers an opportunity for individuals to start planning what to do with their tax returns. For some people, though, taxes might be owed to the government, and in this case, failure to pay on time can have dire consequences for an individual's financial wellbeing. Tadross Law, a bankruptcy law firm in Bucks County, also has the knowledge necessary to advise clients who find themselves owing back taxes to the IRS.
Fundamentally, "back taxes" are unpaid portions of an individual's tax burden owed to the IRS or other taxing authority. Back taxes can be insidious if left unchecked because they incur fees and accrue interest every month, similar to other kinds of debt. This accrual of interest and fees can make a relatively small amount of back taxes into a sizable debt that wreaks havoc on an individual's financial future.
Failure to set up a payment plan, a payment extension, or another agreement with the IRS can lead to wage garnishment, tax liens on assets, or seizure of property to pay down the tax burden owed. Smaller taxing authorities may not be able to seize property outright. Still, they can issue liens against assets as a means of recouping their loss and damaging an individual's future financial credibility in the process.
However, most people don't intentionally neglect their back taxes. The IRS often shows leniency towards individuals who can demonstrate they would suffer severe financial hardship if they were forced to pay.
To consult with a back tax attorney in the Philadelphia area, visit Tadross Law's website at https://tadrosslaw.com/.
About Tadross Law
Tadross Law was founded with the goal of helping clients across the Greater Philadelphia area with their legal needs, whether in the form of litigation or transactional issues. This law office is well-versed when it comes to IRS tax matters, general civil litigations, and transactional matters, and takes pride in offering affordable flat rates instead of billing clients by the hour. Individuals who need assistance surviving debt and financial insecurity can find refuge with Tadross Law.
To learn more about Tadross Law, please visit http://tadrosslaw.com/ or call 215-500-5000 if in Philadelphia or 267-643-1415 if in Lansdale, PA.