Attorney Clarke Balcom Educates Taxpayers that Owe Back Taxes
If you are one of the millions of taxpayers who owe back taxes to the IRS there are certain actions you can take to protect yourself from garnishment.
PORTLAND, OR (PRWEB) AUGUST 29, 2017 Article by Attorney Clark Balcom
Finding out that your bank account has been emptied by the IRS for past-due taxes is a nightmare scenario. “If you are one of the millions of taxpayers who owe back taxes to the IRS there are certain actions you can take to protect yourself from garnishment,” said Clarke Balcom, founder of Clarke Balcom Law, a bankruptcy and consumer debt attorney in Portland, OR.
In order to assist those who owe back taxes, Balcom lists the following five tips:
No. 1: An Offer in Compromise (OIC) can be an effective tool to greatly reduce the amount one pays to the IRS to satisfy their tax obligation. “However, to submit an offer that will be accepted takes work and planning,” said Balcom. “This is not something an individual should do on their own unless he or she is financially sophisticated.”
No. 2: Innocent Spouse Relief. This may relieve one from additional tax owed if their spouse or former spouse failed to report income, reported income improperly or claimed improper deductions or credits.