If you cannot afford to pay your taxes in full, then there are options available to you to avoid tax debt or tax controversy. Raichelson Law, P.C. discusses how you can set up an installment agreement with the IRS and what a payment plan entails for you as an individual.

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Did the IRS make a change to your tax refund that you disagree with? During tax season, the IRS changes a myriad of checks every year for various reasons. Whether it is simple math error or a mistake you made when filing, you should not worry about the change because there are ways to resolve it. Raichelson Law, P.C. discusses how to appeal an IRS decision if you don’t agree with the IRS’s determination.

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With tax season barely behind us, it is time to start asking yourself some questions as a taxpayer. What will you do with your tax return? Do you have enough money to pay what you owe? If you’ve found yourself burdened by tax debt and need some guidance, Raichelson Law, P.C. has some tips to help you better understand your options when you owe more in taxes than you can afford.

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When you are faced with tax controversy or tax debt, you may not know where to turn for relief. Fortunately, there are many options available to you when you cannot afford to pay the IRS. One of these options is called an offer in compromise (OIC). Raichelson Law, P.C. is going to review what you need to know about an OIC and choosing the right team for your debt relief concerns.

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You know it could occur anytime and then it happens: you receive notice that you’re being audited by the IRS. The first thing to do is take a deep breath and know that you can prepare for the audit. It’s something they do.

The IRS annually reviews certain factors when determining who to audit. If you’ve received notice, it is likely you were put on their radar. You may be wondering how or why this happening, but for the moment, let’s focus on how to handle the audit.

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A tax resolution is something you might need. It’s a service that could require you to protect yourself when using it. Tax resolution is there to help you when needed, but it is crucial to make sure your tax resolution specialist is someone you can trust.

Know why you need it

There’s a lot of buzz surrounding tax resolution. The service is best defined as the effort on behalf of a legal tax professional to resolve your tax debt. Do not wait until your wages are garnished or your bank account is levied. Get ahead of the curve and hire a tax professional before adverse consequences occur and act immediately when you receive a notice from the IRS.

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Close-up of a bankruptcy petition

Next to debt, filing for bankruptcy can cause equal anxiety and fear. Even so, the idea that you have a possible solution gives you an amount of hope.

First things first

Like a medical diagnosis, another opinion can help. Talking with an attorney can relieve some of your stress related to bankruptcy.

A legal professional will present you with options that help you make your decision. And speaking of options, you have two when considering bankruptcy.

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After the state of Michigan appointed an emergency financial manager, Kevyn Orr, to resolve the financial crisis of the city of Detroit without filing bankruptcy, Governor Rick Snyder approved the filing of the Chapter 9 bankruptcy petition for the city of Detroit on July 18. As of now, Detroit has $20 billion in long-term debt and its only option was to file for municipal bankruptcy. This is the largest Chapter 9 municipal bankruptcy petition in US history. Experts predict that it will not be the last. Orr tried laying out alternatives for dealing with the City’s long-term debts, including further change in pay rates and staffing, reducing interest rates, stretching out payment schedules and outright forgiveness of principal or refinancing but it was not enough to keep Detroit from seeking a bail-out from the government.

To learn more about Municipal bankruptcies, call the Law Offices of Michael H. Raichelson in Woodland Hills, California near Los Angeles.

Famous fashion designer Domenico Dolce and Stefano Gabbana were handed a suspended prison sentence of one year and eight months for hiding over one billion Euros, according the media. This order was given by the Milan, Italy court.  Dolce and Gabbana were initially investigated in 2008 for selling their brand to Luxembourg-based holding company Gado in 2004 to avoid declaring taxes on royalties of about 1 billion Euros ($1.3 billion). Rumors say the two will be appealing the court’s decision, but as of now they are looking at some prison time.

If you are in some tax trouble and you may need to get your tax affairs in order before it gets as bad as it is for Dolce and Gabbana, you can call the Law Offices of Michael H. Raichelson to find relief in all your tax resolution needs.

Prior to 2013, many homeowners faced uncharted waters when it came to foreclosure.  While most of those problems still persist, to ensure fair lending and borrowing practices for homeowners, California passed the California Homeowners Bill of Rights, which guarantees fairness and transprency for homeowners in the foreclosure process.  Below are a portion of the new rules:

Homeowners must be contacted prior to foreclosure.  A mortgage servicer cannot record a Notice of Default until 30 days after the mortgage servicer contacts the homeowner to look at the homeowner’s financial situation.  Mortgage servicers cannot continue the foreclosure process if the homeowner is working on getting a loan modification.  Foreclosure proceedings are stopped until a decision is reached on the loan modification. 

If a mortgage servicer files multiple unverified and inaccurate documents, they may face a $7500 fine.  And, mortgage servicers are required to provide a single point of contact to homeowners who are at risk for default. 

Homeowners may have the right to seek civil relief for any material violations of teh new foreclosure process protections.  This includes injunctive relief.

If you or a loved one is under threat of foreclosure, call of the Law Offices of Michael H. Raichelson at 818-444-7770.