Tax and Bankruptcy Lawyer
Nick Thompson is a former assistant attorney general who worked for the tax department. He was assigned to prosecute business, trust and individual tax cases in West Virginia. Nick’s license is number 51 before the US Tax Court in Washington DC. He has practiced in US Tax Court since 1988 which is a long time for any Louisville Kentucky Tax attorney.
Nick studied accounting at Indiana university, operated an accounting section for an oil company and sat for the CPA exam. He has chosen to help persons bankrupt their tax debts since 1988 as a primary tool to eliminate tax collections. He has the ability to challenge the IRS when other methods are more appropriate. But bankruptcy is very effective. It is also the cheapest and more certain method to stop collections.
Many other options with people that are not licensed tax attorneys may be scams. Even some tax attorneys such as Roni Deutch and TaxMasters have been sanctioned or prosecuted for offering tax options which have little or no chance of working. You may prefer to have a licensed tax attorney, former tax department attorney and bankruptcy lawyer represent you. Television tax resolution salesmen often make a commission on whatever programs he sells. They are not qualified to offer what is tax and legal advice. The person on TV may have just gotten out of prison or may never have gone to college.
Louisville Kentucky Business, Income, Trust Tax attorney
There are many expensive and sometimes ineffective tax defense options. Sometimes they work. Sometimes they don’t. The tax department can be very abusive and demand more than what you have. It will normally refuse to abate the employer contribution part of a trust tax where bankruptcy can discharge it. You can submit an offer in compromise which will be approved about 25% of the time. But an offer in compromise requires you to offer the IRS what is often more than what you would offer in Bankruptcy court. These solutions may be best if you don’t qualify for bankrupting the tax debt or in special circumstances. Here is our outline on how to bankrupt tax debts
You can enter into an installment agreement which may pay less than the interest on the debt. 10 years after an assessment you can attempt the statute of limitations. Other defenses include the innocent spouse status and currently not collectible status which repays nothing if you can get approval. You can also ask for a collection due process hearing, collection appeals program, or offer a lump sum payment. You can sue in US Tax Court, pay and sue for a refund in US District Court or ask for a penalty abatement. All these “solutions” for business, income and trust taxes require you obtain an agreement with the IRS. They all have less than a 50% statistical chance for success. The tax department and their employees may or may not be reasonable. Often the only successful argument to the IRS is there are no assets or income to take.
Louisville Kentucky Bankruptcy Lawyer and Taxes
We are happy to offer these other solutions. But nothing works as quickly, cheaply or effectively as properly planning and filing a bankruptcy. Bankruptcy has the power of a court order from a United States District Court judge and it takes you out the tax department.
Bankruptcy takes you out of the tax system where the solution you are asking for has to be approved by a person who is paid by the Tax department. If you ask for approval of an offer in compromise you have to be approved by a tax department employee. If you ask for innocent spouse status you are asking a tax department employee to approve it. Your approval for all of these programs is from a government which wont or can’t afford to repay tax refunds on time. Their approval is based has to come from an employee who is paid and promoted and demoted based on their ability to collect taxes. Often asking for mercy in this system is a waste of money and time. In bankruptcy court we often use judges which are used to granting relief to deserving debtors.
If you are suffering from tax garnishments or liens on your home, bank account or wages call us now for a free appointment about what can be done to stop the tax department collection. Bankruptcy, foreclosure and tax law have been our primary cases since 1988 when we first went to work for the tax department.
Being nice and doing what the other side wants you to do does not always work in a court of law or in collections. Nick knows how they operate and think. We know what works. Nick knows the law and how they collect. We know what they fear and respect.