DIVORCE AND DEBT
The IRS does not care about your personal life when it comes to owing them taxes. Although going through a divorce causes both parties much grief, the IRS only cares about collecting the money owed to them. If you are in the middle of divorce or have just completed one, we can help to sort out your IRS Tax obligations. Understanding where both parties of the divorce stand will allow you to know your obligation. Many times, one spouse is affected more than the other, and they may not know it. There are times where the court will award one party freedom from IRS collection, while the other is expected to pay the amounts due in full. There may even be a situation where one side of the divorce continues to accumulate debt before the divorce is finalized, yet the other person is still obligated to pay off that debt. Let Paramount Tax Relief walk you through your options. Work with professionals that have the experience and knowledge to get the results that you deserve.
INNOCENT SPOUSE RELIEF
There are three types of relief available for people who are in this situation and can qualify: innocent spouse relief, relief by separation of liability, and equitable relief. The professionals at Paramount Tax Relief will help you to understand the difference between the three. These situations can help determine if you qualify for innocent spouse relief. You filed a joint return, there is an under-reported tax on the return that is due to “erroneous items” of your spouse or former spouse, you can show that when you signed the joint return you did not know, and had no reason to know that the under-reported tax. Considering all the facts and circumstances, it would be unfair to hold you liable for the understated tax. Call Paramount Tax Relief today.