Negotiating A Tax Debt Settlement

They say there are two things in life Americans can count on: death and taxes. If an individual or business is behind on their tax debt or is unable to pay the IRS what is owed, the IRS has an arsenal of steps they may use to obtain the money you owe, including tax levies, tax liens, and seizure of property. You could have your wages seized, or you could lose your home or your car.

It can be a huge source of stress for any American suffering with tax debt to have to deal with the IRS. That’s why a competent IRS tax attorney is there to negotiate with the IRS on your behalf and reduce, and in some cases stop, your tax debt depending on your situation.

Can IRS debt be negotiated?

The IRS has a variety of ways to collect a debt, such as filing a tax lien, putting a tax levy on your bank account or your wages, seizing your state income tax refund, or even seizing your vehicle or your home. However, you have rights, and one of your rights is to contact an IRS tax attorney who can work with you in negotiating with the IRS to lower your tax debt. Therefore, a tax attorney may be able to work out an arrangement where you are paying less than what you originally owed. For example, in 2011, the IRS created "The Fresh Start Program.” This program gives individuals and small businesses the opportunity to negotiate debt, remove liens and pay for delinquent tax debt through a series of installments based on a fixed amount.

Why would the IRS negotiate with me for back taxes?

The IRS is a huge entity, but they realize in today’s economy, many individuals and small businesses struggle to pay off tax debt. With the help of an IRS tax attorney, the IRS considers the assets of an individual or small business and considers an amount the individual or small business could pay every month to reduce the debt. It is not a guarantee that the IRS will agree to a reduction in debt coupled with monthly payback payments. However, the IRS knows that working with individuals and small businesses to reduce debt is the best way to collect debt from struggling Americans and an opportune way to give individuals and small businesses a "fresh start." The IRS has made lien removal easier and has made installment agreements more accessible to small businesses, for example, with The Fresh Start Program.

What programs are available to help me with tax debt?

There are a number of attractive programs to ease Americans who suffer from tax debt.

The Fresh Start Program offers many ways for individuals and small business to ease their debt by way of manageable payments. With this program, the dollar threshold for tax liens can be increased, liens and levies are easier to remove, and installment plans can be set up.

An Offer of Compromise (OIC) is another program to ease debt as part of The Fresh Start Program. It allows for settling a tax debt in one lump sum that is less than what was originally owed. For struggling taxpayers who can’t pay back their taxes, this program is a huge help to getting back on one’s feet.

Why Should I work with a lawyer to negotiate tax debt?

Tax lawyers are familiar with the IRS and their myriad of terms. There’s a lot to know and a lot to remember. Therefore, working with a tax attorney to negotiate your tax debt is the best way to get educated on all of your options.

An IRS tax attorney may be able to obtain a short-term deferral. An installment payment plan is another way a tax attorney can arrange to ease your debt. Do you qualify for bankruptcy? If so, a tax attorney can determine if bankruptcy is a viable course to follow to ease your tax burden. These are just some of the ways your tax debt can be reduced or eliminated. You are sure to cover all of your bases when you work with someone who knows the IRS’ processes.

Why work with our law firm?

A big tax law firm is unable, due to the sheer size, to give the personal attention and detail that a tax debt resolution law firm that puts clients first can do. Clients meet with an attorney, and together, the attorney will devise a plan to ease the client's tax burden. A realistic course of action is taken by the attorney, who understands that clients want the facts and reasonable consultations, not fiction and high hopes. Clients who suffer from tax debt and the IRS often feel alone. With the help of a knowledgeable attorney working in your corner, you can feel empowered.

If you are an individual or business that owes back taxes to the IRS, you don’t need to go it alone. An IRS tax attorney is there to assess your situation and create a plan to work with the IRS utilizing the many strategies and plans sanctioned by the IRS. It’s difficult to learn the details of these plans on your own. Allow an IRS tax attorney to educate you on the current programs offered by the IRS for individuals and small business and on how best you can incorporate one or more of these programs to ease your tax debt.