Looking for an IRS Tax Debt Settlement for back taxes? Call an experienced tax debt relief attorney for qualified assistance with an IRS tax debt settlement plan. Free, no obligation consultation to discuss your needs.
OFFER IN COMPROMISE AND TAX INSTALLMENT PAYMENT AGREEMENTS FOR BACK TAXES
If you are struggling or in fear of your tax debt from back taxes, or need to reduce your tax penalties, we can help you. We will work closely with you, and the IRS or State tax authorities, and figure out the best option for you to settle your back taxes owed.
This may include:
- a monthly installment plan
- an offer in compromise
- showing the IRS or the State that no tax payment can be made at this time.
IRS Tax Debt Settlement for Back Taxes
Mounting back tax debt is an additional debt that many individuals are faced with today as part of a tough economy. Critics of people who are in this financial situation will often state that these individuals must have made the money for them to be in this situation. While that may be true, nobody can foresee the future and know that they are going to run into financial difficulties. There are many tax payers who held good jobs and had what they thought were secure investments and are now in dire financial condition and really need a workable IRS tax debt settlement.
No matter what the reason for being in tax arrears it is a financial problem that must be aggressively dealt with. It is not like a small financial debt where a financial company may just write it off as a loss when they are not able to collect. The IRS is methodical in its approach for collecting money owed to the them and they are not about to write the amounts owed to them off as bad debts quickly.
There are some individuals that have become so over whelmed with the amount of back taxes owed that they have basically given up and just assumed the attitude that they have nothing to lose, so the IRS will just have to wait for better days. If you are one of the individuals that owe money to the IRS or State tax department it would be wise to take a closer look at just what you do owe. All too often it’s easy to develop tunnel vision with your finances and all the focus is on what you owe and not who you owe. It’s not unusual to take assets for granted. These are the very assets that may be open for grabs by the IRS if they feel they have no other recourse to settle the back tax debt.
Most individuals that owe the IRS money are responsible citizens that realize they have an obligation to pay taxes, and would readily do so if the funds were available. Not too many people enjoy living under the constant pressure this debt brings. There are ongoing telephone calls asking for payment and routine mail demanding the tax matter be settled. As the debt drags on there is the fear of legal action such as bank liens, wage garnishment and in some cases seizure of assets.
The only way to get a real IRS tax debt settlement for your back tax debt is to take control of your financial situation once again. You must become proactive in your situation even if you don’t have one extra dime to allot to tax arrears. It all begins by knowing what control you have left over your situation. It is true that the IRS has a great deal of power and they can be intimidating. They are bound by laws however, and some of those laws work in your favor. You need a professional who knows the true extent of these laws and how to work with them on your behalf. This is where an experienced IRS tax attorney can now become your best resource for getting your tax matters under control.
It will all begin with an assessment by your tax lawyer to determine exactly what your tax situation is. Nothing will be taken for granted by the tax expert. He will review the accuracy of the debt, then converse with you about your current financial situation. Once your professional tax negotiator feels he thoroughly knows your tax case he will then negotiate a workable IRS tax debt settlement as a solution the back tax debt situation.
You may be thinking that you just can’t afford to hire a representative to help with your tax situation, but the real question is can you afford not to? It isn’t just a matter of having a past tax debt sitting there with a set amount that needs to be paid. This debt is no doubt steadily increasing with penalties and interest. Even once you get on your financial feet you are going to have a very hefty tax obligation to meet which is certain to hinder your financial recovery. If you have been keeping money aside for an emergency, then it would be well worth your while to consider your tax obligation as a financial emergency. Use these funds to utilize the services of a reputable IRS tax attorney who has the ability to negotiate a far easier tax solution for your particular needs. By using the resources available to you not only are you relieving the mental stress that you are experiencing now, but you are making your financial future a whole lot easier.
Please contact us for a free consultation from an IRS Tax Attorney on the methods we utilize to work out an IRS tax debt settlement on your back taxes, and reduce the tax penalties that you owe.
By: Timothy S. Hart