How Do You Negotiate a Tax Settlement With The IRS?

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The Internal Revenue Service (IRS) can be intimidating, and after all, why shouldn’t they be? The IRS can seize your property, garnish wages, freeze access to your bank accounts, and put liens on your property. If your financial difficulties have gotten you into trouble with the IRS, you need to act promptly to avoid suffering serious consequences. If you don’t have the money to pay off your debt to the IRS all at once, you don’t have to stress yourself over the matter. There are options available and an experienced lawyer can help you get an agreement negotiated and your life back on track after troubles with the IRS.

You have the legal right to represent yourself before the IRS, but most taxpayers have determined that professional help, such as specialized attorneys, accountants, or tax specialists who are experienced in helping taxpayers resolve unpaid tax debts can significantly impact your odds of reaching an acceptable settlement with the IRS. If you let an experienced professional handle your accounts for you, any IRS agent contact you do will either be minimized or completely alleviated. Owing the IRS money is not only intimidating, it can be very scary. If you are worried about avoiding serious recovery actions from the IRS, you need to both properly and promptly communicate with them about your financial situation. Communication is a step in the right direction. Usually, the IRS will work with those who owe money, and you have several different options available to help settle your debt with them. Allowing an experienced South Carolina debt relief attorney to handle your IRS communications is a very wise choice and a step in the right direction. David Aylor Law Offices can make the contact you need with the IRS and help you take control of the situation.

As you know, the federal government is backing the IRS so it is a force to be reckoned with. While the IRS has very detailed and intricate methods that can be used for collecting any tax debts that are outstanding, it also has also been known to be patient when a taxpayer is trying to make things right and work with them. As long as the IRS understands that they are going to get paid, they are usually willing to postpone the collection process until you are in a better financial situation. You need to know that just like any other debts, the longer it takes you to repay your debt to the IRS, the more you will end up paying in the long run because of tacked on interest charges and other fees. If you are facing IRS troubles in South Carolina, David Aylor Law Offices can help you come up with an effective repayment plan. We will work on your behalf to negotiate a fair settlement based on what you owe the IRS so you can get back on track.

What are the Options for Settling IRS Tax Debts?

There is not just one option that is written in stone when it comes to settling IRS tax obligations. An experienced debt relief attorney can help you go over all the options available to you and come up with the right solution for your particular needs. If you are facing financial problems because of back taxes owed to the IRS, we can help you get back on track and the debts resolved. Below we have listed just a few ways you could settle your tax debts to the IRS. We can also make appropriate recommendations based on your individual needs.

An Installment Agreement – You can set up a plan that allows monthly payments so you can focus on paying down your debt then paying it off. If you believe that you have been a victim of a fraudulent investment scheme, often called a Ponzi scheme, help might be available. If the schemed caused you to lose most of your investment funds or even all of them, you might be able to take advantage of U.S. Tax Codes that allow you recover as much as 40% of your financial losses resulting from the scheme. This is a complicated and technical process, but it can help you cut the amount of taxes that you have paid in for previous years so you can get a refund, which is paid to you with interest. An attorney can help you with this as well.

An Installment Agreement with Partial Payments – A partial payment installment agreement is considered to be a relatively new way to help you manage your debt. It will let you use a long-term repayment plan so you can settle up with the IRS at a reduced amount. Using this approach, you pay up your unpaid taxes using installments instead of a larger lump sum. Your experienced tax debt lawyer will work with the IRS to set up the lowest monthly payment with them so you can make regular payments that leave you with the money you need to survive.

Offer in Compromise – This settlement program lets you settle the debts you have incurred via taxation for less than you owe. To do this, you must make a payment in lump sum form. In some situations, you might be allowed to set up a payment plan for a short time so you can pay the IRS off at an amount that is significantly reduced. If your IRS debt is not affordable to you, this might offer the best solution for your situation. An Offer in Compromise gives you the chance to pay a much smaller amount that will be taken as payment in full for your debt. If you are deemed eligible for this program, you can end up saving thousands in taxes, interest, and penalties.

Not Currently Collectible – This program involves the IRS agreeing to not collect on your tax debt for a while, usually at least for a year. If your account is Currently Not Collectible, it means that you don’t the necessary resources to pay your debts at the present time. The IRS can declare that you are Currently Not Collectible after they have received adequate evidence proving you cannot pay your debt right now. This program can be useful because it can be used to file an appeal to stop an IRS lien, levy, seizure. This can also be done if you have been denied the chance to make payments in installments or you have had an agreement that has been terminated. Filing an appeal because of IRS collections gives you the chance to show the IRS how you believe the predicament could be resolved without them filing a levy or seizing your property.

File Bankruptcy – If you file bankruptcy, you might learn that income tax debts might be discharged under Chapter 7 and Chapter 13. Filing for protection through bankruptcy is just one of the different ways to seek relief from tax debts. Bankruptcy should only be considered if you would meet the necessary requirements to have tax debt discharged. Chapter 7 gives you a complete discharge of any debts that are allowed. Chapter 13 establishes a repayment plan to pay some debts, but the rest of the debts are discharged are the plan’s conclusion. If a so-called tax professional is offering you the opportunity to pay pennies on the dollar for your IRS debt and claim they can save big money on an Offer in Compromise, odds are they are more interested in making money for themselves by selling you things you don’t need or by making extra money off you. Instead, they should be focusing on your financial problems and helping you come up with an effective plan of action. If you need to file South Carolina bankruptcy protection to resolve your financial issues, call David Aylor Law Offices today.

Get Wage Garnishments Released – If you have found yourself owing money to the IRS, you can face wage garnishments and levied federal payments. Until the levy has been released when your tax debt has been paid in full, you might face financial woes. However, there is room to bargain with the IRS for a modification or even a release to the garnishment if you don’t have enough money to cover basic living expenses after the levy has gone into effect.

Keep the IRS from Levying Any Bank Accounts – A bank levy can be issued for the IRS to take funds from your checking and savings accounts to be paid toward the back taxes you owe. When a bank account is levied by the IRS, the bank has to remove any available funds in the bank account that day. They can take as much as the full amount of the levy needed to pay their debts. Those funds must be sent to the IRS within 21 days unless the bank is notified otherwise. You can work toward resolving your debt to the IRS by obtaining a release of any levies that have been applied to your situation.
Relief for the Innocent Spouse – If you have inherited IRS problems that belong to your spouse, there is a way out. If you can prove your circumstances meet the IRS guidelines for innocent spouse tax relief, you might not be subjected to helping cover the cost of the taxes resulting from the problems faced by your spouse or ex-spouse.

Pay Attention to the Statute of Limitations Expiration Date – There is a statute of limitations that applies to collecting back taxes. Usually, the IRS has 10 years from the date of assessment to collect all the back taxes along with their penalties and interest. An attorney can help you resolve your problem with the IRS and settle your back taxes by just coming up with an effective strategy that will help you wait out the 10-year wait so the debt cannot be collected. This is useful because you can file an appeal to stop IRS seizures, levies, liens, or the denial or termination of any installment agreement for your payment of tax debt. A collection appeal enables you to have the chance to explain how your current situation could be resolved without the IRS enacting a seizure or levy.

Consult with a South Carolina Debt Relief Attorney

If you are facing difficulties because of back taxes that are owed to the IRS, you should consult with the South Carolina bankruptcy lawyers at David Aylor Law Offices. Our attorneys are experienced in different aspects of debt relief and can help you come up with an effective and efficient solution for resolving any debts that you might owe the IRS. With the help and guidance of our knowledgeable legal staff, you can get your finances back and track and take care of your IRS debt. To learn more about our debt relief services, call (843) 744-4444 or message us online through our website. We have helped hundreds of clients settle their debts with the IRS, so why shouldn’t you depend on us to help you? We have an established reputation in helping those facing financial problems just like you get back on track. Make the move to contact us today, so we can help you come up with an effective way to resolve your IRS debts.

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