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IRS Tax Debt Negotiation

Do you owe back taxes from years ago? Has interest from tax penalties gotten so bad that your withheld wages could be greater than what you earn? If you have money to pay off a percentage of the debt, but just can't seem to get out from underneath your overwhelming tax debt, there may still be options.

There must be some incentive for the IRS to remove thousands or tens of thousands of dollars of tax debt. Therefore, if you are interested in negotiating with the IRS, you must have something to offer that gives the IRS an incentive to settle the debt. Our experience handling offers in compromise give us a realistic idea of the dollar amount the IRS may be willing to forgive, depending on the amount offered by the taxpayer. We work to demonstrate that the offer is in fact in the best interest for all involved - the IRS receives at least some form of payment, and the taxpayer obtains a practical level tax debt relief.

We also address additional concerns when offers in compromise are accepted and a significant amount of the debt is eliminated. For example, when debt is cleared without full payment, the IRS views the amount of reduced debt as "income" for the individual for that tax year. This could pose a challenge when taxes are filed the next year. We assist clients in dealing with these issues.

The Internal Revenue Service can be intimidating without an attorney on your side. With an attorney representing your interests, the IRS can only contact you through your attorney. When you are assessed tax penalties for not filing your taxes and filing late, interest accrues at extreme rates. The amount can grow quickly, and even when you fully intend to pay off the tax debt, it can seem impossible to recover. However, in certain circumstances, it may be possible to negotiate a settlement in which you pay pennies on the dollar for the amount owed and the rest of the debt is forgiven.

Don't let your tax burdens get you down. Contact us to schedule a free initial consultation.

Call for a Free Consultation: (305) 590-8909