When you owe money to the Internal Revenue Service, otherwise known as the IRS, it can be scary. They want their money and will do whatever they can to get it as soon as possible. Lucky for you, they can wait, as long as they know that you are going to pay them eventually. Here are some ways to approach an IRS debt settlement.
You may be able to come up with a monthly payment plan that allows you to pay off your debt over time. This is often called an installment agreement.
You may also be allowed to make a partial payment installment agreement. Just like an installment agreement, you will have to pay them monthly, though you may not have to pay your debt off in full.
A lawyer may be able to get you an offer in compromise, meaning that you can settle your debt without paying it all off. The IRS may allow you to pay them off for much less than you owe them. You may be able to save thousands of dollars with an offer in compromise.
If you aren’t able to pay off your debt, the IRS may hold off on trying to get you to pay. Instead, they may agree to wait a year or two until you are financially more able to settle your taxes. Then, they will expect payment in a timely fashion.
No matter how much debt you have (and how you are going to try to pay it back), you need an experienced lawyer on your side. He or she will fight for you to settle your taxes for much less than you owe!
If you have questions or would like a consultation about your specific tax situation, contact us online or give us a call at (800) 790-1507.