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Pacolet IRS Tax Settlement

If you have tax liabilities to the Internal Revenue Service (IRS), you should settle them as soon as possible. The longer you wait, the more penalties you have to pay. And if it reaches the point where you can’t make payments anymore, the IRS can levy your properties instead.

tax settlement and tax levy

So to prevent the worst from happening, work with our Pacolet IRS tax settlement lawyers at Defense Tax Partners today.

We will assess your debt, financial status, and earning potential to identify the tax debt relief program that suits your circumstances better.

Our lawyers can handle all the necessary preparation and can represent you in every appointment with the IRS.

We will help you settle your tax debts and help you better manage your finances and tax responsibilities as well.

Call Defense Tax Partners at (803) 258-6729 for your Free Consultation with a Pacolet IRS Tax Settlement lawyer!

Settling Tax Debts

irs attorney

The most effective way to settle your tax debts is to not wait until the penalties are already too high. As soon as you know you have an outstanding liability, make the necessary payment to the IRS. However, if it’s too late for that and your debts already increased exponentially, don’t lose hope just yet.

Our Pacolet IRS tax settlement lawyer can help you explore your options for tax debt relief. Included in your choices are:

“Currently Not Collectible” Status

If your income is just enough for your basic needs and you have no properties worthy to be levied by the IRS, your account can be put under the currently not collectible (CNC) status. This will effectively stop any collection method on your tax debts. However, the accrual of the interests and penalties won’t stop.

Additionally, the IRS will conduct annual assessments on your income and other properties, ensuring that you are still qualified for the CNC status.

Filing for Bankruptcy

Filing for bankruptcy can eliminate your tax debts, but it could also damage your credit score, making it harder to have future lenders. However, if there is no other choice, filing for Chapter 7 bankruptcy is a good way of eliminating all or part of tax debts.

You can also consider filing for Chapter 13 bankruptcy. It can reduce your penalties and allow you to enter into a repayment plan. This can give you at least six years to pay your debts in full.

Innocent Spouse Claim

If the joint tax return you filed with your spouse or ex-spouse turned out to be erroneous and incurred some debts and penalties, you can get absolved of this responsibility by applying for an innocent spouse relief. You would be eligible for this relief if you proved that you didn’t know about the error at the time of filing.

Separation of liability relief and equitable tax relief can also help with issues about joint tax returns.

Installment Agreement (with Partial Payment Plans)

This option lets you gradually satisfy your tax liabilities through reasonable monthly installments. At most, an installment agreement can give you six years to pay off your debts.

“Offer in Compromise” Program

If the IRS sees no properties that are worth levying, your income is only enough for your daily necessities, and there’s no way you can stick to an installment plan, they may accept your offer in compromise. This means that by only paying a small part of your tax debt, you can already settle your outstanding liability.

Some people have reached a settlement with only 20% of their overall tax debts. However, the IRS would only accept offers that are reasonable enough based on your earning potential and actual tax debt.

Statute of Limitations

After the IRS assesses your tax debts, they only have ten years to collect your payments. If it has already passed ten years, they can no longer demand any payment from you. However, there are certain exemptions to this SOL. Talk to our tax settlement lawyers, and we can discuss if you can use this aspect to your advantage.

How Our IRS Tax Settlement Lawyers can Help You

Our Pacolet IRS tax settlement lawyers are well-versed and highly experienced in dealing with federal and state tax laws. Our legal service has ushered countless taxpayers toward financial stability and tax management literacy.

Tax Attorneys

We don’t only help our clients clear their tax debts. Instead, our legal expertise covers all tax-related issues. Regardless of what dispute you have with the IRS or the state tax authority, our lawyers can give you the legal assistance that you need.

Here are some areas with which we can help you:

1. Tax Resolution
2. Audit Representation
3. Tax Preparation
4. Tax Lien Removal
6. Penalty Abatement
8. Passport Reinstatement
9. Wage Garnishment Removal
10. Bank Levy Removal

There is no case that will be too complicated for our tax lawyers. If you want to work with someone who doesn’t only have a good grasp of the law but also cares genuinely for your financial and mental wellbeing, Defense Tax Partners is the firm to call.

Let’s Talk – Compassionate Legal Advice

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Do your tax debts seem too impossible to pay off?

Did the IRS already give you a warning for an impending tax levy?

Let an expert help you reach a favorable settlement with the IRS.

Call Defense Tax Partners at (803) 258-6729 for your Free Consultation with a Pacolet IRS Tax Settlement lawyer!