Do you owe back taxes? If so, you might be feeling stressed, anxious, or unsure how to handle your tax liabilities. That’s where Innovative Tax Relief can help.
Our experienced tax relief settlement team offers a range of services to meet your needs. Whether you need a tax settlement lawyer, or help with IRS negotiations, we are here for you. Read on to learn more about how our team can assist.
Ready to take control of your tax debt? Contact us for a free consultation and to learn more about our tax settlement services.
What is a tax relief settlement?
A tax settlement with the IRS is an arrangement between you and the IRS to pay your tax debt in a certain way. It is designed to help taxpayers clear their tax debt without too much financial hardship. This could mean, for example, paying less tax overall. Or it could mean paying back taxes in smaller increments.
A federal tax settlement does not mean the debt is gone. It simply means that the IRS is prepared to give you more flexibility for how you can pay.
No two tax relief settlements are the same. That’s why our team of specialists and tax settlement lawyers offer innovative, bespoke advice tailored to your needs. You have options. We’re here to help you explore them and make an informed choice.
What are the types of tax liabilities settlement?
The tax liabilities settlement process is simpler than most people think. It’s a matter of submitting the right forms and documents to the IRS. And yes, it’s true that there are many forms to navigate. This is why having a tax settlement services provider on your side is crucial.
What are your main options or tax relief settlements? The most common agreements offered by the IRS are:
- Currently Non-collectible: You won’t pay any tax until your financial situation stabilizes.
- Installment Agreement: You pay the tax debt in manageable installments over a set period.
- Offer in Compromise: The IRS agrees to let you pay a lower amount than your initial tax liability.
- Penalty Abatement: The IRS agrees to deduct penalties, charges, and late fees from your tax liability.
The option that is right for you depends on your financial situation. For example, the IRS may not agree to an offer in compromise if they believe you can pay your full tax debt.
Our tax settlement services team can explain what options may be open to you, depending on your circumstances.
What are the benefits of a tax liabilities settlement?
There are some details to be aware of when it comes to tax liabilities settlement. For instance, the IRS automatically freezes your penalties and interest once you get approved for a tax liabilities settlement. This in and of itself is incredibly helpful to your process.
This isn’t the only benefit to be aware of, though. Tax liability settlement benefits include:
- Avoiding significant penalties, such as liens.
- Protecting business and personal assets from seizure.
- Saving your wages from IRS garnishment.
- Reducing your overall tax burden (depending on your circumstances).
To be clear, tax liabilities settlement comes down to a restructuring of your tax burden. Remember, you can’t wipe it away, but you can make it manageable. A manageable tax debt is an opportunity to correct your financial path forward.
Who qualifies for a tax liabilities settlement?
The IRS tax liabilities settlement program is open to all taxpayers. This isn’t a guarantee that you will qualify for a settlement, though. You should be able to prove that you’re struggling to pay tax liabilities.
And remember, this is because of your financial situation, not because of negligence.
If the IRS can argue that you have sufficient income to pay off your tax liabilities, the settlement will be rejected.
If you are accused of negligence, or even withholding tax, you could face further IRS action. Call us if you are facing such accusations. Our IRS tax settlement attorneys and advisors are on hand to provide urgent assistance.
As mentioned, you do have options. The agency might be open to accepting payment in installments until you pay off the liabilities.
Alternatively, you could use these reasons for penalty abatement:
- Administrative waiver (first-time abatement or hardship failure to pay your penalty relief)
- Appeals – hazards of litigation (a settlement with the IRS that removes accuracy penalty)
- Statutory exception (a type of relief granted to those in a disaster area or a combat zone)
- Reasonable cause (disasters, honest errors, long-term illnesses, loss of records, etc.)
How do you know if you qualify for penalty abatement? Don’t let such questions or concerns overwhelm you. Instead, get the clear answers you need from our team. Our tax settlement lawyers and specialists can give you bespoke advice based on your specific needs.
Tax settlement services | Free initial consultation
Innovative Tax Relief is a full-service tax resolution company. As an IRS Enrolled Agent, we are licensed to practice throughout the United States. We can help you with tax settlement regardless of your current location.
Talk to one of our tax liabilities settlement professionals about the tax issues that you need to resolve. We have a dedicated team of IRS enrolled agents, CPAs, and tax attorneys. Each of them will work together to address the situation as quickly and simply as possible.
Let us streamline your tax liability to a manageable place so you can get on with your life. Learn more about our tax settlement services now.
