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Can a Tax Attorney Help Settle IRS Debt?

Introduction

If you are facing IRS debt, you may wonder whether a tax attorney can help you settle your tax debt. The answer is yes. A tax attorney can help you negotiate with the IRS to settle your tax debt for less than what you owe. In this article, we will discuss how a tax attorney can help you settle your IRS debt.

What is IRS Debt?

IRS debt is the amount of money you owe to the IRS in unpaid taxes, penalties, and interest. The IRS can collect unpaid taxes by levying your bank account, garnishing your wages, or seizing your property. If you owe IRS debt, it is important to take action to resolve the issue to avoid collection actions by the IRS.

How Can a Tax Attorney Help You Settle Your IRS Debt?

A tax attorney can help you settle your IRS debt by negotiating a settlement agreement with the IRS. The settlement agreement allows you to pay less than what you owe to the IRS. A tax attorney can also help you with other tax issues such as audits, appeals, and tax court litigation.

What are the Benefits of Hiring a Tax Attorney?

There are many benefits of hiring a tax attorney to help you settle your IRS debt. A tax attorney has the knowledge and experience to negotiate with the IRS to settle your tax debt. A tax attorney can also advise you on your legal rights and options. A tax attorney can also represent you in court if necessary.

What is the Process of Settling IRS Debt?

The process of settling IRS debt involves several steps. First, you must determine your eligibility for an offer in compromise. An offer in compromise is a settlement agreement that allows you to pay less than what you owe to the IRS. Second, you must submit an offer in compromise to the IRS. Third, you must wait for the IRS to review your offer in compromise. Fourth, you must negotiate with the IRS to reach a settlement agreement.

What are the Eligibility Requirements for an Offer in Compromise?

To be eligible for an offer in compromise, you must meet certain requirements. First, you must be current with all tax filings. Second, you must have made all required estimated tax payments for the current year. Third, you must not be in an open bankruptcy proceeding. Fourth, you must have exhausted all other payment options.

What are the Types of Offers in Compromise?

There are two types of offers in compromise: a lump-sum offer and a periodic payment offer. A lump-sum offer requires you to pay the settlement amount in a lump sum. A periodic payment offer requires you to pay the settlement amount in installments.

What are the Consequences of Not Resolving IRS Debt?

If you do not resolve your IRS debt, the IRS can take collection actions against you. The IRS can levy your bank account, garnish your wages, or seize your property. The IRS can also file a lien against your property, which can make it difficult to sell or refinance your property.

Conclusion

In conclusion, a tax attorney can help you settle your IRS debt by negotiating a settlement agreement with the IRS. A tax attorney can also advise you on your legal rights and options. If you are facing IRS debt, it is important to take action to resolve the issue to avoid collection actions by the IRS.

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