I Can't Pay What I Owe
Do You Owe Back Taxes? We Offer initial consultations To Discuss Your Tax Debt Resolution Options
If you can’t currently pay the back taxes you owe—regardless of the amount of tax debt you have and how far behind you are—it’s in your best interest to try to reach a resolution with the IRS or state agency before they come after you.
In some instances, getting resolution can be as simple as going to the IRS website. If you have all tax returns filed and owe less than $25,000, the IRS will automatically grant you a 5-year payment plan, provided you file and pay on time going forward.
However, if you’re unable to make payments or if you owe the IRS more than $25,000, seeking out professional assistance can mean the difference between keeping and losing your full paycheck, home, business, and other personal property.
Although every person’s case is unique, the overarching goal of the IRS and other tax entities is to collect as much as possible. However, they recognize that circumstances such as financial hardship can preclude a person’s ability to pay back the full amount they owe, or to make one lump-sum payment, especially when the amount owed includes all the added on interest and penalties. This recognition may allow you to postpone, reduce, or break up your state or federal tax bill into a manageable payment plan. Depending on your circumstances, this may mean an Offer in Compromise, an Installment Agreement, a Currently Non-Collectable status, or even Bankruptcy. (The exception to this rule applies when a person willfully evades paying tax by hiding assets or failing to report income. The IRS can process those cases as criminal rather than civil, and can put the offender behind bars.)
Your odds of effectively negotiating a settlement with the IRS are improved dramatically when you have a tax attorney and/or CPA representing you. Lothamer’s rate of acceptance for IRS Offer In Compromise agreements exceeds 90%.
Don't wait if you are in need of Resolution for Back Taxes. Contact us at (877) 829-2455 and schedule your initial consultation.