When a taxpayer owes the IRS back taxes, the IRS will take certain measures to collect the taxes. The IRS can threaten you with a levy on your bank account, a lien to your property, a garnishment of your income and wages, a seizure of your assets, and/or stop previous installment agreements.
How do you negotiate with the IRS? Depending on your financial situation, there are various options to help with paying back taxes and keeping the IRS at bay. You may be able to pay taxes over time, pay in a lump sum or in installments, pay a reduced amount or in some cases have your back tax obligation completely forgiven.
The Tax Man can help you with determining which negotiation solution works for your circumstances and financial situation, these include:
Currently Not Collectible: A temporary option for taxpayers that can show it would be a financial hardship to pay back taxes
Installment Agreements: Various plans to pay back taxes over a set period of time for the full or a reduced amount
Offer in Compromise: When an installment agreement is not an option, an Offer in Compromise can settle your tax debt for less than the amount owed
Penalty Abatement: Depending on circumstances, filing for a penalty abatement may provide penalty relief that arose after failure to correctly file or pay your taxes
The Tax Man is here to help you weigh your options and guide you through them. Don’t let the IRS intimidate you - call 804-317-2531 today and get started on finding a solution!