For those who face substantial tax liabilities but do not have the means for immediate repayment, panic is a typical first response. As most of us know, the IRS is quick to pursue collection of tax debt through any means necessary, including lien, levies and garnishment. However, it is important to realize that you have many options for settling your tax liabilities, and an installment agreement can be the realistic solution that you need.
Installment agreements are one of the most common resolution options for those who face significant tax debt. While you will still be required to pay all of your back taxes as well as any associated penalties and interest, the benefit is that you can repay the IRS over a period of time. This brings a great amount of financial relief for those who simply cannot afford one immediate lump-sum payment.
When calculating monthly payments and length of your repayment agreement, the IRS will consider your income and reasonable expenses. However, what the IRS says you can afford, and what you can really afford are often two different things. This is one of the many areas in which we can help. Our lawyers have a sophisticated knowledge of tax law which allows us to create compelling arguments to support your position. We can negotiate on your behalf for an installment agreement that fits your financial position and is also satisfactory to the IRS.
Don’t face a tax debt issue alone. The truth of the matter is, sometimes the IRS is more willing to negotiate with an attorney than with the actual taxpayer. Contact our Houston installment agreement lawyers to discuss your tax debt repayment options. We can help find a solution that you can live with.
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