Whether you have created a sizable debt or lost your job and are unable to pay your taxes, there are some ways to avoid further penalties from the IRS. If you are being demanded to pay an up-front amount of money that you simply cannot afford, we can help settle your debt to the IRS no matter the size.
If you owe less than $10,000 in back taxes, you may qualify for a program that allows you to pay installments in order to settle your debt. We can work with you to come to a solution which will satisfy the IRS and also help you. Even if you fear a penalty such as lien, levy, seizure, and termination of agreement, we may be able to help you.
For those who have accumulated a debt over $10,000, there are also options that can help settle their tax trouble. Our attorneys can help you and the IRS in order to reduce the amount of penalties such as wage garnishments, levies, and liens. Here are some of the specific programs and options available for those who have accumulated tax debt.
Offer in Compromise
The Offer in Compromise plan involves setting a final limit for payment that is substantially lower than the original figure. By talking to the IRS about this measure, it becomes easier for people to settle a debt that is higher than they could possibly afford. We can help to see if we can get an Offer in Compromise negotiated for you.
Bankruptcy
Bankruptcy can be an effective last resort to settling a debt with the IRS. But you need to contact us to see if you meet the qualification for bankruptcy. Having us tax experts analyze your situation is the best way to ensure that all your debts are wiped from the record.
Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.
There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.