Columbia IRS Tax Settlement
Dealing with government authorities usually ends up being stressful. This is especially true if the encounter is with the Internal Revenue Service and involves the words “taxes” and “debts.” To help make the process easier to navigate, our Columbia IRS tax settlement lawyer is ready to guide you!
Defense Tax Partners is a world-class law firm known to specialize in tax-related cases. We have successfully negotiated with the IRS for various clients in the past. More often than not, we come out successful with better settlement terms that made life easier for our clients.
From individual to corporate taxpayers, we are ready to represent everyone before the IRS. We will proactively find a solution to resolve your tax debts and ensure that you’ll better manage your finances and tax payments in the future. So whenever you need to face the IRS, don’t hesitate and ask for our legal assistance immediately.
Call Defense Tax Partners at (410) 847-2588 for your Free Consultation with a Columbia IRS Tax Settlement lawyer!
Settling Tax Debts
The accrual of your tax debts—along with penalties and interests—shouldn’t be the doom of both your mental health and financial stability. With expert help from our tax settlement professionals, you can still find a manageable way of debt payment and gradually regain your financial freedom.
Our Columbia IRS tax settlement lawyer can guide you through the following debt relief options and help you determine which one suits your situation better.
“Currently Not Collectible” Status
If your account gets approved for the currently not collectible (CNC) status, the collection for your tax debts will cease. CNC status is a payment deferral program that is given to struggling taxpayers by either the IRS or the state of Columbia. The status usually lasts for two years with regular assessments from the IRS to ensure that you still qualify for the program.
Additionally, you need to keep in mind that the penalties and interests of your tax debts will continue to accrue even with the CNC status.
Filing for Bankruptcy
There are two common types of bankruptcy that you can apply for: Chapter 7 and Chapter 13. Filing for Chapter 7 bankruptcy will give you a chance to discharge all or part of your tax debts. If your debts are not classified as dischargeable after the assessment, you can opt to file for Chapter 13 bankruptcy. If it gets approved, your tax debt penalties and interests will stop accruing, and you can enter into an installment agreement with the IRS.
Innocent Spouse Claim
If there is a discrepancy found in your joint file return with your spouse or ex-spouse, you may request an innocent spouse relief to avoid paying for the liabilities it will incur. We can help you secure this debt relief by establishing the following:
1. The error was not made known to you by the time of the filing.
2. It is unfair to demand payments from you for the resulting debt, penalties, and interests.
3. No property has been transferred between you and your spouse/ex-spouse as a fraudulent act against the government or another party.
However, if you are not eligible for the innocent spouse relief, Defense Tax Partners can still help you qualify for other debt-relief options for joint filers. These options include separation of liability relief and equitable relief.
Installment Agreement (with Partial Payment Plans)
Entering into an installment agreement with the IRS is one of the most frequented tax debt relief options by many taxpayers. Our Columbia IRS tax settlement experts can arrange all the necessary preparation and represent you in the actual negotiations. We will ensure that at the end of the process, you can pay your tax debts over an extended period through reasonable monthly installments.
“Offer in Compromise” Program
The IRS and the state of Columbia both have an offer in compromise (OIC) program. If you proved your inability to fully pay your debt and qualify for the program, you would only pay an amount lesser than your original tax debt. However, keep in mind that there are procedural differences between the OIC programs of the IRS and the state of Columbia.
Penalty Abatement
The penalty that your tax debt can accrue every year can reach up to 25%. If paying your principal debt is already hard, this level of penalty will make it even harder. Fortunately, you can apply for penalty abatement to reduce your overall tax liabilities. If you get approved, all or part of your penalties will be discharged—leaving the principal debt amount as your sole major problem.
Statute of Limitations
Although you filed an erroneous tax return two years ago, for example, the ten-year statute of limitations (SOL) only starts once the IRS has already assessed that return. Keep in mind that the agency can get aggressive in their collection method within this 10-year period since your debts practically disappear past it.
Talk to our tax settlement lawyers, and we can see if you can take advantage of the SOL.
How Our IRS Tax Settlement Lawyers Can Help You
Defense Tax Partners understands the complexity of both federal and state tax laws. We know that it is pretty normal for taxpayers to get anxious when dealing with the IRS. This is why we have tax lawyers who will gladly take on your case and help you reach a favorable tax settlement with the IRS.
From helping you prepare debt relief requirements to our negotiation with the IRS on your behalf, our lawyers are guaranteed to give you a legal service that’s tailored for your specific case. Rest assured, your rights as a taxpayer will be protected, and your financial status will be fully considered in all of our legal actions.
Some of the other tax concerns that we can help with include:
1. Tax Resolution
2. Audit Representation
3. Tax Preparation
4. Tax Lien Removal
5. Offer in Compromise
6. Penalty Abatement
7. Innocent Spouse
8. Passport Reinstatement
9. Wage Garnishment Removal
10. Bank Levy Removal
Whether your issue is with your personal or business tax return, our lawyers are ready to help you resolve it. Talk to us today, and we will evaluate your situation as soon as possible!
Let’s Talk – Compassionate Legal Advice
Tax liabilities should be dealt with as soon as you can. Waiting for your debts to pile up will only increase your penalties and interests. Not to mention, it will eventually push the IRS to seize your assets if you fail to take action in time.
Before the worst happens, work with our IRS tax settlement lawyers today. Our Columbia tax law firm will help you apply for the most befitting debt relief solution and guide you on better managing your finances.
Call Defense Tax Partners at (410) 847-2588 for your Free Consultation with a Columbia IRS Tax Settlement lawyer!