Can You Really Settle Your Tax Debt With The IRS?

Unavoidable tax debt can be one of the most daunting financial problems a law-abiding citizen can experience. However, this also can be handled in an acceptable way if you look to the right expert for assistance.
Peace of Mind
Indeed, a highly regarded IRS tax attorney is able to provide the best advice to get you back to a place of peace with regards to your monetary health. However, with this in mind, it’s easy to misinterpret what a tax attorney can do and cannot do.
 
He or she cannot make a decision for the IRS and he or she can’t make the IRS to wipe out the debt altogether. But, because this expert knows how the official governmental system works with regard to IRS taxes, this trained professional can help you work with them.
Debt Solutions
Does that mean this person has the power to get rid of the debt altogether? Probably not. While this can happen in very rare circumstances, an IRS tax attorney has a better chance of possibly seeing the debt deferred by the IRS. Or, he or she can work with the IRS to have the amount reduced.
 
The latter, called an Offer in Compromise (OIC), happens when the IRS official is convinced that there is no way in your financial situation that you will be able to pay the amount due in full within a reasonable amount of time.
IRS Demands
Another factor that may help your case is if your IRS tax attorney is able to show that what is owed according to the IRS is questionable. But, realize that this is very rarely the case.
 
One aspect of this negotiation has to do with whether or not you would experience economic hardship if you paid up in full in a single transaction, or if you paid up through a payment agreement that gives you a certain amount of time to make good on your obligations.
 
Just know that the expert you hired with which to consult will help you work on your defense to satisfy the demands of the IRS tax representative.
The Best Solution
Finally, realize that if you are working with an IRS tax attorney to solve your financial debt, you are heading in the right direction. Realize you are probably just as eager to get the situation under control as is the IRS agent you have been assigned.
 
So, with your trusty tax lawyer in your corner, know that a solution will be found in which you can and will be able to continue life without this proverbial albatross hanging around forever. Talk about getting free of debt in the best possible way.
By Ellen Chadwick
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