All You Need to Know About an IRS Tax Settlement

Understanding IRS Tax Settlement

Being the subject of an IRS tax investigation can be the stuff of nightmares. You must seek immediate help from a Dallas tax attorney that has experience providing IRS tax problems resolutions. The IRS offers tax debt settlement options that make it easy to manage outstanding taxes. Accessing an IRS tax settlement is as simple as filling out the necessary paperwork and submitting to the IRS. A Dallas tax attorney can discuss your case with the IRS, and help make sure that you opt for the right tax relief option and file everything correctly. In this blog, we are going to take a look at all you need to know about an IRS tax settlement.

What is a Standard IRS Tax Settlement?

An IRS tax settlement, as the name suggests, is simply an agreement between the IRS and a taxpayer that permits the latter to pay a portion of their outstanding debt over an agreed period rather than the whole amount. While there’s no assurance that you’ll be deemed eligible for a settlement, the IRS is frequently sympathetic in cases where it’s evident that a taxpayer is unable to pay the full amount owed due to financial constraints. The current tax legislation, as well as your individual financial circumstances, are the factors that will ultimately influence the IRS’s decision (more on that later).

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How do settlements work?

As explained earlier, an IRS tax agreement allows you to pay off your debts over a specified, penalty-free period of time through scheduled payments. Once you’ve made your payment as per the settlement conditions, the IRS considers you to be in good standing for all tax years covered by your settlement. To know more about how you can benefit from an IRS tax settlement, consult a seasoned Dallas tax attorney. A tax resolution attorney will advise you on the best IRS plan to request.

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Do you qualify for IRS tax settlement?

During an IRS tax investigation, the agency considers a number of factors to check your eligibility for a tax settlement plan. These factors are linked to your income, expenses, assets, and liabilities. Furthermore, situational variables such as job loss or significant financial troubles are investigated and verified to acquire a clear image of how likely it is for you to be able to pay off your debt. If it’s found that you won’t be able to pay your tax burden in a reasonable amount of time, the IRS may be willing to accept a reduced amount. Again, it helps to hire a tax settlement attorney who can carefully gauge your financial condition and help you get enrolled in an appropriate IRS tax settlement program.

Final word

Being subject to an IRS tax investigation can be a source of distress for even the calmest people. If you are facing such a situation, it’s recommended that you take the right approach to acquiring an IRS problem resolution by consulting a qualified Dallas tax attorney. When looking for a Dallas tax attorney, talk to our team of highly-experienced tax attorneys in Dallas, TX, at The Law Offices of Nick Nemeth. To learn more about available IRS tax settlement options, call (972) 426-2553, or fill out our Contact Form and we’ll take it from there. Let our experienced Dallas IRS tax lawyer help you with all manner of IRS tax investigations.

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