IRS Debt Relief With Nick Nemeth
  • November 23, 2017
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Paying off the IRS tax debt can be stressful, especially when you are going through financial hardship. Though there is no easy escape from paying off the outstanding amount owed to the government, there are certain debt relief provisions that enable liable taxpayers to pay off their taxes easily and in a lesser amount. If you are concerned about your outstanding tax debt, this post outlines five common IRS debt relief provisions. Read on.

1. Offer in Compromise (OIC)

An offer in compromise is an agreement between taxpayers and the IRS that allows eligible taxpayers settle their tax debt for an amount less than the amount owed and start afresh. Before applying for OIC, use the Pre-Qualifier to confirm your eligibility for the claim. A taxpayer involved in an open bankruptcy proceeding is not eligible for OIC.

2. IRS Tax Installment Agreement

IRS Tax Installment Agreement is another IRS debt relief tool that enables financially-distressed taxpayers to pay off the outstanding tax debt through monthly installments over a defined period of time. Taxpayers are eligible for such debt relief if they meet the minimum requirements and have a valid reason to justify relief. Obtaining an IRS Tax installment Agreement eliminates the probability of wage garnishments, levies and other enforced collection provisions by the IRS. Nonetheless, the minimum monthly payment for each taxpayer depends on the amount they owe.

3. Innocent Spouse Tax Relief

Married couples who file a joint tax share both benefits and liabilities associated with tax. However, if one spouse is unaware of the underpayment of taxes, he or she can request for Innocent Spouse Tax Relief. A spouse is eligible for Innocent Spouse Tax Relief if they prove that they were unaware of tax liabilities of the other spouse. Those who are not eligible for this type of tax debt relief can go for Separation of Liability or Equitable relief.

4. Abatement of Penalties and interest

Taxpayers who fail to deposit required tax amount are often faced with various tax penalties and interests. The tax penalty is a way to push taxpayers to pay outstanding amount on time. IRS Penalty abatement is another IRS debt relief tool that helps taxpayers remove certain penalties assessed by the IRS. Two common penalties that can be Abated are Failure-to-File and Failure-to-Pay.

5. Currently Non-collectible Status (CNC)

Taxpayers who are unable to pay their tax debt due to lack of money can apply for Non-Collectible Tax Status. For gaining the CNC status, the taxpayer should be able to prove that paying off the owed amount would lead to economic hardship. It is the duty of the taxpayer to present their case to the IRS under CNC.

Wrap Up

Every year, many people in the US face the repercussions of not paying their tax on time. Though there is no escape route to paying the debts, there are certain provisions made by the IRS to enable cash-strapped taxpayers to pay off their debts in comparatively lesser amount. If you are looking for help with your tax debts, look no further than Nick Nemeth. The Law Office of Nick Nemeth has years of experience in helping taxpayers with IRS debt problems and other IRS associated problems. To schedule a free, no-obligation consultation with one of our experts, simply call (972) 426-2553.

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What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
The Nemeth Law team is exceptional. They treat their clients like a family member who is in crisis. They want you to get the best possible outcome. I really appreciate everything that they did for me. Jake and Ashley had the greatest role in my case and it all turned out for the best for me. Thank you Nick and team for easing my fears and getting me through the long process. I'm truly grateful.
Eddie WaltEddie Walt
19:44 12 Jul 22
During a time in which competent, professional service at a fair price seems to have disappeared, Mr. Nemeth and his team are a refreshing breath of fresh air.From my first phone call to the final settlement of our case with a non-responsive IRS, they under-promised, over-delivered and were in constant courteous contact to make sure we knew exactly what was happening and where we stood.I hope to never need their services again, but, should I receive another friendly letter from the IRS...I know who to call!
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