• July 18, 2018
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Most people dread tax filing and payment deadlines and a number of them are unable to file and pay their dues, despite their best efforts. To make things easier for taxpayers, the IRS provides various tax relief options. If you owe a large amount to the IRS and do not know how to deal with the situation, we have got you covered. The IRS tax attorneys at the Law Offices of Nick Nemeth are specialized in dealing with all sorts of IRS tax-related issues and can help you find your way out of the trouble. Continuing on the subject, in this blog post, we discuss six IRS tax debt relief provisions you should know about to avoid penalties, interests and levies.

1. Offer in Compromise

If you owe the IRS an amount you can’t afford to pay due to your financial situation, it is advisable to apply for an Offer in Compromise. As the name suggests, an OIC gives taxpayers the opportunity to settle their tax debt in a smaller amount than they actually owe to the IRS. Taxpayers either make a short term payment or pay a lump sum for IRS tax relief.

2. Installment Agreement

An Installment Agreement offers a convenient way for taxpayers to pay their taxes, wherein they pay a fixed amount on a monthly basis. It is, however, important to do your research and check whether you qualify to apply for an installment agreement. We, at The Law Offices of Nick Nemeth, have a team of IRS tax professionals who can guide you in the right direction to get IRS tax debt relief.

3. Currently Not Collectible Status

Currently Not Collectible status refers to a situation wherein the IRS agrees to collect taxes after a certain period of time, if the taxpayer has no possible way to pay their taxes in full within the stipulated deadline. For the appeal to be accepted, the applicant must provide all the necessary documents to support their request and be completely transparent while sharing financial information.

4. File Bankruptcy

If, even with all the provisions offered by the IRS, a taxpayer is still unable to pay the amount owed to the IRS, they can file for bankruptcy. Bankruptcy can be filed under a number of chapters, with chapter 7 and 13 being most common. Discharge is subject to a good many rules. It is important to do your research on the long term impact of filing for bankruptcy and apply after checking the qualification criteria.

5. Stopping IRS Levy

Before the IRS decides to issue a levy, they send ample warnings and notices. It is, therefore, important to not avoid ignoring any notice from the IRS. Procrastinating action will only make the scenario worse. You can either apply for one of the many IRS tax relief options or pay the amount owed in full to stop the IRS from issuing a levy on your assets, such as bank account(s), property, vehicles, and other assets.

6. Innocent Spouse Tax Relief

If you file joint tax returns with your spouse and your spouse commits an error while filing a collective tax return, or improperly reports an item, you can be relieved of paying the interest by applying for Innocent Spouse Tax Relief. Technically, your spouse will be held responsible and would be asked to pay the penalty and/or interest to the IRS. The option, therefore, is usually exercised when the couple has separated.

Need IRS Tax Relief Help? Speak with a Tax Attorney!

Every IRS tax relief option has its own qualification criteria, specific application form, and required documents. Instead of doing it all on your own, it is advisable to seek IRS tax relief help from The Law Offices of Nick Nemeth.  Our team of experienced IRS tax lawyers has the skills and knowledge to deal with all sorts of IRS tax related issues. To schedule a no-obligation free consultation, simply call (972) 426-2553 or fill our contact form and you will hear from us, soon.

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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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