Understanding IRS Tax Settlement
  • July 21, 2022
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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).

Related Blog Post: Is It Possible to Get Jail Time For Defaulting on Your Taxes?

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.

Related Blog Post: A Comprehensive Look At IRS Debt Relief Plans

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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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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