Need to know about IRS Tax Debt Relief
  • December 10, 2020
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Tax debt is a serious problem faced by millions of hardworking taxpayers in the US every year. It makes people lose their property, file for bankruptcy, and has led to many serious heartaches and headaches. If you are struggling to pay the money you owe the IRS, don’t panic. There are a few tax debt relief options that can help you settle your tax debt. Continuing on the subject, in this blog post, we answer some of the commonly asked questions about IRS tax debt relief.

What is tax debt relief?

Tax debt relief is a provision put forward by the government to help taxpayers that are in debt to the IRS pay their dues. It comes in the form of a payment plan or settlement with the help of which taxpayers can settle their tax debt with the IRS.

Related Blog: Effect of the COVID-19 Pandemic on IRS Tax Problems

When can I apply for tax debt relief?

You can apply for tax debt relief when you owe the IRS but are unable to pay. To apply for tax debt relief, you will need to first prepare and file all your taxes. This helps you ascertain how much money you owe the IRS so as to explore debt relief and forgiveness options available to you. It is, however, advisable to complete your tax returns well in advance so that you and your tax debt attorney have enough time to solidify a tax debt relief plan.

What should I do to get tax relief from the IRS?

The first step towards attaining tax relief from the IRS is to hire an experienced tax debt attorney. Hiring a tax attorney with experience in dealing with such IRS problems can give you clearer direction in dealing with the IRS and give you peace of mind. A tax attorney works on your behalf including accepting all correspondence from the IRS and getting down to the bottom of your tax debt issue to create a plan to help you get the tax relief you need.

What are the available IRS Tax debt forgiveness programs?

There are several tax debt forgiveness programs such as Installment Agreement and Offer in Compromise that can help taxpayers settle their tax debt.

Related Blog: 4 Signs to Help You Avoid IRS Debt Tax Relief Scams?

Installment Agreement

Also known as a long-term payment plan, an Installment Agreement allows taxpayers to pay their tax debt in monthly installments. The total amount paid in installments can either be the full or partial amount of what is owed to the IRS. Some of the available installment agreement plans are – guaranteed, streamline, partial, and full pay. To qualify for the streamlined installment agreement, taxpayers must owe less than $50,000. If a taxpayer owes less than $25,000, they can simply apply for the installment program by completing Form 9465. In case the amount is more than $25,000 and less than $50,000 the taxpayer is required to submit Form 433-D.

Offer in Compromise (OIC)

Offer in Compromise(OIC) is an IRS program that allows qualified taxpayers to settle their tax debt for less than the total amount owed and is usually the only option when there are no other payment options available. To establish your eligibility to the program, a taxpayer must use the checklist in Form 656 (OIC). The IRS can, however, reject an OIC request, if it believes that the taxpayer can pay the amount in full or through an installment agreement.

Wrap Up

If you are struggling with IRS tax debt, a professional tax debt attorney can help you navigate available IRS debt relief options and apply on your behalf. If you are looking for help in Texas, reach out to the Law Offices of Nick Nemeth’s team of seasoned IRS tax attorneys in Dallas/Fort Worth. Simply call (972) 426-2553 or fill out our contact form and we will take it from there.

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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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