Irs Tax debt settlement
  • March 28, 2017
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In the event that the IRS has summoned you, you may have stumbled across a number of TV commercials tax debt settlement firm that promise to settle your taxes.  Uncollected taxes are way above 280 billion and growing each day, which is why the IRS is constantly striving to collect from individual taxpayers and businesses. To remedy an otherwise frightful ordeal, many agencies help slack taxpayers with their debts, including filing for IRS debt relief. Negotiating for IRS debt forgiveness is a lifesaver for many; however, reaching out to the right people is important to set realistic expectations and chart the best course of action. Continuing the discussion, the blog post gives detailed answers on the authenticity of tax debt settlement firms and what you can expect. Take a look.

What are Tax Settlement Firms?

Legal agencies in the US provide tax settlement services to assist taxpayers in minimizing the amount of debt they owe the IRS. Most such firms have a litany of tax experts, some ex-employees of the IRS who can bat on behalf of clients to resolve issues to do with unpaid taxes. Though most firms are legitimate and may indeed have former IRS employees employed, some misrepresent their makeup and competencies to hoodwink unsuspecting taxpayers with such bold claims, as the ability to get all your tax debt written off in a jiffy. You must avoid falling prey to such tall claims and be in a position to identify fraudsters. Falling into the hands of fraudsters lands you into more trouble that when you started out.

Must Read: Common IRS Issues We Can Help With

What Do Counterfeit Tax Settlement Firms Do?

Most tax debt settlement firms promise to send one of their IRS experts to the IRS offices to mediate, or persuade them to accept a relatively smaller amount as compared with what you owe the IRS. Some tax settlement firms even convince taxpayers that their experts can pacify the IRS into accepting pennies for dollars, allowing the taxpayer to walk scot-free. In reality, such results are hardly achievable and if it sounds too good to be true, it probably is. Getting complete tax debt relief from the IRS is virtually impossible, unless the taxpayer is either incapable of getting employment or has no assets that are valuable enough to cover the unpaid tax liabilities.

What Do Genuine Tax Settlement Firms Do?

Authentic tax debt settlement firms leverage a universally accepted and legally approved procedure known as “Offer-in-Compromise” to slash a significant amount of your tax debt. It is a special type of tax debt settlement, wherein a taxpayer can get substantial relief from their tax debt, in exchange of a much lower value. Though the process is undoubtedly lucrative, the taxpayer is required to furnish comprehensive details about their current assets, liabilities, and even projected income. The number of Offer-in-Compromise approvals is fairly low, given the fact that taxpayers need to prove that the stated amount is incorrect, chances of making a full payment are very low, or paying the taxes can result in financial turmoil for them. In addition, getting approval on an Offer-in-Compromise is a time-intensive process that may take several months, which is why taxpayers shouldn’t let fraudulent tax settlement firms take them on a wild goose chase.

How to tell a genuine tax debt settlement firm from a fake one?

Though there are no proven ways to spot a genuine tax settlement firm from a counterfeit one, you can always look for specific red flags. If a firm claims to have the ability to get your tax debt waived completely or significantly, overnight, chances are it’s a scam. Any representative of a tax debt settlement firm that makes such bold claims, without getting insights about your financial background is more likely to be a scammer. Genuine and credible tax settlement firms first gather the necessary financial data, before providing a realistic assessment of what they can and cannot do for tax relief. Moreover, authentic tax settlement firms backup every claim they make and charge a fixed, reasonable fee for their services. Fake tax debt settlement firms, on the other hand, make unrealistic claims and have vague pricing structures. More often than not, they charge non-refundable upfront fees, and try to mint more money once the taxpayer is deeply involved in their ‘tax debt settlement process’.

Stay Alert!

Delinquent taxpayers often make every effort to get IRS debt relief, as the IRS has the legal right to seize assets and deploy extreme debt collection measures. Most taxpayers find the IRS to be the most intimidating among all creditors. Riding on this fear, many fraudulent firms defraud unsuspecting taxpayers looking to amicably resolve their outstanding tax debts with the IRS. It is therefore, advisable to always stay alert when seeking professional help in settling your tax debts. You need experienced and reputable professionals to give you proven results. If you are facing tax debt issues and wish to seek some reprieve, The Law Offices of Nick Nemeth is here to help. To learn more about tax debt settlement pros and cons or to get a no-obligation free consultation, fill out our contact form and we will get back to you right away. You can also call us at (972) 426-2553 to schedule your free consultation with Attorney Nick Nemeth.

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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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