IRS Back Taxes Settlement for Raleigh, NC Taxpayers
IRS back taxes are a nightmare for both individuals and businesses in the Tar Heel State, but did you know that the IRS will work with you if you have proper representation? Surely, the IRS has a reputation for aggressive collection tactics, which is why you need an advocate on your side. In addition, the reasons for proper representation are as follows:
- Experienced IRS tax attorneys have the skill to interpret the rules governing the IRS. This allows for civil resolution in regards to the collection of your IRS back taxes.
- IRS tax attorneys are specifically trained to negotiate tax debt settlements with the IRS. They understand where the IRS has leeway and where they lack discretion when it comes to collections. This will make your resolution more quick and effective.
- Representing yourself is never a good idea as you may be too emotional to represent yourself in the proper manner, even if you have similar knowledge to experienced attorneys.
As noted above, hiring an experienced tax debt attorney is the best way to go when you need help with IRS back taxes. They can be resolved in many ways, including one of the following:
IRS Back Taxes Payment Plans: Full & Partial
Or “IRS installment loan”, in general is simply an agreement with the IRS to pay off back taxes in smaller, manageable increments. Installment loans offer you better rates than if you borrowed the money on a credit card or private loan.
A full installment loan includes making manageable, monthly payments to pay down your full tax bill while reducing or eliminating the amount of penalties and interest. The main qualifier for a full installment loan is if you owe less than $25,000.
A partial payment installment loan is where you agree to make small monthly payments to pay down a portion of your tax debt. The IRS usually forgives the remaining balance.
Offer in Compromise
An offer in compromise allows qualified taxpayers to negotiate and pay an amount that is less than the total owed to clear the back tax debt completely. Though you may have heard that an offer in compromise is an appropriate tax resolution method, the unfortunate truth is it is only available to a small percentage of taxpayers. The simple fact is if the IRS believes that you have the income and assets to repay, they will not accept an offer in compromise. The paperwork associate with an OIC application is complex, but our locally based tax attorneys and accountants can meet with you to review your tax case and determine whether you qualify for an offer in compromise.
Currently Not Collectible Status (CNC)
A CNC temporarily puts a hold on all back tax collections. This may become permanent and end your tax dilemma if there is no material change in your income or assets. Increasingly, many of our clients qualify for CNC status.
With a variety of solutions and methods to pursue, it's important to trust a local and experienced IRS back tax specialist. Contact us today for a free consultation. (919) 948-3355