Options for Settling Your Tax Debt

There is perhaps no more hated organization in the United States government than the IRS. Nobody likes the tax man but on top of that, years of brutal budget cuts have left the IRS’s customer service department a shell, leading to a miserable experience for anyone on the outside trying to deal with the organization. That dark cloud has a silver lining, however. For someone who knows how to navigate the system, the IRS’s disarray can turn into opportunity. Jeff Cohen, Attorney At Law is the Georgia tax attorney you need to help you settle your debt as quickly – and cheaply – as possible.

Always remember – when it comes to the IRS, just as with anywhere else in life, someone who tells you they can magically make your debt go away is just trying to sell you something. There’s no magic trick but here are some real ways to deal with a heavy tax burden.

Pay in Installments

The IRS will let you set up an installment plan to pay off your debts. You have several options here but the important things to remember is that you need to owe less than fifty thousand dollars and you have to have all of your tax returns filed. The minimum amount the IRS will accept is 1/72 of the tax debt owed per month.

Offer in Compromise

This is the often advertised – and much less often actually accepted – way to pay off your taxes for “pennies on the dollar.” The reality is that there is no magic get-out-of-jail free card here. Just like any other creditor, if the IRS sees that you don’t have the ability to pay off your debt, they may be willing to negotiate a lower amount in return for a lump-sum payment of your tax debt.

Not Currently Collectible

If the IRS lists your debt as “not currently collectible”, they’re essentially giving you a deferment on repayment because you’ve shown them that you’re not currently capable of repaying your debt. The deferment will not last forever but it may give you a chance to stop the IRS from seizing property. In Georgia, Jeff Cohen is the tax attorney who can help you figure out if you can show that your debt isn’t collectible.

File Bankruptcy

In some cases, it is useful to remember that tax debt is dischargeable in bankruptcy, depending on the type of personal bankruptcy you go through. Chapter 7 bankruptcy allows for the discharge of certain tax debts while Chapter 13 allows for the restructuring and eventual discharge of qualified debts.

If You Need to Settle Tax Debt, Call Jeff Cohen, Attorney at Law

There’s no magic to settling IRS debt but having the right attorney – one who understands tax law and how the IRS works – can put you far ahead when it comes to trying to work with the government’s least-popular component. If you have tax problems in Atlanta, Jeff Cohen, Attorney at Law can help you work through how to solve them. Call 404-937-1414 now for a Free Phone Consultation.

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest

Leave a Reply