IRS Tax Debt Can Be a Huge Burden, But There Are Solutions
Many people owe federal, state or local taxes that they simply cannot afford to pay. This can happen as a result of business struggles during a recession, retirement account withdrawals, or underpayment of estimated tax or other income taxes. If you are behind on taxes, you may be afraid of wage garnishments or levies, seizure of your property or other serious consequences.
While tax debts should never be taken lightly, many people don't realize that they have options for dealing with tax problems. As tax attorneys, we can examine your situation and help you develop a solution. Contact us to learn more.
Different Avenues for Resolution of Tax Troubles
Working with an experienced lawyer can be extremely helpful in resolving tax problems. We can help provide solutions to federal tax problems by:
- Helping you set up an affordable installment agreement with the IRS to pay off the tax debt — this allows you to address the debt in a way that is realistic and mindful of your other financial responsibilities
- Preparing and filing an Offer in Compromise, which allows you to make a lump sum settlement for less than what you owe.
- Utilizing a bankruptcy filing that incorporates your tax debts, in addition to unsecured and secured debts
- Working to secure innocent spouse relief or equitable relief of liability for an understatement or underpayment of tax
- Helping you get your IRS tax debt into "uncollectible status," which indicates to the IRS that you are unable to pay the debt right now. While the IRS will follow up with you, this status stops collection activity against you and can give you time to get back on your feet
Other solutions are available with debts owed to the state of Missouri and to municipalities.
Get Peace of Mind
For many people, one of the hardest things about tax debt is the uncertainty — not knowing what will happen if you can't pay and feeling like you are at the mercy of a powerful authority. We can help facilitate communication and resolution that will bring you peace of mind. Call us at 314-644-0303 to talk to a St. Louis tax debt attorney.