TAX SETTLEMENT & OFFERS IN COMPROMISE

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CHARLESTON SOUTH CAROLINA TAX SETTLEMENT LAWYER

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Experienced Tax Lawyer Helping Clients Eliminate Tax Debt

 

The thought of dealing with the Internal Revenue Service can be overwhelming. Generally, the most cost-effective approach to eliminating tax debt and associated IRS Tax Liens or wage garnishments is to pursue a fair tax settlement with the professional help of a qualified tax attorney like John Kachmarsky.

 

To discuss your specific circumstances and the options available for resolving your tax matter, please contact our office in Charleston today for an initial telephone consultation with a seasoned tax lawyer.

 

Five Approaches To a Tax Liability Settlement

 

1. Pay all outstanding tax debt in full.  This option is often the best for clients who are facing a small total tax liability, since the cost of entering into a legal dispute with the IRS or the state may exceed the amount of potential savings.  Paying the debt in full should immediately lift any Tax Liens or levies and prevent additional penalties from being assessed.

 

2. Negotiate an Installment Agreement.  By paying off tax deficiencies under an Installment Agreement, you may be able to limit the impact on your daily life while still avoiding a potentially costly tax dispute.

 

3. Bankrupt against your tax liability.  Seeking relief through Bankruptcy may allow you to discharge all or a portion of your outstanding tax debt, depending upon the nature of the debt and your income and assets.  Declaring Bankruptcy can stop the garnishment of wages and other collection activity.

 

4. Make an Offer in Compromise.  Experienced attorney John Kachmarsky has built a solid reputation for producing results for clients with significant unpaid or underpaid tax liability by preparing and negotiating Offers in Compromise.  If accepted, this allows a Taxpayer to pay only a portion of the total tax debt, interest and penalties.  In May, 2012, the IRS announced more flexible Offer in Compromise terms to help a greater number of struggling taxers under its Fresh Start initiative.  The new Fresh Start initiatives are designed to assist some taxpayers who have faced the most financial hardship in recent years.  For more information please see Offers in Compromise.

 

5. Allow the tax lien to expire. The idea of waiting for the Statute of Limitations to run on your back taxes may be tempting; in reality, this option is generally impractical for most of our clients.

 

Collection Activity

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Generally, the IRS will not Levy property or wages while a request for an Installment Agreement is pending, for 30 days after a request for an Installment Agreement is rejected, during an appeal of the rejection of a request for an Installment Agreement, while an Offer in Compromise is submitted, while a Taxpayer is in Bankruptcy or after a Tax Lien has expired due to the expiration of the Statute of Limitations.

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Compliance! Compliance! Compliance!

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The importance of being current, or being in voluntary compliance, cannot be overstressed.  The IRS will not enter into an Installment Agreement with a taxpayer who is not current.  Not being in compliance can derail the entire settlement process, whether you are trying to discharge tax debts through Bankruptcy, the filing of an Offer in Compromise, or by entering into an Installment Agreement.  Income tax returns that have not been filed or taxes for the most recent years that have not been paid create a multitude of problems.  We all know the three rules of real estate: location, location, location!  Consider these the three rules of tax law: compliance, compliance, compliance!

 

Get A Game Plan!

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A well devised plan for discharging tax indebtedness is important and almost impossible to achieve without the help of an experienced professional who understands the process or various processes that may be involved, what is possible and what is not, and the full range of remedies available.  Remember. there are often multiple solutions to the settlement of a tax debt.  Tax attorney, John Kachmarsky and the staff at the Law Office of John Kachmarsky have that experience and knowledge.

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Contact our Charleston, South Carolina law office today to make an appointment for an initial consultation.