When you have serious tax issues, you need someone who knows tax law

Are you worried about the tax debt you owe to the IRS?

Many people in Georgia and beyond fear the Internal Revenue Service (IRS), and with good reason. Since the agency has authority to collect taxes, people worry about the potential penalties involved for not staying updated on their federal taxes or for failing an audit or some other important issue. If you’re worried about a current tax debt you owe the IRS, the first step you might want to take is to stay calm, take a few deep breaths, then reach out for additional support, as needed.

In fact, the IRS offers suggestions on its website for ways to resolve an unpaid tax debt issue. Such issues can be complex, however, so it’s always best to tap into local resources for guidance and support, especially if you do not have a background in finances or tax laws.

The IRS makes payment plans available

Some people merely owe several hundred dollars in taxes to the IRS. Others owe tens of thousands, hundreds of thousands, or millions in back taxes. In either (any) case, if you’re not prepared to settle your debt in full, you can apply and request a payment plan. While there may be fees associated with the application process, if the IRS approves an installment plan for you, you don’t have to worry about coming up with funds for a lump sum payment.

Have you experienced undue hardship?

If you’ve come upon hard times in life (i.e., job loss, medical emergency, chronic illness, lost everything in a fire, etc.), you may be eligible for a payment option for back taxes known as “offer in compromise.” This means that the IRS might agree to accept less than you owe in back taxes as “payment in full.”

It’s a type of debt forgiveness available to individuals or businesses who are unable to pay the full amount of federal taxes they owe. If you receive approval for an offer in compromise, the IRS will let you know whether you can make (remove) a lump sum payment or installments for the agreed upon settlement amount.

Request relief if your spouse messed up your taxes

The IRS sometimes issues “spouse relief” for those who are facing financial crises due to errors their spouse made on their federal income tax returns. This is only applicable to spouses who file a joint return. If you haven’t really had anything to do with filing taxes in your household, but you think you might qualify for this type of relief, it’s best to discuss the matter with an experienced tax lawyer.

Whether you have not filed a tax return in Georgia for some time or have done so but made errors on a return, or you have filed correctly but simply cannot afford to pay the debt in full, you can seek tax law support to help determine the best course of action for resolving back taxes issues with the IRS.