Avoiding IRS Liens And Levies On Your Property
If the IRS has made a determination that you owe additional taxes and you have no grounds for contesting your tax liability or you have already exhausted that option, you are going to want to explore alternatives to the harsh tax collection measures authorized by federal law.
At Spencer Law Firm LLC, our team of Lancaster attorneys has the experience to help clients pursue IRS tax collection alternatives.
Understanding Your Tax Debt Repayment Options
Once the IRS has determined that you owe a tax debt for unpaid taxes, it has many more collection options than a private creditor, including the placement of a lien on your home or a levy (seizure) of your property without a court judgment. That is why it is important to act quickly to assess and pursue your tax collection alternatives. These include:
- Installment agreement: This is when the IRS agrees to allow you to repay your tax debts in installments over time, with interest. The IRS may agree to only partial repayment of your debt, but the agency reserves the right to review and change this agreement.
- Offer in compromise: This is when the IRS agrees to permanently settle your tax debt for only a percentage of the amount you owe. In most cases, a successful offer in compromise will require evidence that you are financially unable to pay the entire tax debt.
Other alternatives such as tax penalty abatement and currently not collectible status may be available in certain circumstances. An experienced tax controversy lawyer can advise you on your options and help you prepare your request. To discuss which tax collection alternative is right for you, please contact us at 717.207.7935 or by email to schedule a consultation.