Tax Resolution Attorney in New York
Tax Resolution Information
Owing taxes to the federal government or the state can result in devastating consequences for an individual and their family. If you owe back taxes and are unable to afford paying them off, it is in your best interest to contact a New York bankruptcy lawyer right away. A lawyer can provide you with information and advice regarding a host of options that may solve your tax issues and free you from your debt.
There are several options available to one who is in possession of federal or state tax debt, including:
- Offer in Compromise - This essentially involves settling a tax debt with the IRS for "pennies on the dollar," or an amount that is less than the original amount owed. The IRS will accept this settlement for a variety of reasons, but the primary reason is "doubt as to collectability." This means that a taxpayer has argued that they will not be able to pay the full amount of the debt at any point, and the IRS, accepting this argument, agrees to a settlement amount.
- Installment plan - The IRS may accept an installment plan if a taxpayer is unable to pay their tax debt in full. The taxpayer sends in payments toward their debt on a regular basis (usually monthly), until the entire amount has been paid.
- Currently Not Collectible - If an individual is unable to pay their tax debt in full, the IRS may place that tax liability into "Currently Not Collectible" status, provided the taxpayer can provide a valid reason for being unable to pay. Typically, the IRS has 10 years from the date of assessment to collect a tax debt, and this statute of limitations continues to run while the debt
New York Tax Resolution Lawyer
Price Law Group provides financial relief services to individuals in possession of many different types of debt. We are able to assist our clients in returning to financial solvency through a variety of means, such as debt settlement, tax resolution, and foreclosure defense. Contact our offices if you are in possession of overwhelming tax debt, and we will work diligently in an effort to reach a resolution in which you eliminate your debt for good.
Contact a New York Tax Resolution Lawye
r if you are in possession of overwhelming tax debt and need immediate help.