What Can I Do About An IRS Tax Levy?

File an Offer In Compromise

An Offer in Compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. This is what people are talking about when you hear "My neighbor settled their tax debt for pennies on the dollar." There are many requirements for applying for an Offer in Compromise and you will benefit from talking to a tax professional about this. Getting an Offer accepted by the IRS is not an easy task and a successful offer is often well over 100 pages in length.

Apply for an IRS Installment Agreement

Whether you call it an installment agreement, payment agreement, payment option or a payment plan, the idea is the same — you make payments on the tax you owe. It is, of course, less expensive to pay the IRS in full if you are able to do so, but for those who cannot resolve their tax debt immediately, an installment agreement can be a reasonable payment option. Installment agreements allow for the full payment of the tax debt in smaller and more manageable amounts.

Filing a valid Installment Agreement also stops IRS collection activity!

File a Chapter 7 Bankruptcy to Discharge your Tax Debt

It is a common misperception that a Chapter 7 bankruptcy cannot eliminate your federal tax liability. The Bankruptcy Code does offer many Chapter 7 debtors substantial tax relief. Whether or not your Chapter 7 bankruptcy filing relieves you of your tax debt depends on several factors: the nature and status of your tax liability and the type of bankruptcy proceeding (Chapter 7, Chapter 11, Chapter 12, or Chapter 13).

Filing a Bankruptcy Petition also stops IRS collection activity!

There are other Possible Solutions

Call or email our office today for a free consultation with a tax attorney with over ten years experience on tax relief.

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