If you owe the IRS money and are unable to pay off the amount due to compounding penalties and interest, we are here to help. The experienced tax attorneys at LUONGO BELLWOAR LLP can assist you in getting out of IRS tax debt by coming up with a plan tailored to your unique situation and advocating on your behalf.
If you owe taxes, the IRS is not going to disappear. The IRS has the power to collect taxes without taking the time to understand your unique financial situation. While it’s easy to ignore collection notices, as time goes by your debt continues to grow with interest and penalties.
Our services include:
IRS Lien Removal
A tax lien attaches to a person’s assets, meaning at any time the IRS can enforce a lien by levying his or her assets. If you are able to pay back your tax debt, the IRS can release a lien with 30 days of payment. However, if you are not able to make payments, other options do exist. The IRS offers the following:
- Discharge of Property: Property can be sold free of the lien.
- Subordination: This does not remove a lien, but it allows creditors to move ahead of the IRS. This can make it easier to obtain a loan or mortgage.
- Withdrawal: This removes the public lien notice and assures the IRS is not competing with other creditors for your property.
IRS Levy Release
A tax levy is a legal seizure of your property to satisfy a tax debt. Founder Stanley Luongo is an experienced tax levy attorney. A levy is a serious tax problem that many people face. The IRS does offer relief if you are under a levy that is causing an immediate economic hardship. The IRS can establish a payment plan or set up a program to help those in debt pay off a balance.
However, working with the IRS to suspend a tax levy is not a pleasant process, and it often requires a great deal of time and patience. Working with a tax attorney can take some weight off of your shoulders.
Stop Wage Garnishment
The IRS can issue a wage garnishment, deducting money from salaries or paychecks to cover owed payments. If you are worried about the IRS garnishing your wages, or you have already received an IRS Notice of Intent to Levy Wages, then it is time to speak to a tax attorney. A quick consultation with an attorney can help you avoid or lessen wage garnishment. Don’t make the mistake of ignoring notices from the IRS, as they will follow up with levies.
If you are in danger of having your wages garnished, you won’t be able to decide the percentage that is taken out of your paycheck. The IRS will decide on the monthly deduction, meaning you could be left with little money to pay bills and live your life. The IRS does not take the time to understand how much money you will need to spend each month, and instead relies on generic tables of allowable expenses.
Tax Debt Settlements
Dealing with IRS debt is a stressful and time consuming process. IRS tax debt does not go away. Even if you have no assets to levy on and no wages to garnish, your tax debt will continue to grow with interest and penalties. There are a few options to work your way out of IRS debt, including an offer in compromise or a payment plan.
While other tax relief businesses have been shut down for unlawful practices, Stanley Luongo is a practicing IRS attorney with your best interests in mind. Many larger tax relief companies assign you a sales representative to talk to on the phone, but all LUONGO BELLWOAR LLP consultations are conducted by a tax attorney.
Tax relief options include, but are not limited to:
Offer in Compromise
You can make a compromise with the IRS and potentially settle your tax debts for less than what you owe. If you are having trouble paying off taxes and have received a notice from the IRS, then you need to determine if IRS debt forgiveness, in the form of an offer in compromise, is an option for you.
An offer in compromise is an agreement between you (the taxpayer) and the IRS that may allow you to settle your tax debt for less than the full amount owed. If you are under financial hardship or facing a tax problem, this might be the option for you. The IRS determines eligibility by looking at your ability to pay, income, expenses and asset equity.
The goal is to determine a suitable compromise in the interest of you and the IRS. However, submitting an offer application does not ensure that the IRS will accept your offer in compromise. If you are thinking this is the best option for you, LUONGO BELLWOAR LLP can make a suitable offer on your behalf.
The Offer in Compromise program is for those who need more relief than an IRS payment plan offers. Applying for the program requires lengthy paperwork and an application fee. To ensure that you get the desired outcome you deserve, LUONGO BELLWOAR LLP will review your eligibility and determine the tax relief solution that best fits your needs. After a simple phone consultation we can get you on the path to IRS debt forgiveness.
IRS Payment Plans
If you are not financially able to pay all your tax debts immediately, an installment agreement can make for more manageable payments. You’ll consistently pay the same amount each month, so you won’t need to worry about fluctuating expenses. An IRS payment plan can bring balance to your hectic finances. The IRS will not disappear, and if you continue to ignore your tax problems, you’ll end up with added interest and penalty charges.
Once you file your tax return, LUONGO BELLWOAR LLP can set you up on an IRS payment plan, which can start as low as $25 a month. Once your IRS payment plan is accepted, you can begin to pay off your debt month by month. Working with LUONGO BELLWOAR LLP ensures that a tax attorney will advocate on your behalf.
Currently Not Collectible Status
If you are unable to pay off your tax debt or are facing a tough tax problem, the IRS may declare you “currently not collectible” and will stop all collection efforts. The process can include filing lengthy paperwork, but if accepted, the IRS will not try to collect unpaid taxes from you until you can afford a payment plan. To determine a taxpayer’s eligibility, the IRS looks at:
- Gross monthly income: income before taxes or deductions
- Allowable monthly expenses: expenses related to health and welfare of taxpayer
- Liquefiable assets: money available to you today
- Back-taxes: money owed to the IRS
If your allowable monthly expenses exceed your gross monthly income, and your liquefiable assets are clearly less than what you owe to the IRS, then you may qualify for currently not collectible status.
If you qualify, you will continue to file annual taxes, but will not be required to make payments. During this time, the IRS cannot issue a levy (but may still file a lien). Each year the IRS will review your accounts to determine whether or not you can afford payments. While you are not making payments, your tax debt can still pile up, with added penalties and interest. Because of this, some people are better off with alternative tax relief options, like an offer in compromise or an IRS payment plan.
Innocent Spouse Relief
In some unique cases, you might be able to seek relief from a spouse’s debt. Many married taxpayers file a joint return because of the financial benefits. Even if a couple later divorces, both taxpayers are jointly and individually responsible for tax debt. In many cases, one spouse can be held responsible for tax dues even when the income was earned by the other spouse.
If you or your former or current spouse is struggling to get out of tax debt, then you may be eligible to request for innocent spouse relief. Generally, there are three types of tax relief for joint filings:
- Innocent Spouse Relief provides you relief from additional tax you owe if your spouse or former spouse failed to report income, reported income improperly, or claimed improper deductions or credits.
- Separation of Liability Relief provides for the allocation of additional tax owed between you and your former spouse or your current spouse from whom you are separated because an item was not reported properly on a joint return. The tax allocated to you is the amount for which you are responsible.
- Equitable Relief may apply when you do not qualify for innocent spouse relief or separation of liability relief for something not reported properly on a joint return and generally attributed to your spouse. You may also qualify for equitable relief if the correct amount of tax was reported on your joint return but the tax remains unpaid.
Each type of joint filing tax relief option has different eligibility requirements. It’s important to understand if you meet the proper requirements before filing any paperwork. Many taxpayers do not realize that joint filing tax relief exists, which is why working with a tax attorney at LUONGO BELLWOAR LLP is the best way to guarantee that you get the relief you deserve.
The Tax Relief Process
The IRS does not openly market or promote the program, but tax relief is completely legal and available to qualified taxpayers.
It’s a simple process:
- Call LUONGO BELLWOAR LLP at (610) 430-6600.
- Set up a free one-on-one or phone call consultation.
When you contact Stanley Luongo, he will first evaluate whether you are eligible for tax relief. Then he will advocate on your behalf to lift the IRS burden off your shoulders. He will file a Power of Attorney document, and from that point on, LUONGO BELLWOAR LLP will deal directly with the IRS. You won’t need to remain in contact with the IRS because Stanley will act as a buffer and negotiate on your behalf.