If you’ve been a delinquent income taxpayer and have been sent a notice by the IRS, it is wise to get in touch with a tax attorney the soonest so he can help you right away.
A Colorado tax attorney can help you work out or go through the following options:
Repay on installment
An installment agreement is executed stating that you may settle your past due taxes through staggered monthly installments within reasonable time frame
The IRS may elect to temporarily delay tax collection on a case-to-case basis. During this “rest” period, the IRS will regularly check your paying capacity. They may likewise file a lien on your real property, a necessary measure to safeguard the government’s interest. This delay does not constitute cancellation of your liability. Instead, it grants you some elbow room to get back on track.
Offer in Compromise
This is usually the last resort. In case you have become eligible for this scheme, it means that the IRS is allowing you to pay off your past dues at a reduced amount.