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Is It Bad to Settle With the IRS?

Harmon Tax Resolution
Listing of Debt Settlement Agreement

You may have heard on the radio, TV, and online that you can settle your tax bill for less than what you owe. But are these claims valid? And can you settle your tax debt without hurting yourself in the long run?

Some of these national tax resolution firms you hear advertising offer minimal service; look at their Google and Yelp Reviews. So, knowing whom to trust and getting educated on your options to resolve your tax problem is essential.

As a local expert tax attorney-CPA-EA with Harmon Tax Resolution, LLC – a tax law firm serving the areas of Port Saint Lucie, Stuart & Fort Pierce, Florida, I encourage all readers facing a tax problem to contact us for a free consultation.

The truth is that though it’s often more complicated than they claim to settle for less than you owe the IRS, it is possible, and you must first learn if you qualify for the program. The IRS program is called an Offer-in-Compromise, but settling is not necessarily bad.

What is an Offer In Compromise?

An Offer-in-Compromise is a negotiated agreement between the IRS and the taxpayer intended to help taxpayers who do not have the resources to pay the tax debt. If you qualify, you may be able to settle your entire tax bill for significantly less than what you owe. You must establish that you genuinely can’t afford to pay back taxes or that doing so would cause extreme financial hardship. This can apply, for example, if you have become disabled.

You must be current on all legally required income tax returns and current on any estimated tax payments if you are self-employed and cannot file for bankruptcy.

The IRS would instead take an Offer-in-Compromise than send you to collections and potentially get less money. Taking an offer in compromise will not affect/impact your credit score. Accepting your Offer-in-Compromise could be a far better financial decision in the long run.

Is an Offer In Compromise Easy to Apply For?

Working out what offer to make on your own and learning the whole process can be challenging. That’s like representing yourself in a court of law without a lawyer. Not ideal. A better answer is to find a tax resolution specialist that can help you with the process to see if you qualify and determine what you will have to pay. For a tax resolution specialist to represent you, they must be a licensed CPA, an Enrolled Agent, or a licensed Attorney. Will Harmon happens to be all three, which ensures you complete coverage of your tax issue.

One of the great things about working with a qualified and local tax resolution firm is getting protection from the overbearing IRS, letting you sleep better at night knowing you’re on your way towards permanent tax resolution. They can head off any impending paycheck garnishments or levies on your bank account.

Settling with the IRS is a good thing and is often the best answer to dealing with your back tax bill and moving on with your life.

For additional information, please read other blogs regarding Offer-In-Compromise:

If you want an expert tax resolution professional who knows how to navigate the IRS maze, reach out to our firm, and we’ll schedule a no-obligation confidential consultation to explain your options to resolve your tax problem permanently. Call 772-418-0949 or complete our contact form Free Consultation. Call Today so that you can sleep well tonight.

Our Client Reviews

Read our tax lawyer reviews to see what customers have to say about our Harmon Tax Resolution, LLC.

I put my trust in him and I so happy I did. He was great about keeping me informed and did what he said he was going to do. I will recommend Harmon Tax services to any one that need it. Plus I will always use him if I ever need him again. Great...

Paul F.

Unexpectedly, I received an IRS notice stating I had a balance of over $124,000. The IRS debt was very impactful and made me very worried that I could not sleep at night. I sought help from Will. He was able to research and identify the issue...

Joseph B.

For many years of having a small real estate rental business, I started to have many issues with IRS. In desperation I started searching for a Tax Accountant and Attorney. I remarkably came across Will Harmon, and have been very happy and...

Deborah W.

I had a pressing IRS issue that I could not resolve with the IRS. I employed tax attorney CPA Will Harmon to fix this. He immediately addressed the issue with the IRS and another 3rd party, so I did not have to, allowing me to focus on other...

Brant G.

Attorney Will Harmon provided excellent, trusted representation for me across several issues. There were facets of my situation that required a combination of skillsets, which Will happens to have. In addition to being an attorney, he is also a...

Jason M.

Absolute pleasure to deal with! IRS came down on me for something i didn't even do. Will took on the task and knocked it out faster than i imagined. Absolutely pleased! Definitely recommend using him for your needs!

Greg S.

Mr. Harmon is a gentleman always conducted himself in a professional manner. He is very knowledgeable and organized. I can sincerely say he is always a pleasure. He’s an excellent conversationalist and goes out of his way to give his clients the...

Danny A.

Will Harmon is excellent at what he does and Harmon Associates is the place to go. He is a fantastic person and an expert in taxes and law. Harmon Associates is the best place to go to get excellent results and absolutely excellent service. I...

Lisa R.

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