Tax Debt Resolution Lawyer in Killeen & Waco

Common Tax Debt Resolution Strategies

Every tax debt case has unique circumstances. 

Many cases rely on these tax debt resolution strategies:

• Chapter 7 bankruptcy: A lot of people think that taxes are not dischargeable in bankruptcy cases, but that is not true. If you owe federal income tax and the tax return was due more than three years ago, was filed more than two years ago, and was assessed by the IRS more than 280 days ago, that tax debt is dischargeable in a Chapter 7 bankruptcy case.
• Installment agreement: In some cases, it may make sense to create a plan and pay off your tax debt by multiple payments over time. This option may allow you to reduce the monthly financial pressure that you face.
• Currently non-collectible status: If you are facing a tax debt that may cause you significant hardship, you may qualify for currently non-collectible status. Under non-collectible status, the IRS will cease collecting from you, and you do not have to make payments. After ten years, this debt is no longer collected by the IRS. While you are in non-collectible status, all IRS garnishments and other collection techniques stop. The non-collectible status will not eliminate your debt, but tax debt that is more than ten years old is no longer collected by the IRS.
• Offer in compromise: depending upon the facts of your case, you may be able to present an offer in compromise on your IRS back taxes. an offer in compromise allows you to settle your IRS tax debt for less than you owe. This offer, which is based on your income, assets, and expenses, requires detailed documentation. If you are facing a tax debt that could cause significant hardship, this may be an option for you to consider. However, this option is very difficult to obtain from the IRS and is therefore rarely used by Erin.
• Chapter 20: Erin has filed a Chapter 7 bankruptcy case to discharge all debt except for non-dischargeable IRS debt. After the client is discharged in their Chapter 7 case, she files a Chapter 13, and the only creditor paid in that case is the IRS debt that was not discharged in the prior Chapter 7 case. This is frequently called a "Chapter 20" bankruptcy case (7 + 13 = 20). Clients can pay their Chapter 20 case off early and reduce the taxes and penalties that are frequently very high in non-bankruptcy repayment plans.

When Do I Need to Seek Tax Debt Resolution?

Tax debt is a serious problem, but IRS tax debt help is available. 

Turn to Attorney Erin Baker Shank, PC for help if you are facing any of the following problems:

• You owe the IRS a significant amount of money.
• The IRS is trying to collect the debt.
• The IRS is garnishing you.
• You are facing financial hardship because of your debt.

Don’t Take on the IRS Alone

The IRS is a powerful organization whose trained staff and attorneys focus on debt collection. Those attorneys may have their eyes on you. Now is the time to let attorney Erin Baker Shank, PC  find the best way to resolve your debt.

As an experienced tax debt resolution lawyer, Erin can handle any negotiations with the IRS. Erin can ensure that all paperwork is correctly completed and filed on time. She can advise you on options such as bankruptcy that make the most sense in your situation.

Erin also has a close  professional relationship with a local Certified Public Accountant who helps her represent her clients. Many clients have delinquent returns that need to be filed or amended, and working with this accountant enables Erin's clients to have the benefit of both a tax resolution lawyer and accountant address their tax resolution needs.