IRS Tax Debt and the Coronavirus
Coronavirus has created massive economic problems in the United States and across the globe. Businesses are being shut down. Individuals are being laid off. Foreclosures and bankruptcies appear imminent. To combat the threat of exponential losses, many creditors have relaxed deadlines and collection efforts on debts owed during this coronavirus pandemic. Even the IRS has taken measures to ease the burden on taxpayers by extending the individual tax filing deadline to July 15th. Unfortunately, that’s all they’ve done. If you owe money to the IRS, you will still continue to owe it regardless of the continued chaos in the United States during the national crisis. Nevertheless, hope exists for those that owe IRS back taxes during the coronavirus pandemic.
Most individuals wrongfully believe that they need more income to have a chance at successfully negotiating down their tax debt with the IRS. The exact opposite is true. When an individual is doing well financially, the IRS has NO incentive to settle or reduce the tax debt for less than the full amount owed. When people have been laid off and are struggling, as during the current coronavirus outbreak, the IRS MUST REDUCE THEIR TAX DEBT and settle for a lesser amount or risk receiving nothing. Individuals who have lost their jobs should not wait to find new employment before filing for an offer. Make the offer now.
Whether a sole proprietor, c-corp, partnership, or s-corp, owes unpaid income taxes and/or payroll taxes, the same principles mentioned above apply. If a business is struggling during this coronavirus pandemic, the best time to settle a business’s income or payroll tax debt is NOW. Businesses must not wait for revenue to recover before dealing with their IRS debts. NOW IS THE TIME TO ACT! Once the economic situation stabilizes and revenues begin to increase, it becomes increasingly more difficult and less likely to successfully reduce the tax debt.
For many years The Tax Lawman has remained the only law firm in the country to guarantee IRS acceptance of an IRS offer in-compromise (tax reduction settlement offer) for qualifying individuals and businesses. This means that The Tax Lawman collects no attorney fees should the IRS not accept our firm’s offer to reduce a client’s tax debt. We understand that the current economic climate has created I high level of uncertainty. Therefore, we continue to stand behind our guarantee as we do not want our clients to spend money on attorney fees for something that “might” happen. Our law firm deals in certainty. WE GUARANTEE REDUCTION, not just “results.”
For a free consultation and to determine whether you qualify to reduce your IRS tax debt, call Tax Attorney Paul Tarnavsky of The Tax Lawman LLC for a free consultation at 586-933-5818.
Although our tax law firm is based in Sterling Heights, Michigan we proudly serve all residents and business owners throughout the State including Clinton Township, Shelby Township, Warren, Detroit, Chesterfield, Mt Clemens, New Baltimore, Washington Township, Bloomfield, Birmingham, Macomb, Romeo, Utica, Port Huron, Troy and Rochester.