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IRS Debt Resolution: You Have Options

20+ Years Experience

Enrolled Agent (EA)

Certified Tax Resolution Specialist

Published Author

Your Resolution Options

Installment Agreement

The IRS charges 20-25% in penalties. We petition for relief if you have reasonable cause: medical hardship, system failure, or previous good compliance.

Offer in Compromise

Settle your debt for pennies on the dollar. If your financial situation is dire, you may qualify. Requires careful documentation and IRS approval.

Penalty Abatement

The IRS charges 20-25% in penalties. We petition for relief if you have reasonable cause: medical hardship, system failure, or previous good compliance.

Currently Not Collectible

In extreme cases, we request CNC status. The IRS temporarily stops collection, pauses interest, and reassesses later. Buys time during hardship.

Lien & Levy Resolution

While we're helping you resolve your tax debt, we can also help you continue saving for retirement.

Your Resolution Options

Assessment

We analyze your debt, penalties, interest, liens, and complete financial situation.

Strategy

We determine which resolution option(s) you qualify for based on your circumstances.

Documentation

Reduce or eliminate penalties through reasonable cause arguments.

Negotiation

Halt collection efforts temporarily during hardship.

Implementation

We finalize the agreement and ensure ongoing compliance to keep you in good standing.

Critical: Compliance Must Come First

The IRS won't negotiate if you're not current on filing. If you have unfiled returns, you must file them first. Get current first →

What Happens If You Don't Act?

Interest and penalties compound. Liens prevent you from selling property or borrowing. Levies drain your bank account and garnish your wages. The IRS can freeze assets and make life extremely difficult. The longer you wait, the more you'll owe. Contact us immediately if you're facing IRS action.

Why Leonard Prather for IRS Resolution?

Leonard holds Certified Tax Resolution Specialist (CTRS) credentials, meaning he's trained in IRS negotiation and resolution programs. His Enrolled Agent status allows him to represent you before the IRS without a power of attorney. His experience means he knows what the IRS will accept and how to present your case most favorably.

Frequently Asked Questions

If I owe the IRS, will I go to jail?

Criminal prosecution for tax debt is extremely rare. The IRS pursues civil collection (payment plans, levies) far more often. Our goal is to resolve your debt before enforcement escalates.

How much will an installment agreement cost me?

The IRS charges setup fees (typically $31-$225 depending on payment method) and interest (currently around 8%) on the unpaid balance. The total cost depends on how long you take to pay.

Can I qualify for an offer in compromise?

Maybe. The IRS considers your income, assets, and ability to pay. If you have little income and few assets, you're a better candidate. We'll evaluate your situation and advise whether to pursue an offer.

How long does an installment agreement take to set up?

A few weeks to a few months depending on complexity. If you're in immediate danger of a levy, we can request a temporary hold while we negotiate.

What if I can't make the payment once I'm on a plan?

Contact us immediately. The IRS can modify payment amounts if your circumstances change. It's far better to renegotiate than to miss payments.

Will resolving my debt affect my credit?

Tax liens and levies are already damaging your credit. Resolving through an installment agreement actually improves your situation. You'll rebuild credit as you stay current.

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Get Your Tax Issues Resolved Today

Contact LP Tax Services LLC for a confidential consultation. We serve Somerset County, NJ and surrounding areas.

(732) 217-7735

Schedule a Consultation