Full Payment Assistance to Eliminate a Tax Liability
When taxpayers have the resources to do so, the easiest way to eliminate a tax liability is to render full payment. Paying the full amount you owe as quickly as possible minimizes the penalties and interest you will be charged.
When taxpayers fail to make efforts to pay their taxes, the Internal Revenue Service (IRS) and the South Carolina Department of Revenue (SCDOR) can request that the taxpayer sell assets or obtain a loan to pay the tax liability. If the taxpayer still does not render payment, or enter into a payment arrangement, the IRS or SCDOR may take enforced collection action, such as levying bank accounts or garnishing wages. Further, the IRS or SCDOR may place a tax lien against the taxpayer, which will impair the taxpayer’s credit rating.
Generally, paying taxes in full costs the taxpayer the least amount of money in the long run, because the penalties and interest that accumulate on delinquent tax accounts.
Our tax controversy attorney and tax collection attorney can provide you with a Full Payment Plan and assist in the implementation of the Full Payment Plan. The Full Payment Assistance service includes obtaining accurate payoff calculations from the taxing authorities. Moreover, we can normally obtain a temporary hold on collection activity which allows the taxpayer to implement the Full Payment Plan. We will assist you in determining how to acquire the cash needed to pay off liabilities, including which asset sales to pursue. Once payment has been made, we will follow through with the IRS or SCDOR to ensure that the payment has been property posted to the account and the IRS or SCDOR will both cease collection activity and release tax liens.