Episode 5

Published on:

18th Feb 2022

Nemeth IRS News - Episode 5 (Ever Wonder How IRS Debt Settlement Really Works)

People often think of the IRS as a ruthless government agency, however, there are circumstances in which the IRS will actually allow you to settle your debt for less than the total amount you owe, if you meet certain criteria. It is important to understand all the options and pick a strategy that works best for you, and working with a tax attorney may be the best move.

In the latest installment of Nemeth IRS News, Nick and Jamie highlight how the debt settlement process with the IRS actually works. Plus, they'll explore the various strategies at your disposal and how they can be utilized in various circumstances.

Sit back, relax, and enjoy another informative episode that's bound to leave you with considerations for your own tax debt situation.


0:06 - Introduction and overview on the topic of the day

1:56 - What is IRS debt settlement overall?

2:47 - The usual options a taxpayer has for settling their tax debt

3:52 - A partial pay installment plan with the IRS

5:37 - How to qualify for a partial pay installment agreement

8:09 - An offer in compromise and how your debt is settled with this strategy

10:20 - Who is eligible for an offer in compromise?

12:08 - How the amount is determined when dealing with an offer in compromise

13:40 - The fees associated with the offer in compromise

15:42 - Start taking action now and look into both these strategies

18:03 - Closing remarks

Connect with Nick Nemeth and Jamie Flores:





Show artwork for Nemeth IRS News

About the Podcast

Nemeth IRS News
Got an IRS Tax Problem? We've Got Solutions
Every year the IRS sends millions of notices and letters to taxpayers for a multitude of reasons. We understand that seeing an envelope from the IRS can cause fear and anxiety! But, take a deep breath and recognize that taking care of the problem is likely a straightforward solution.

Welcome to Nemeth IRS News, featuring Nick Nemeth, Founder, of the Law Offices of Nick Nemeth, and Jamie Flores, a Managing Attorney at the firm, for in-depth tax talk!

Join us for each episode as Nick Jamie explore the world of tax law and offer solutions for resolving a variety of issues with the IRS. Every episode will feature a new topic and draw upon real examples of Nick and Jamie's client cases.