If you owe the IRS back taxes and are facing, or worried about, a wage garnishment, tax lien or bank account levy, you are in a very stressful situation. You need relief, and fast. The bottom line: you need to get your life back.

The good news is that you do have legal rights and options to get the IRS off your back, protect your assets, and quite possibly save a substantial amount of money by achieving the best possible IRS settlement. But acting too quickly could cause you to take the wrong course of action with the IRS and end up costing you tens or thousands of dollars or more – not to mention put your personal or business assets at risk.

Can You Really Settle With the IRS for "Pennies on the Dollar"?

You may come across ads from multiple tax debt resolution companies promising to "settle with the IRS for pennies on the dollar" or other such claims that seems too good to be true. The fact is that for all but a few very extraordinary situations, settling for "pennies on the dollar" with the IRS is not an honest projection.

Doing business with a tax resolution firm on the basis of that promise could leave you sorely disappointed – and several thousands of dollars poorer as a result of upfront retainer fees and hourly fees on top of the retainer.

Settle Tax Debt for Less AND Protect Your Personal and Business Assets

So what do you do? As urgent as your situation is, it is extremely important to take a step back and ask yourself "how do I reach the best possible resolution with the IRS and protect my personal and business assets in the process?" The good news is that there ARE legal rights and remedies for those who are being pursued by the IRS via collection or enforcement letters – or for those who have already suffered a wage garnishment, bank levy, or tax lien.

However, with a tax code of nearly 4 million words and nearly 5,000 changes to the code since 2001, choosing the best course of action with the IRS requires more than hiring a firm who simply collects thousands of dollars from you for simply filling out an IRS Offer in Compromise – something you can do yourself at www.irs.gov.

Be careful though. Even as the IRS has announced more flexible Offer-in-Compromise terms to help a greater number of struggling taxpayers make a fresh start, the majority of OIC's are not accepted and may require you to divulge all of your financial information. Now the IRS will know more about your personal assets than you were legally required to disclose.

So, Contact the IRS or Consult with a Tax Resolution Specialist First?

First of all, it's critical to understand that if you owe back taxes to the IRS – or the IRS claims you owe back taxes – you must take action before the issue becomes far worse. Either you must contact the IRS yourself or a tax resolution specialist can work directly with the IRS to negotiate a settlement on your behalf. So how do you know which course of action is right for you?

The bottom line: If you have a serious tax issue, don't ignore the IRS. Take action. However, before you do anything else, it may be wise to get a free case review from a tax resolution specialist.

The fact is that when you contact the IRS yourself, you are likely to speak with a frontline collector. The frontline collector's sole responsibility is to collect your debt for the full amount as quickly as possible – not to settle your debt for less.

Taking advantage of a free case review from a tax resolution specialist will provide you with an honest assessment of your IRS settlement options, help to remove stress and take the IRS burden off your shoulders.