Here’s a comforting thought for people who owe the IRS years of back taxes: Help is available. There are several ways to address IRS tax debt settlement.
Phoenix, AZ -- (SBWIRE) -- 03/01/2013 -- The IRS does not wish to be viewed as the enemy of the “regular Joe.” To facilitate IRS tax debt relief settlement, the IRS welcomes the suggestion of an installment agreement to pay what one owes. All this means is that a taxpayer meets with an IRS agent to discuss the amount the taxpayer can afford to pay each month or every three months. When the agreement is made, the taxpayer can breathe a sigh of relief because his debt will be paid off within a specific amount of time.
Credit-yogi.com wishes to share these solutions to what could be a very big problem, including:
- Installment Agreement
- Amend/File Past Returns
- Offer in Compromise
- Currently not Collectable
Make an Installment Agreement
File and/or Amend Past Returns
An effective way to accomplish IRS tax relief settlement is by filing a past due return even though it is quite late or amending (changing) a return. Amending a return can happen if the taxpayer’s tax liability was overstated. Comparably, if a return was never filed when t should have bee, the IRS will file a substitute for return. This gives the taxpayer the minimal deductions and exemptions available.
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Look into an Offer in Compromise
Late-night television is enamored of the OIC. It shows ads from businesses that state they can relief someone’s tax debt for “pennies on the dollar.” However, as far as IRS tax debt settlement help goes, it’s really not that effective. Once in a while, though, it is. The OIC is a sort of sliding fee scale process. It takes into consideration how much a taxpayer owes and what his income, monthly bills, assets, and equity are. It generally works best for those who owe a great deal but have a low income and thereby no ability to pay the entire arrearage.
Debt is Currently not Collectable
This is not an excuse to get out of paying one’s tax debt. It really is a reasonable way to address IRS tax debt settlement. Basically, the IRS agrees to postpone a taxpayer’s debt repayment for a certain amount of time due to financial hardship. This is only a temporary solution to arrearage, and is only available to people whose tax debt far exceeds their income.
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