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Jun 18, 2019
4 min read
Help with the IRS | Negotiate and Settle IRS Debt | Flat Fee Tax Service
Updated: Feb 12
IRS DEBT HELP - SETTLE IRS DEBT
Ten (10) Options to Negotiate, Settle and Reduce IRS Tax Debt
Most taxpayers may feel like they are way over their heads when it comes to resolving your IRS debt? Millions of taxpayers get behind on their taxes and never catch up.
Going up against the IRS by yourself can be an intimidating and daunting task and there is no shame in looking for help with IRS debt. In reality, the smart move is to get yourself a tax professional to handle IRS tax issues. Few people use the resources that are readily available to assist them with their IRS debt. If left unchecked, your debt can cost you your wages, home, and assets. If you are struggling to find IRS debt relief, here are 10 helpful ways you can resolve your IRS debt and get back to financial stability.
Installment AgreementThe IRS is more patient than you might think, and an installment agreement means they get a pay plan each month. An IRS Installment Agreement means that the longer you take to pay back the IRS the more penalties the agency can add to your already existing debt. An installment agreement can be a great way to pay back the IRS at a rate that you can afford. Then again, it could mean that you are paying more than necessary.
Offer in CompromiseTax settlements have strict qualification requirements, but there are ways to get your total debt with the IRS reduced. Typically the IRS will only accept an Offer in Compromise (#OfferinCompromise) if the agency is shown that a taxpayer cannot pay their tax debt. If you need to settle IRS debt, an Offer in Compromise is a great way to do it.
Not Currently CollectibleIf you can prove to the IRS that you can’t pay your tax debt without dipping below the basic standards of living, you might qualify for this special program. Being Currently not Collectible may not resolve your debt entirely. Your tax debt will be deferred for a year or two. The IRS will check back in 18 to 24 months.
The Statute of Limitations will continue to run out on your tax debt. It's possible that your tax debt simply goes away. Please note that the IRS will file a federal tax lien while you are in Currently not Collectible.
File for Bankruptcy
Under Chapter 13 and 7 of the tax code, income tax debts may be eligible for discharge. Chapter 7 will allow a full discharge of the sum of your allowable debts—while chapter 13 will allow for a payment plan to repay some of your debt while the rest is fully discharged. Contact a bankruptcy attorney for help if you want to take down all of debt.
Innocent Spouse Relief
If your spouse fails to pay their taxes and you have a joint income account, you may be able to relieve yourself of any debt from the IRS. As long as you fit within the IRS guidelines, you may qualify for Innocent spouse relief. This can be a viable way to settle IRS debt. The IRS makes the Innocent Spouse method very difficult and it may be easier to do an Offer in Compromise instead.
Depending on the kind of debt you have with the IRS, you may be able to have all of your penalties waived and removed. There are various methods to having your tax penalties waived. You should have a tax professional handle this for you.
Release IRS GarnishmentWhen you oe the IRS a tax debt they can start taking a portion of your wages to get back what they’re owed. The IRS can continually take a portion of your paycheck directly from your employer each pay period. If this is happening to you, it might be time to negotiate IRS debt relief.
OUR TAX PROFESSIONALS AND IRS PROBLEM SOLVERS ROUTINELY HAVE IRS GARNISHMENT STOPPED AND ENDED IN ONE DAY.
Bank Account Levy ReleaseWhen you owe back taxes to the IRS one of the first things they will do issue a notice to levy your bank accounts. 30 days after the final notice, the IRS will freeze your bank accounts. You have 21 days to get the IRS to release a tax levy on your bank. On day 22, the IRS will take the funds that were frozen. These funds are nearly impossible to get back once they are taken. If you can to get your bank levy released before the bank hands over your funds, you are going to need an experienced tax professional.
Expired Statute of Limitations
From the start of the initial tax assessment, the IRS has a 10-year window to collect all of the back taxes that you owe. If you ever wondered how to get out of IRS debt, this is a viable option. Waiting out the IRS isn’t going to be your best option in most cases. However, with the help of an experienced Tax Attorney, you may be able to plan out a way to wait out the IRS.You really should not try this on your own. Get professional help.
Lump Sum Payment
If you are here, reading our article, most likely you do not have enough money to pay your tax debt in full as a lump sum.
If you need help with IRS tax debt or you need someone to negotiate on your behalf, Flat Fee Tax Service has a team expert professionals who can help you resolve your IRS problems quickly and efficiently. Don’t procrastinate. The quicker you get control of your tax debt, the off you will be.