IRS Tax Debt Help | Offer in Compromise | Flat Fee Tax Service | San Diego
Updated: Jun 11
IRS Tax Debt Settlements - Offer in Compromise
What Is An IRS Tax Debt Settlement? The ultimate and optimum tax settlement is to have your Offer in Compromise approved by the IRS. An Offer in Compromise (#IRSofferincompromise) is a tax debt settlement agreement that is acceptable to the IRS or state taxing authorities. Getting experienced IRS tax debt settlement help allows a taxpayer to retire an outstanding tax debt for less than the original tax debt. Taxation authorities (IRS and state) sometimes allow this type of tax debt settlement when extenuating circumstances exist that would prevent the taxpayer from honoring the full debt. While not every situation is appropriate for engaging in a tax settlement process, individuals who owe taxes often find that the IRS and states that have a tax debt settlement (#IRStaxsettlements) are willing to explore the individual situation to determine if a tax settlement agreement is possible. This is typically based on current tax regulations and the financial circumstances of the taxpayer.
Benefits of an IRS Tax Debt Settlement - Offer in Compromise There are several benefits associated with attempting to negotiate a tax settlement. 1. Pay Less Now – The most obvious is that the taxpayer ultimately pays a considerably lower amount of money to the tax authority. Assuming that the financial situation of the applicant meets certain qualifications, a tax settlement amount may be determined and presented within a very short period of time. Once the balance is paid based on a mutually agreement, the account is considered settled-in-full, meaning that the taxpayer is no longer subject to late fees and other types of penalties that would be incurred otherwise. 2. Avoid Tax Liens (IRS and State) and Wage Garnishments Another benefit of an IRS tax debt settlement is that the taxpayer avoids the placement of tax liens on a home or business, a bank levy on one or more available accounts, or the implementation of a wage garnishment on his or her paycheck.
WHAT WILL AN IRS TAX DEBT SETTLEMENT COST ME? How Does An IRS Tax Debt Settlement Work? The IRS will allow a taxpayer to either negotiate a tax settlement for less than the total amount owed (pennies on the dollar) or come to an Installment Agreement to pay your tax debt owed over time. For either of these situations the taxpayer must meet be eligible and qualified for one of the tax debt settlement (#IRSsettlementagreements) programs set forth by the IRS. The taxpayer will first have to determine which type of tax settlement they would like to apply for and then submit the appropriate forms and documents to the IRS for review. A taxpayer can either fill out the information themselves or they can have a designated tax professional make the filing on their behalf. THIS IS WHY WE SUGGEST YOU HAVE AN EXPERIENCED IRS TAX ATTORNEY REPRESENTATION. FLAT FEE TAX SERVICE, INC. CLIENTS HAVE, ON AVERAGE, SAVED 96% OF THEIR TAX DEBT AND HAVE A 95% IRS SETTLEMENT SUCCESS RATE PER 2016 IRS STATISTICS, THE IRS APPROVED APPROX. 42% OF THE 80,000 OFFER IN COMPROMISE SUBMISSIONS.
The negotiation of an IRS tax debt settlement agreement is not a "haggle." An Offer in Compromise remains between the individual taxpayer and the IRS or the state tax authority involved. It may and should include an IRS Tax Attorney. Should a taxpayer decide to seek professional tax settlement assistance they should do their due diligence. Check out their Better Business Bureau. You can also go to the ripoff.com website. Tax relief firms that specialize in tax resolution can, surprisingly, also help to lower the costs to the individual, since there is typically a very positive outcome to seeking the assistance of a tax relief professional.
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TAX DEBT SETTLEMENT PHONE NUMBER: 1-866-747-7435 In many instances, a tax debt settlement calls for paying off the entire tax settlement amount within a specified period of time. During that time frame, no late taxes or tax interest is assessed on the balance of the tax settlement agreement. Taxpayers may choose to pay off the tax settlement amount in one lump sum. If this is not possible, the IRS or tax authorities will set up a schedule of payments that are within the means of the taxpayer, with the last payment coinciding with the final date attached to the tax settlement offer. Once a settlement has been reached by both parties, the taxpayer will be considered good standing with the IRS for the tax year/years that the settlement covered (unless the taxpayer defaults or doesn’t hold up to all the terms of the agreement).
Who Is Eligible for Tax Settlement? The IRS offers tax debt settlements to taxpayers that are struggling with their tax debts or have valid reasons to abate their penalties. Not everyone is eligible for tax settlement. In fact most taxpayers are not eligible – only a narrow spectrum qualify. The main factor the IRS takes into consideration when determining if the taxpayer will qualify for a tax settlement is their financial situation. If the taxpayer is undergoing financial hardship, it’s usually a good indicator to the IRS that a settlement might be a good option. At the same rate, should the IRS or state taxing authority involved determine that the individual does have sufficient income to pay off the entire balance due over time, the tax settlement request may be rejected and instead, the IRS or tax authority will offer to accept monthly payments of a certain amount until the tax debt is paid off.
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