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Tax Debt Settlement | Offer in Compromise | Flat Fee Tax Service

Updated: Nov 22, 2019

Falling behind on income tax payments and not knowing what your tax problem options are is always a very bad idea. Not only will you owe the government money, the government eventually will catch on and hit you with a tax debt for what you didn’t pay with interest. The longer you delay taking positive action, the more severe are the consequences of ination .

Fortunately, the IRS will sometimes work a deal with those who can demonstrate that they couldn’t pay taxes because they didn’t have the money. For those who want a tax debt settlement but are so strapped that they can’t immediately pay what they owe, the IRS offers tax relief options. You need to understand the options and choose a strategy that works for you.

IRS Installment Plans

An IRS Installment Agreement is a payment plan with the IRS. In order to enter the installment plan, you need to satisfy IRS requirements, including:

1. You are up to date in filing tax returns.

2. Your state income taxes and late fees are mostly paid.You can make the monthly minimum payments that the IRS requires.

Qualifying for a tax installment plan isn’t always easy or possible. The IRS, as a tax collection agency, always prefers receiving tax payments to not receiving them. But it also isn’t interested in entering a payment agreement with a truant taxpayer who is unable to make the monthly installments. THE IRS WILL NOT TELL YOU IF YOUR CAN PAY A LOWER AMOUNT THAN THEY DICTATE.

The IRS won’t deal with you if you are more than $50,000 in arrears. If you meet the debt criterium and have filed your past tax returns, the IRS will use a formula to arrive at a monthly payment. You should consult an experienced tax professional, or a tax attorney specializing in IRS tax debt to review your options and negotiate a payment plan with the IRS.

Release IRS Wage Garnishment - Tax Levy

If you owe money and haven’t reached a payment agreement, the IRS can move to levy and garnish your wages and/or bank account. The IRS can garnish federal payments (Social Security, tax refund, etc.) until your tax debt is paid or the statutory time limit for collecting has passed. The IRS can take an automatic 15% of your Social Security or Veterans Pension. If you’re hit with an IRS garnishment (#taxlevy) and can’t afford to live on the money left over the IRS garnishment can be stopped and released in as little as one day.


Currently Not Collectible

If you can show the IRS reasons why you simply aren’t able pay your tax now, the IRS can put your case on hold, labeling it currently not collectable. The “not collectable” status is temporary, and the IRS will tell you when you’re expected to pay. Currently not Collectible status usually runs 18 to 24 months before it is renewed. Also, the Statute of Limitations is continuing to run out the clock on your tax debt. The advantage is the distinction puts a hold on any tax levy, tax garnishment and tax liens on your property.

Offer in Compromise

The IRS will consider a tax debt settlement that allows you to pay a drastically reduced amount of what you owe in back taxes, which is called an Offer in Compromise (#OfferinCompromise). You must convince the IRS that you can’t afford to pay what you owe and offer to pay the reduced amount in a lump sum or in short-term installments.

Though you might have seen late night/cable television commercials suggesting that paying the IRS pennies on the dollar can be easily accomplished, such ads are misleading. FLAT FEE TAX SERVICE HAS A 95% SUCCESS RATE. The IRS has a special form that you need to complete when proposing a compromise, and it charges a $186 filing fee. The Offer in Compromise form requires detailed information about your income, spending habits, assets and any equity you might have in investments. If you are working for wages or for yourself, you’ll also need to submit a collection information statement that is used to evaluate your ability to pay.

In evaluating your tax debt settlement application, the IRS will consider your net worth and your sources of credit such as credit cards and home equity lines of credit. It will then compare your income with your monthly expenses to determine what you can afford to pay each month.

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