Got tax questions? Call our office at 1-866-IRS-PROBLEMS or visit www.taxresolution.com
——-
Question: I’ve been reading your newsletter, and I understand why the IRS Offer in Compromise program is an excellent one for those who qualify. Although I have a significant tax debt, I don’t believe I’ll qualify for the program. What can I do?

Answer:  Many of my clients are very good at analyzing their current tax situation and estimating what options might be best for them. I think that’s great. But I also recommend to all my clients that they not trust themselves fully. It’s always a good idea to have a qualified tax professional analyze your current situation and previous returns to determine your best options. Don’t assume that you do not qualify for the Offer in Compromise program. Have a qualified tax professional help you make that determination.

But for the sake of your question here, let’s assume for now that you do in fact qualify for the Offer in Compromise program. The good news is that you do have options, and the best might be the Installment Agreement, also known as an IRS Payment Plan. 

Here’s what you should do first: Find a qualified tax professional. He or she will closely analyze your previous returns to come up with the exact figure you owe the IRS. This qualified tax professional will also help you determine whether you qualify for the above-mentioned Offer in Compromise.

Now, assuming you don’t, your qualified tax professional will likely tell you about the Installment Agreement. This is a program the IRS offers to indebted taxpayers who currently lack the ability to pay off their debt in full but possess the future earnings potential to pay off that debt over time. Simply, under this program, the IRS agrees to allow you to pay down your tax debt with small, monthly payments. This payment plan is intended to be similar to a car payment — significant enough that it will allow you to pay off your debt over a period of time but not so significant that your life will change drastically.

——-
I deal with IRS problems such as yours every day. That’s because I’m an IRS problem solver. For a free, no-risk tax consultation, please call my office at 818-774-1813 or fill out the online form for a free tax consultation. 

More Tax Help, IRS News and Tax Relief Tips:

1. Certified Tax Resolution Specialist Michael Rozbruch Has a Special Message for You!
2. Ask the Tax Resolution Expert: What if My IRS Back Taxes Problem Cannot Be Resolved with the Offer in Compromise Option?
3. Offer in Compromise Program or an IRS Payment Plan? Get Your Tax Debt Questions Answered Here!
4. Ask the Tax Resolution Expert: The IRS Offer in Compromise or Installment Agreement Programs May Be Your Tax Debt Solution
5. Ask The Tax Resolution Expert - Is the IRS Offer in Compromise Program or IRS Payment Plan for me?

Tags: free tax advice, Free Tax Consultation, Installment Agreement, IRS Installment Agreements, IRS offer in compromise program, IRS payment plan, IRS problem solver, irs problems, irs questions, Offer in Compromise, pay down your tax debt over time, tax advice, tax help, tax professional, tax questions, tax resolution expert, tax resolution services

This entry was posted on Thursday, October 22nd, 2009 at 8:04 am and is filed under IRS Installment Agreements, IRS Question Corner, IRS Times and Inquirer, Offers in Compromise, Seeking Professional Tax Help, Working with the IRS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.