Taxes can be complicated.   Got questions about tax audits, wage garnishments, IRS bank levies, payroll tax problems, how to set up monthly payment plans with the IRS or general questions about tax relief? Call our office today at 1-866-IRS-PROBLEMS or visit www.taxresolution.com for a risk-free tax resolution consultation.
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Question: I have a lot of debt, including tax debt. How I amassed this debt isn’t important right now. What is important is this: What can I do about the tax debt?

Answer: Unfortunately, given our economy and the stock market collapse that began in October, yours isn’t an uncommon position. But the first thing you should do is remember that you have options, particularly regarding your tax debt.

It sounds to me that you might be an ideal candidate for the Offer in Compromise program. The IRS designed this program for taxpayers who, for whatever reason, are unable to pay off their debt tax, even over time. This may be a result of job loss, illness, death in the family, etc. Ultimately, the reason doesn’t matter so much as your current financial position and the amount of your tax debt.

However, if you qualify for the Offer in Compromise program, you could reduce your debt significantly. The reason for this is simple: After years of chasing deadbeat taxpayers, the IRS discovered in many situations that it is actually more effective to offer a kinder, gentler approach that favors negotiation over a strong arm.

If you think you might qualify for the Offer in Compromise program, the first thing you should do is consult with a qualified tax professional. He or she will analyze your previous returns with a fine-tooth comb, ensuring that you are not obligating yourself to pay even a penny more than you owe.

Once your debt amount is established and verified, you and your qualified tax professional will meet with the IRS to discuss a settlement offer. This offer — which, as I said, can amount to a very significant savings — will settle your debt once and for all.
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I handle tax problems like yours every day. That’s because I’m an IRS Problem Solver. For a free, no-risk consultation, please call my office at 866-IRS-PROBLEMS (1-866-477-7762) or sign up for your free tax consultation today at our Tax Resolution website.  We are a team of tax attorneys and IRS specialists here to help you!

More Tax Help, IRS News and Tax Relief Tips:

1. IRS Offer in Compromise Helps Taxpayer in Monroe, WA Save More Than $200,000
2. Ask the Tax Resolution Expert - Qualifying for the IRS Offer In Compromise Program for Taxes Owed
3. Ask the Tax Resolution Expert - Do I Qualify for the IRS Offer in Compromise Plan or Participating in the IRS Installment Agreement Payment Plan?
4. Ask the Tax Resolution Expert: What if My IRS Back Taxes Problem Cannot Be Resolved with the Offer in Compromise Option?
5. Ask The Tax Resolution Expert: Is the IRS Offer in Compromise Program too Good to be True?

Tags: Free Tax Consultation, IRS problem solver, IRS specialist, Michael Rozbruch, Offer in Compromise, tax attorney, tax debt, tax expert, tax help, tax professional, tax resolution services

This entry was posted on Wednesday, June 24th, 2009 at 10:13 am and is filed under IRS Question Corner, IRS Times and Inquirer, Offers in Compromise. 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.