Ask the Tax Resolution Expert: The IRS Offer in Compromise Program is an Option to Resolving Tax Debt
Tax debt can be serious, large and feel crippling.Â When dealing with a large amount of taxes owed, it is advisable to seek professional tax services to explore your tax relief options.Â Â If you are not sure what kind of tax help you may need, call our office at 1-866-IRS-PROBLEMS or visit www.taxresolution.com.
Question: New Yearâ€™s Resolution: I want to get rid of my tax debt! I owe a lot too. A LOT! Between a failed business and bad tax advice, I owe low six-figures. I donâ€™t even have that much money! What can I do?
Answer:Â Yours is perhaps the best New Yearâ€™s Resolution I can even imagine. Eliminating your tax debt once and for all is one of the best things I think you can do â€” not only from the obvious financial perspective, but from a mental perspective as well. Iâ€™ve heard from clients time and time again how relieving it is to have the taxman finally off your back.
So what should be your plan of attack be? The first thing you should do is consult a qualified tax professional. He or she will analyze your previous returns, current financial situation and other data and records to determine exactly how much you owe the IRS.
Based on some of the facts you offered in your question, I would guess the Offer in Compromise program might be your best option. The Offer in Compromise is intended for taxpayers who, for whatever reason, are unable to pay their tax debt, even over time. This could be due to a failed business, illness, legal judgments â€” any numbers of reasons. But no matter the reason, if you as the taxpayer can prove to the IRS that you are unable to pay the debt, the IRS will in certain cases agree to an Offer in Compromise.
This Offer in Compromise can effectively reduce your tax debt by pennies on the dollar, giving you a payoff amount that is not only substantially lower than the amount you owe but which is something you can realistically pay. I suggest you talk to your tax professional specifically about an Offer in Compromise. If, by chance, you do not qualify for the program, you have other options as well, including an IRS payment plan, also called the Installment Agreement.
At Tax Resolution Services, we know Offers in Compromise well, and we deal with IRS problems such as yours every day becauseÂ we are IRS problem solvers and Certified Tax Resolution Specialists. Tax Resolution ServicesÂ settlement rate for Offer in Compromise is $0.13 on the dollar!Â Â View some of our Offer in Compromise settlements!Â For a free, no-risk taxÂ consultation, please callÂ our office at 818-774-1813 or fill out our online form.
More Tax Help, IRS News and Tax Relief Tips:
- Offer in Compromise Program or an IRS Payment Plan? Get Your Tax Debt Questions Answered Here!
- Ask the Tax Resolution Expert: The IRS Offer in Compromise or Installment Agreement Programs May Be Your Tax Debt Solution
- If You Owe the IRS Back Taxes, There Are Tax Relief Options Available
- Tax Expert Educates About Offer in Compromise and IRS Installment Agreement Plans
- Got Back Taxes? The IRS Payment Plan or Installment Agreement Can Help
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