Got tax questions?Â Tax season is not the only time to have your tax questions answered.Â Â To answerÂ your questions about tax audits, wage garnishments, IRS bank levies, payroll tax problems, how to set up monthly payment plansÂ with the IRS orÂ general questions aboutÂ tax relief, call our office at 1-866-IRS-PROBLEMS or visit www.taxresolution.com
Answer:Â The question here shouldnâ€™t be: â€śWhich one is better?â€ť It should be: â€śWhich one is better for you?â€ť
Ultimately, youâ€™ll want to get the answer to that question from a qualified tax professional. But let me explain the differences to give you a better idea which one might be the best for you in your current situation.
Some quick background: After years of chasing deadbeat taxpayers with bare-knuckled tactics, the IRS discovered that a gentler, more flexible approach can actually increase the governmentâ€™s collection efforts. In that spirit, the IRS introduced the Offer in Compromise and the Installment Agreement. They are both powerful, but vastly different, options for taxpayers.
The Offer in Compromise is intended for taxpayers who, for whatever reason, find themselves with substantial tax debt and an inability to pay that debt, even over time. This situation can occur in a variety ways â€” due to business failure, legal liability, medical problems, etc. No matter what the reason, the Offer in Compromise allows taxpayers who quality to settle their entire debt amount with the IRS for less than they owe..
The Install Agreement, which is a payment plan to the IRS,Â by contrast, is for taxpayers who are currently unable to pay their current tax debt â€” but who can pay that tax debt over time. With an Installment Agreement, the taxpayer makes monthly payments toward the debt that will not drastically alter the taxpayerâ€™s lifestyle but which, over time, will pay down and eliminate the debt.
If you have tax problems and believe either of these programs may benefit you, consult a qualified tax professional. I deal with these types of tax problems every day. Thatâ€™s because Iâ€™m an IRS Problem Solver. For a free, no-risk consultation, please call my office at 818-774-1813 or toll-free at 1866-IRS-PROBLEMS.
More Tax Help, IRS News and Tax Relief Tips:
- Ask the Tax Resolution Expert – Do I Qualify for the IRS Offer in Compromise Plan or Participating in the IRS Installment Agreement Payment Plan?
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