In the midst of the recent economic meltdown, a record number of Americans filed for bankruptcy protection last year. While bankruptcy may carry a stigma, it can also provide a fresh start free from creditors as well as IRS tax debt.
Taxpayers who owe back taxes and lack the assets to pay them off can potentially qualify for IRS tax relief. However, it is critical that taxpayers consult a specialized tax expert to determine if bankruptcy is a viable tax relief option for resolving their IRS problems.
The IRS does not like to talk about the use of bankruptcy to remove tax liabilities, but the reality is that many IRS taxes, penalties and interest do qualify for complete 100% discharge in bankruptcy. Obtaining tax relief for bankruptcy filings is a complex process and one not to be entered into lightly since bankruptcy can remain on a credit report for as long as ten years.
Anyone considering bankruptcy for tax relief should seek professional IRS tax help from experienced and qualified tax attorneys, CPAs and Certified Tax Resolution Specialists who can skillfully evaluate whether a taxpayer is eligible for tax help and whether bankruptcy is indeed the right option.
Bankruptcy may not always be the best solution, especially if the tax obligation can be reduced without the burden of a bankruptcy on your credit report. It is worthwhile to consider all tax relief strategies available such as the IRS Offer in Compromise program, which reduces or discharges the sum owed, or an IRS installment agreement of scheduled monthly payments that can also help you achieve the fresh start you need for a new lease on your financial life.
Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Our expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% – second to none in the industry – and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call 866-IRS-PROBLEMS.
More Tax Help, IRS News and Tax Relief Tips:
- IRS Bankruptcy-Five Tax Relief Options for Back Taxes
- Tax Relief FAQ: You Owe The IRS Back Taxes. What If You Cannot Pay The Full Amount Now?
- Your Unfiled Delinquent Tax Return Checklist: Stop the IRS Now and Avoid Steep Interest and Penalties from Accumulating
- Tax Relief FAQ: What Are Your Options if You Cannot Discharge Your Back Taxes and IRS Debt in Bankruptcy?
- New Offer in Compromise Policies Bring Tax Relief