Offer in Compromise Program or an IRS Payment Plan? Get Your Tax Debt Questions Answered Here!
Got IRS back taxes? There is no better time to find tax relief! Tax Resolution Services will assist you in resolving your tax debt. Got a tax question? Tax Resolution Services will answer your tax question. Call us at 1-866-IRS-PROBLEMS or visit www.taxresolution.com
Tax problems and overwhelming tax debt is not uncommon. There are tax relief options to help with tax debt, two of which are outlined below: the IRS Offer in Compromise program and the IRS Installment Agreement (IRS Payment Plan).
Question: I’d rather not get into the reasons why — let’s just say I made some bad decisions and made those decisions worse by following bad tax advice — but I’m in the hole to the IRS for much, much more than I can afford to pay. What can I do? I’m worried.
Answer: I understand how difficult your situation is personally. But first of all, you should take some comfort in knowing you are not alone. Thousands of people every year fall into tax trouble and tax debt. What’s more, you have options and you still can prevent this tax debt from ruling your life.
The absolute first thing you need to do is consult a qualified tax professional. It’s quite possible that a full review of your situation and previous returns will result in information you would welcome — such as the possibility that you may actually owe to the IRS less than you think.
Now to your options: Once your qualified tax professional has reviewed your situation and previous returns with the proverbial microscope, you and your qualified tax professional will meet with the IRS. From the brief information you’ve provided here — specifically your belief that you owe far more than you can pay — I am going to guess that an Offer in Compromise may be your best option. This program was designed for taxpayers who for whatever reason cannot pay their tax debt. Through this program, intended for taxpayers who have no way of paying their tax debt, you can settle with the IRS for much less than you owe. I would specifically ask your qualified tax professional if you qualify for this program.
However, if you do not qualify, you have other options, such as the Installment Agreement (also known as an IRS Payment Plan), which allows you to pay down your tax debt over time without significantly hampering your lifestyle.
Let’s talk about your tax troubles in person. At Tax Resolution Services we deal with IRS problems such as yours every day and because we are IRS problem solvers we help find solutions for your tax debt such as the Offer in Compromise program or the IRS Installment Agreement Payment Plan. To find out more about these tax relief programs or our other tax services, we offer a free, no-risk consultation, please call Tax Resolution Services at 866-IRS-PROBLEMS or fill out our free tax consultation form online.
More Tax Help, IRS News and Tax Relief Tips:
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