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TAX RELIEF SERVICES:
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Q: You owe the IRS back taxes. What if you cannot pay the full amount right now?A: If you owe back taxes but have limited, or no, ability to pay at the moment, there are several scenarios in which the IRS will work with you to reach a mutually agreeable solution that provides tax relief. If you cannot pay the entire amount up front, you may be eligible for a monthly installment payment plan designed to pay off the full amount within five years. If you can pay a certain amount per month, but that amount will not pay off the back taxes within five years, you can pursue an Offer in Compromise (OIC). With an OIC, the IRS agrees to settle your tax debt for less than what you owe, requiring a lump-sum payment or a short-term installment plan. If you are unable to pay anything toward your back taxes, and can present evidence of your inability to pay, you may ask the IRS to declare your account "currently not collectible." If so declared, the IRS agrees to suspend collection activities on the back taxes, including levies and garnishments, for about a year. If you intend to seek IRS tax relief, you are best advised to bring in a Certified Tax Resolution Specialist or tax attorney who can best negotiate your case with the IRS.
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