View Article
Getting Help Settling IRS Tax Debts
Settling IRS tax debts can be a long and stressful process. Getting help from a qualified tax professional or experienced tax debt attorney is often a taxpayers best option for resolving IRS tax debts. The IRS offers three different settlement options to taxpayers including Offers in Compromise, Installment Agreements, and placement on Currently Not Collectible Status.
Although it is often not recommended, a taxpayer can resolve their tax debts by dealing directly with the IRS on their own. Typically only taxpayers whose tax debt arose because a simple mistake on their federal income taxes should consider this option. The first step in settling an IRS tax debt is to carefully review the return in question. If a deduction was overlooked or if there are errors in the reported income amending the tax return may lower or completely resolve the tax liability. If amending the return does not lower the tax debt to a manageable amount then the taxpayer will need to provide a complete financial disclosure and negotiate a tax debt resolution with an IRS representative.
Hiring a tax professional or experienced tax attorney is often the best option for a taxpayer seeking IRS tax debt settlement. Even if a taxpayer has the ability to complete a financial disclosure an experienced tax debt attorney can often negotiate a much lower tax debt settlement than the taxpayer would be able to on their own. A tax attorney can negotiate directly with the IRS on a taxpayer’s behalf and will fight the IRS to get the best tax debt settlement possible.
The three most common tax debt settlement programs are Offers in Compromise, Installment Agreements, and being placed on the IRS’s Currently Not Collectible Status. An Offer in Compromise is an offer made to the IRS to lower a taxpayers total debt to an amount that is deemed affordable to the taxpayer in debt. An Installment Agreement is an agreement with IRS to repay part of all of the assessed tax debts through manageable monthly payments. The final option, being placed on the IRS’s Currently Not Collectible status, essentially ceases all collection activity by the IRS by showing the taxpayer can not afford to repay their debts. It is recommended to get help from a tax professional or tax debt settlement attorney when attempting to lower a tax debt through any of these relief programs.
Tax attorney Roni Deutch has been helping taxpayers settle their IRS tax debts for over sixteen years. Her law firm and experienced tax lawyers have helped thousands of clients nationwide find relief from their tax debts, and have saved their clients millions and millions of dollars along the way. Getting help with tax debt relief is just a phone call away. Fill out our contact request form or call 888-TAX-LADY today for a free and confidential IRS tax debt analysis.
Related Links
Source: RoniDeutch.com
