The Internal Revenue Service has established a few programs for those who cannot afford the significant amounts of tax debt liability they are facing. It is highly recommended that you seek the help of a reliable tax debt professional when reviewing and selecting your options for relief. Avoid anyone who claims that they can resolve your tax debt using a method outside of the ones mentioned below.
A straightforward payment agreement proposed by you to the IRS; the installment agreement plan is recommended if you are facing a smaller amount of tax liability and feel that you will be able to pay it off in monthly...
Established as recently as 2005, the partial payment installment agreement allows you to make monthly payments towards the repayment of your IRS tax debt. However, instead of paying off the entire amount of debt owed, you...
The IRS will forgive and waive compounding fees from penalties and interest due to late or no payments if you qualify with a reasonable cause. Reasonable cause as defined by the IRS will generally include: the death,...
You may be able to reduce or remove your tax debt if you can prove that the resulting penalties were no fault of your own, but in fact, occurred from an erroneous income tax return filing by your spouse or ex-spouse...
An Offer in Compromise (OIC) is often touted as a ‘get out of jail free’ card by unreliable tax relief services. Be wary of firms that offer to settle for ‘pennies of the dollar.’ An OIC will allow you to settle your tax...
The IRS must desist all collection activities, and determine the tax liability ‘currently not collectible’ if the tax debtor can prove without reasonable doubt that they are unable to pay their tax debt.
You must provide...
A serious financial decision with several implications, declaring bankruptcy will only absolve tax debts with very specific requirements. For tax debt to be discharged in a bankruptcy the following must be true:
Tax debt...