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Settling Your Tax Debt: Do You Qualify For Relief?

Settling Your Tax Debt: Do You Qualify For Relief?

By on Nov 28, 2018 in Debt Relief | 0 comments

Settling Your Tax Debt: Do You Qualify For Relief?
Owing the IRS money is intimidating and a hardship for many people. The IRS has the power to not only garnish your wages but also seize your assets and place a lien on your property in order to obtain the money that you owe them click this lenders direct funding ACFA. However, communicating promptly with the IRS about your situation can avert these drastic actions. The IRS is willing to work with taxpayers and truth is, there are several options available to help you resolve your debt issues.

Offer in Compromise

An offer in compromise allows you to settle your tax debt for less than what you fully owe. It may be a legitimate option if you can’t pay your full tax liability. The IRS usually considers your circumstances so don’t hesitate. Here are some of the common circumstances they will consider.

  • Asset
  • Income
  • Expenses
  • Ability to pay

There are strict qualification requirements associated with this option, but nonetheless, one of the best choices for struggling taxpayers. Typically the IRS will only accept a compromise if they can’t collect more through traditional means of forced collection.

Partial Payment Installment

This payment plan is a fairly new debt management program where you have a long-term payment plan to pay off the IRS at a reduced dollar amount. Much like a monthly credit card payment, IRS payment plans allow you to pay off your unpaid back taxes in installments instead of all at once. A well-qualified tax debt attorney will negotiate the lowest possible monthly payment for your needs.

Not Currently Collectible

This third option is a program where the IRS voluntarily agrees not to collect on the tax debt for a year or so. This term, ‘currently not collectible’ means that a taxpayer has no way of paying their tax debts.
The IRS can declare a taxpayer “currently not collectible,” after gathering evidence that a taxpayer really has no means to pay. This is a useful tool because you can file for a collection appeal to stop an IRS levy, lien, seizure or termination of an installment agreement. The collection appeal gives you the opportunity to explain how you think the situation could be solved without the IRS levy or seizure.

File Bankruptcy

Filing for bankruptcy is another option available for struggling taxpayers, but you should consider bankruptcy only if you meet the requirements for discharging your taxes. Income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code.
Chapter 7 provides for the full discharge of allowable debts. Chapter 13 provides a payment plan to repay some debts, with the remainder of debts discharged. There’s no easy way of paying off tax debts. Getting out from under the IRS’ aggressive debt collection tactics is a game one must be prepared to play but don’t go at it alone.

Success Tax Relief is Right Here With You – Take Action Today

If you need help with IRS debt or you need someone to negotiate on your behalf, Success Tax Relief has a team of expert consultants who can help you resolve your IRS Tax problems quickly and efficiently. Don’t wait until the final notice from the IRS to seek out professional help. Contact us today and take action.

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