Ways to Get a Fresh Start with the IRS
At Success Tax Relief, we have seen our share of clients who have received audit letters from the Internal Revenue Service (IRS) informing them that they owe a substantial amount of money that seemed impossible to pay off. With our help, we have helped clients alleviate their tax debt with the IRS. Getting a fresh start with the IRS isn’t an easy process, which is why you need the help of a professional tax relief service. Dealing with the IRS takes a considerable amount of persistent communication, patience, and organization.
Don’t Gamble and Try to Do it Yourself
It’s not uncommon for taxpayers to try and take care of their tax debt on their own, and while many are successful at this, others aren’t. The result of such failed efforts is more debt due to mistakes that lead to delays triggering late filing and payment fees, which only snowball on top of the building interest.
As you can see, tax debt can get out of hand pretty quick and as the balance increases, oftentimes, so does the anxiety. When anxiety builds, it’s kind of challenging to get everything in order. That’s why it’s usually best to hire at tax relief professional to take care of tax debt issues to help you get a fresh start.
What’s Involved with Getting a Fresh Start with the IRS?
There are two main things that can help you get a fresh start with the IRS:
- Installment Agreements
- Offers in Compromise
This solution is a one-shot kind of a deal. The IRS will work with you so that you can pay your tax debt off in monthly installments. This may sound easy enough, but bear in mind, chances are that your issues with the IRS could be due to not being disciplined enough to manage your finances, as is the case with many taxpayers, respectively.
So when you initiate a monthly installment agreement with the IRS, know that they have zero tolerance when it comes to late or missed payments. For whatever reason, if you miss a payment or even if you’re late, the agreement is forfeited and you’ll be required to pay the full amount, interests, penalties and all.
Offers in Compromise
An Offer in Compromise allows you to pay less than half of what you owe. The catch here is that you must qualify for such an agreement. A thorough application process will have to take place and if approved, even the reduced amount will have to be paid within a certain period of time.
The IRS’ Fresh Start Program helps you to avoid tax liens and even imprisonment. Taxpayers who qualify for this program must owe at least $10,000. There may be some exceptions, but its all contingent on a case-by-case basis. It’s highly recommended to consult a professional tax relief representative to guide you the right way.