You can achieve a positive tax resolution if you are enmeshed in a tax dispute with the Internal Revenue Service. Tax debt relief can be brought about with the assistance of Enrolled Agents (EA), Certified Public Accountant (CPA), and Tax attorneys or Tax accountants. Various remedies are at your disposal including Offer in Compromise, Innocent Spouse Relief, Injured Spouse Relief, Currently Not Collectible, the Collection Due Process (CDP) and statute of limitation analysis.
Even if you have a size-able tax liability, that seems monumental or have not filed taxes in years, your tax issues can be resolved. An acute tax dispute can result in a tax lien being filed, your bank accounts being attached, wages garnished, and the confiscation of your property. A tax resolution with the IRS can prevent facing or lessen the impact of these consequences.
As hard as it may seem, it is possible to reach a tax resolution and settle the dispute for much less than the amount owed. This can be achieve through a “Offer in Compromise“, which is a settlement or agreement between you and the IRS for delinquent taxes, for an amount much less than the original tax owed. It has been shown that approval rates are greatest when professional tax help has been enlisted.
If you are unable to satisfy a claim of liability by immediately paying it in full to resolve your tax issues there is a excellent tax debt relief alternative. An Installment agreement with the IRS can bring about a tax resolution. This will allow you to pay in smaller, more affordable, amounts over time.
“Currently Not Collectible” is another tax debt relief strategy, this implies that you the taxpayer does not have the ability to repay your tax debt. After receiving concrete proof that the taxpayer does not have the capacity to pay, the IRS can affirm you “Currently Not Collectible“. Once this occurs all recovery and collection activity is discontinued, including levies and garnishment. You will however receive an annual statement that states the amount of tax still owed. While your status is “Currently Not Collectible” the ten year statute of limitations on tax debt collection remains in force. If after the ten year period the tax debt is not collected it expires.
It is wise not to negotiate with the IRS for tax debt relief without expert tax help. Professionals like CPA’s, tax attorneys and Enrolled Agents should be sought out if your tax issues involve unfiled returns, missing records, garnishment or the threat of property seizure, levies or other penalties. If it is a installment agreement, a “Offer in Compromise” you want or to be declared “Currently Not Collectible” their advice and representation can be priceless in this arena.
As the IRS is in the business of collecting and recovering taxes, they are receptive to serious offers that are reasonable and will help them achieve these aims. Even if the amount collected is a fraction of the original tax debt this is viewed as a win and a closed case by the IRS. This is a win-win for you, the tax debt can be resolved and for less than the original amount. You will actually be helping your government to reach a tax resolution and close a case when you seek a tax resolution. Go for it.