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Settle Back Tax Debt

When it comes to settling an IRS Tax Debt there are many options. It is best that you understand all of your available options. You need a plan of attack to resolve your IRS Tax problem. You need to consult with a Tax Professional before you make contact with the IRS. Below are common methods used to resolve a IRS back taxes.

IRS Offer in Compromise (See More)

An IRS Settlement via the IRS Offer in Compromise allows individuals to settle IRS back taxes for less than the total amount originally owed. It shouldn't come to a surprise to you that that an IRS Offer in Compromise is the hardest settlement to reach with the IRS. The IRS has strict settlement requirements to qualify for an IRS Offer in Compromise. The purpose of an IRS Offer in Compromise is to find a compromised or settlement amount that works for both you, the tax payer, and the IRS. The IRS will settle your IRS back taxest for less money if you can show that the debt collection will cost the IRS more than the back taxes. An IRS Offer in Compromise would be a good method of settlement if your total assets is worth less than the tax amount owed.

IRS Payment Plan / IRS Installment Agreement (See More)

An IRS installment agreement or IRS payment plan is the most common method for individuals to settle their IRS back taxes. With an IRS payment plan or installment agreement, you will be required to pay monthly payments towards your IRS back taxes in a period of less than 3 years. With an IRS installment agreement you will still have to pay interest on the amounts owed plus any penalties you may have received. You will end up paying more than the original tax liability owed. An IRS installment agreement or payment plan should be used if you cannot pay in full your IRS back taxes but you do have the ability to pay the IRS off over time in smaller monthly payments.

Before you enter into an IRS Payment Plan, consult with us at FLAT FEE TAX SERVICE.

Delay the IRS

If you need more time to pay the FULL OF AMOUNT of your back taxes, delaying tactics can easily done by using the Flat Fee Tax Service teams knowledge and understanding of the IRS system to your advantage. When the IRS realizes that you owe back taxes, the IRS will begin by sending their automated notices to you. There are a series of letters that the IRS sends before it actually takes actions against individuals to collect. Typically the IRS sends an original assessment letter stating the amount of tax owed plus any interest and penalties then it will send a series of CP Letters, Letters and Notices (CP 501, CP 503, CP 508, IRS Letter 1058, IRS Notice LT 11, CP 90 and CP 297). There are defensive actions that can be taken. FLAT FEE TAX SERVICE will delay the IRS from taking collection against you and buy you more time. The professionals at FLAT FEE TAX SERVICE know how the IRS procedures operate and we are well versed in delaying the IRS from taking collection against you. Knowledge is power.

Currently Uncollectible / Currently Not Collectible (See More)

This method doesn't settle your IRS back taxes, but it puts a hold on collections. When you receive currently not collectible or Currently Uncollectible status, the IRS will temporarily stop collection activities against you. The IRS will require that you submit an updated financial statement every year to see if your situation has improved enough to prevent the IRS from coming after you to collect your back taxes. As long as you are in a Currently Not Collectible or Currently Uncollectible status, you will not pay your IRS back taxes. One thing to keep in mind is that the Statute of Limitations is still running and the IRS has 10 years to collect back taxes from the year they were filed or assessed. If 10 years pass by and the IRS has not collected the back taxes, you no longer owe that amount.

IRS Tax Professional

An IRS Tax Professional will have the highest success rate for getting your IRS Settlement, via the IRS Offer in Compromise program, settled and accepted by the IRS. Before you enter into an IRS payment plan or IRS payment agreement with the IRS, you should consult with a Tax Professional. Protect yourself from entering into a very bad IRS payment plan. An ethical IRS Tax Professionals will offer a free consultation that will provide you your options, likely outcomes and cost.

Every year thousands of people settle their unpaid back taxes with the IRS. Will you be one of the many people that we, at FLAT FEE TAX SERVICE, help to resolve their IRS Tax Debt? Tax laws only continue to get more complex and this causes more people to have problems with back taxes. You don't have to suffer with an IRS back tax problem.

CALL FLAT FEE TAX SERVICE AND OUR TAX PROFESSIONALS WILL PROVIDE YOU A FREE AND HONEST EVALUATION

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