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If you owe the IRS back taxes, you have options. If your tax debt is less than $10,000 you may be able to arrange a payment plan. Under certain circumstances the IRS must accept your request for an installment plan, payable up to a maximum of 36 months
If your tax debt is greater than $10,000, but less than $25,000, we can arrange a streamlined installment plan, if you qualify, or settle the tax debt for significantly less than the balance due. Due to the Fresh Start initiative, implemented in 2012, taxpayers with debt above $25,000 but below $50,000 are eligible to arrange a streamlined Installment agreement as well. The primary benefit of a streamlined installment agreement is that a federal tax lien is not required, if you qualify. Non-Streamlined installment plans for taxpayers with debt over $25,000 or installment plans with terms more than 60 months have to be negotiated directly with the IRS and are subject to financial disclosure and managerial approval. Tax debt at $50,000 and beyond will require more significant financial disclosure and we suggest you have representation to improve the chances of acceptance of any installment plan or settlement offer. At any rate, the process can be overwhelming if you don’t understand your rights as a taxpayer and the guidelines under which the IRS operates. The first step to resolving any tax debt is to file any tax returns that may be delinquent
Filing Delinquent Tax Returns
Part of the requirements of obtaining tax relief is having all tax returns filed through the current year. No matter the level of delinquency, all your returns have to be current before the IRS will consider any installment plan or Offer in Compromise. We can prepare and file any and all tax returns necessary to bring you into compliance before arranging an IRS installment agreement.
IRS Installment Agreements
If you’re unable to pay your back taxes in full, entering into an installment agreement allows you to pay your tax debt over a designated period of time. We can determine a reasonable payment amount that fits into your budget and, over time, allow you to over time eliminate the debt and stop all collection activities. As previously stated, to qualify for an installment agreement you must be current with the filing of your tax returns.
If you cannot afford to make monthly payments or do not qualify for an IRS installment agreement, we can explore different options that may help such as
- Abatement of Penalties due to Reasonable Cause,
- Statute of limitation to Assess and Collect
- The IRS is (generally) prohibited from collecting taxes that were assessed by a tax filing or audit more than ten years earlier.
- Pursuing “Currently Not Collectible” Status
However the most popular and resolute plan of action is an offer in compromise.
IRS Offer in Compromise
If you’re unable to pay your tax debt, you may qualify for the Offer in Compromise program which allows you to settle the tax debt at a fraction of the total liability. Presentation of the offer is essential to acceptance. If your offer is not totally representative of the hardship currently being caused by your tax debt, in addition to presenting a realistic picture of your financial standing and what you’re able to offer in a settlement, then you run the risk of denial. You may also qualify for the IRS Fresh Start Program, designed to help individual taxpayers and small businesses that are struggling to pay their tax debt. It is important to understand that there is NEVER a guarantee that either the IRS will accept an Offer in Compromise. However a denied IRS request for an OIC can be appealed to the United States Tax Court with a tax attorney.
We can determine whether a payment plan or an offer in compromise settlement is the best option for you. Every case is dependent upon your financial circumstances but having good representation can be the difference between acceptance and denial. We’ve had success at reducing tax debt by as much as 90%. The IRS isn’t as scary as they may seem if you have qualified representation acting on your behalf. Let us get started on taking the burden off your back.
Contact us for a free consultation.
How to get started:
- Call or send us an email to get a free & confidential analysis of your situation.
- You tell us your situation, have us review any IRS notices, documentation or correspondence as well as preliminary analysis of your current financial status.
- Our professionals will analyze your current financial status and evaluate your situation with regard to current tax laws and regulations.
- We reveal what we think is the best strategy for lowering or eliminating your tax debt by as much as allowed by law.
- We will not recommend our services unless we are sure that you need our help
- Upon retention of our services, we take it from there. You will not have deal with the IRS.
You will be represented by one of our experienced Enrolled Agents or Tax Professionals that will vigorously and professionally defend you to achieve the best result possible and many years of experience achieving exceptional outcomes for thousands of clients just like you. We maintain ethical standards while representing our client and we don’t contract out work to anyone who is not employed and supervised by us to negotiate a resolution to your tax problem.
We will provide a quote for our services so that you are aware of our rates and fees prior to retaining our services. Generally a retainer is due up front and any subsequent balances billed with our monthly progress statements. We will keep you informed of the progress being made in your case. After your case is resolved, you will receive a refund of any unbilled retainer.
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Do you have a specific need that’s not mentioned on our website? Contact us today with your details and we’ll match you up with one of our highly-trained and experienced professional consultants. We’ve handled many different business tasks over the years and are happy to help with yours.