IRS Debt Forgiveness Act
IRS Debt Consolidation Made Easy
If you are having tax troubles then you are likely dealing with the Internal Revenue Service (IRS) and it is probably a very challenging task. The IRS’s job is to administer and enforce the United States tax codes, which entails imposing collection efforts on delinquent tax payers on outstanding tax debt. Our goal is to help you resolve your tax troubles in the shortest amount of time and with the least amount of money.
Many times people make unintended errors on their tax forms or simply forget to fill in one field. Both situations may result in facing an outstanding tax balance. When notified by the IRS, taxpayers need reliable IRS debt solutions to help them reduce IRS debt. Our mission is to help those people seeking debt relief.
Problems Resulting From Unpaid Debt
Unpaid tax debt has the potential to cause additional financial problems. As examples, tax debt makes it more challenging to achieve financial stability and it negatively affects people’s credit. Taxpayers looking for IRS debt solutions are encouraged to contact our experienced tax professionals because we have the expertise needed to help them voluntarily resolve outstanding IRS debt.
How to Reduce Debt
Many individuals cannot afford to pay their tax debt in one lump sum. IRS Debt Payments allow individuals to pay their debt through a debt payment plan. Instead of paying one lump sum, individuals pay through a series of installments. Taxpayers will find that they have many payment plan options available to them based on their financial situations. A tax professional will be able to help individuals determine which IRS debt payment options will work for them.
An Offer in Compromise is a solution to consider when doubt arises in regards to the actual amount owed or an individual’s ability to repay debt. If the IRS agrees to this option, individuals pay a lesser amount than initially owed to discharge the debt. With this method, taxpayers receive IRS debt relief without having to pay the full tax liability amount.
If an individual does not have the means to pay the IRS and is struggling financially then the IRS has policies for Non-Collectible Status. This option means that the agency recognizes that some taxpayers do not have the ability to repay their debt. And the IRS does not take any further action to collect the debt until the tax payer is financially capable of paying the tax debt. The tax debt becomes eliminated after 10 years from assessment.
An experienced tax professional has the resources to determine which plans meet the needs of clients. In some cases, individuals will not meet eligibility requirements for all tax solutions, but they will likely meet the criteria for at least one. Because experienced professionals understand the complex nature of tax laws, people are strongly encouraged to retain legal representation before submitting and agreeing to any option offered by the IRS.
IRS Collection Measures
When it comes to debt collection, the IRS uses many methods to collect outstanding debt. The appropriate method depends on the circumstances of taxpayers. While voluntary payment of debt is preferred, the IRS will use enforced compliance to collect debt.
Enforced compliance measures used by the IRS include penalties and interest, bank levies, wage garnishment and civil or criminal prosecution to collect debt. The IRS typically resorts to these enforced compliance methods when individuals do not agree to voluntarily pay what they owe. While it is in the best interest of individuals to enter into a voluntary agreement, some people become overwhelmed by their outstanding tax balance and they are unable to come to an agreement with the agency.
How Our Tax Professionals Help
Consulting with our qualified tax professionals will ensure you resolve your tax matter quickly. Our experienced tax professionals will review solutions based on individual situations. They evaluate financial documents to determine if individuals meet the conditions for the various solutions. We encourage individuals to gain immediate piece of mind by contacting us so we may assist them with their back taxes.