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IRS Debt Solutions: Solve Your IRS Debt Today
IRS Debt can be frustrating. Once you find out you have IRS debt, the question isn't whether to pay it, but what to do about it? Obviously, if your IRS debt is small or will take only a few payments to resolve, then the best course of action is to get in touch with the IRS to settle your IRS debt in full. For a more substantial IRS debt, however, the questions are more complicated, and the consequences can be even greater. When you have a large IRS debt that you cannot pay in full, the IRS can be threatening. The bottom line is the IRS wants to collect your IRS debt in the fastest way possible. This page will go over the most popular IRS debt resolution programs. Offer in Compromise (OIC)While an OIC is a popular IRS debt program to apply for, it isn't easy to be accepted into. The fact is most people will not be accepted into an OIC for many reasons: too much income, too little offered, too many assets, etc. That doesn't help you after you submitted the paperwork, because the IRS has all of your financial information. This means if your OIC isn't accepted, the IRS now has the ability to review the financial documents you submitted and dictate how much it believes you can afford to pay per month on your IRS debt. For that reason, it is better to have a tax professional who will advise if an OIC is an option for you before you let the IRS know everything about your finances. Penalty AbatementThis lesser known IRS debt program reduces or eliminates the penalties on your IRS debt, which will reduce your principal tax debt, making it easier to pay. The trick is to complete all the paperwork correctly while successfully making the case to have the penalties removed from your IRS debt. According to the IRS, simply not being able to pay the penalties isn't an acceptable excuse to remove them. Good reasons include: unemployment, death of a family member, natural disasters, bad professional tax advice, and others. A Revenue Officer will decide from the forms you fill out if your IRS debt will receive a Penalty Abatement. If you aren't a tax wizard or have experience filling out the tax documents that go with the application, it is best if this program's paperwork is handled by tax professionals. Installment AgreementThere are many forms of an installment agreement: partial payment, non-disclosure, and tiered installment agreements. If you aren't knowledgeable about tax laws and tax collections, you could pick the wrong payment plan to apply for, missing an opportunity to pay less than your original IRS debt. Also, negotiating IRS Debt can be hard, confusing, and frustrating. If you aren't experienced with handling IRS debt negotiations, you could agree to an IRS debt payment plan that is more than you can afford or increases drastically within months of acceptance. If you default on that agreement or are late paying it by even one day, you forfeit the agreement, and the IRS begins collections immediately. If your IRS debt is low or you have the ability to pay a lump sum up front, then dealing with the IRS is relatively painless. However, if you are trying to get into one of the many IRS debt payment programs, or wish to have your IRS debt or penalties reduced, you should strongly consider an IRS debt help professional. Contact us today for the IRS debt help you deserve.
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Joseph Harris, Chicago, IL (see
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Stop the stress of IRS tax debt.
(800) 590-4524
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