Use Penalty Abatement: Reduce Business Tax Debt

Like the name suggests, IRS Tax Settlement offers advice from top tax resolution resources and experts. We provide free Tax Debt Help for those that need real solutions to their tax debt. You'll learn everything about Offer in Compromise, Installment Agreements, Penalty Abatement, IRS Appeals, and more! IRS Tax Settlement is your last stop for Tax Debt Help.

Going beyond simply helping the American taxpayer with help and information about tax debt and tax debt solutions, we've worked hard to connect you with tax resolution services with high accolades and proven results. True tax debt relief is only a phone call or a click away.

Settle your Tax Debt for less. If you know you cannot satisfy your Tax Debt in full anytime soon, you should consider making an Offer in Compromise as an option. Submitting an Offer is not easy, and very few taxpayers who submit will be approved. Before you submit an offer on your own, look at these qualifiers:

• You can't pay before the statute of limitations on the Tax Debt runs out
• You don't owe the Tax Debt
• Paying the Tax Debt in full would create an economic hardship

If any of the above applies to you, consider settling your IRS Tax Debt.

Pay the IRS in easy month payments. An Installment Agreement is an agreement between the IRS and the taxpayer where the taxpayer agrees to pay a set amount monthly until the Tax Debt is paid in full.
An Installment Agreement is the most common solution used by taxpayers to resolve their delinquent debt, but there is a catch. The IRS will set up the highest payment amounts possible; even if that means your other necessities will go unpaid. If you can't get the IRS to agree on a reasonable amount, consider having a Tax Resolution specialist negotiate on your behalf.

Shrink your debt fast. Penalties and Interest are the key factors that double and triple the size of Tax Debt. Penalties and Interest can be removed from your Tax Debt with Penalty Abatement. In order to qualify for Penalty Abatement you must have a legitimate reason for not paying your taxes (Reasonable Cause.) Here are some examples that qualify with the IRS:

• Serious Illness
• Death in the Family
• Natural Disaster
• Bad Financial Advice
• On a fixed income (Ex: Single Mom, Retired)
• Lost or destroyed records
• Theft of funds or property

Basically, if your reason for missing your tax payments was beyond your control, you may qualify to have Penalties and Interest removed from your Tax Debt.

Considering the state of our economy, it's temping for business to dip into the funds that are supposed to be submitted to the Federal government. Trouble with payroll taxes can devastate a business, that's because the IRS is very aggressive when it comes to collecting on delinquent payroll taxes.

The IRS will attack personal assets, wages, accounts receivable, and anyone with check-signing power in the business. But regardless of what stage of the collections process you may be in the, working with a tax resolution professional may stop the IRS from:

• Seizing accounts receivable
• Seizing assets needed for running the business
• Levying Bank Accounts
• Going after personal assets
• And more!

But if you're facing an issue with Payroll taxes, you have to act now. The IRS will act swiftly and aggressively to collect with tax liens and levies.

Don't pay for your spouse's mistakes. Couples filing joint returns are held equally responsible for the tax return and the payment of appropriate taxes, even if one spouse has underestimated the tax liability and, unknowingly, the other spouse signed the return. If this is the case, the innocent spouse may not be responsible for paying the additional taxes and penalties.

What if there's not a way to pay? If you qualify, the IRS may classify you as "Currently Not Collectible", which means they will stop collections efforts. This is usually a temporary solution intended to help taxpayers get back on their feet so they can pay the debt, but taxpayers in particularly desperate situations may have collection efforts stop for good. You will not be approved for "Currently Not Collectible" without exhibiting special circumstances. Disabled individuals, the elderly and single mothers usually qualify for Currently Not Collectible status because they are usually on a very fixed income.

You have your rights- even if you owe the IRS! Most taxpayers don't know this, but you have the right to Appeal any IRS decision you believe is unfair or inequitable. Basically, the IRS appeal is your opportunity to restate your case and explain why you deserve a second evaluation. Although you can file an appeal on your own, the rules governing the appeals process are precise and daunting. You're required to adhere to these rules exactly. For these reasons, we recommend working with a Tax Resolution professional to appeal to the IRS.