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IRS Tax Debt Settlement Options

Articles  » IRS Tax Debt Settlement Options

      Forms of IRS Tax Debt Settlement: Some Essential Facts

       Author: Robin Williams

Many individuals believe that IRS tax debt settlement is an easy procedure that does not require any time and endeavor. This is quite far from the reality. Not only it requires time to determine if IRS tax debt settlement is suitable for you, but also it is a lengthy procedure as soon as you start off. You should also keep in mind that the IRS does not always approve your request to settle. They can simply refuse your claim, which would bring you back to square one and then you search for any other option for payment.

One of the important factors that you must understand is that there are various forms of IRS tax debt settlement. It is a usual misunderstanding that all IRS tax debt settlement plans are similar. There are some techniques through which you can settle your IRS tax debt.

Following are four important forms of IRS tax debt settlement:

Uncollectible Status: Your finances and accounts can be analyzed by the IRS to decide whether you’re presently uncollectible. When this takes place, they would postpone the collection procedure. By merging this with the statute of limitations, you might be able to prevent the payment of the whole amount of your debt.

Offer in Compromise: In this procedure, you make an offer to make a payment to the IRS that is lower than what you’re obliged to pay. Have you ever come across the fact that a tax debt settlement company is claiming that they are able to perform a settlement for pennies in lieu of dollars? This is denoted as an offer in compromise.

Penalty Abatement: It is familiar for people who have outstanding taxes and a hefty amount of penalties has been summed up with their already big debt amount. When you can substantiate that you’re unable to pay, you might be eligible for penalty abatement which would eliminate some or all of the fees.

Statute of Limitations: Since the date of assessment, the period the IRS has to receive the money owed by you are 10 years. Following this period, IRS cannot collect the money from you any more.

If you’re uncertain about IRS tax debt settlement and which options to make the most of, you must consult a tax professional.