Tax Debt - Little to no Financial Ability to Pay
If you owe the IRS income tax, but do not have the financial ability to pay the tax, federal law allows the IRS to accept less than the amount you owe based on reasonable collection potential, which is determined by financial calculations as to how much the IRS could reasonably collect off of you over a period of time.
Tax Debt Strategies
There are five and only five strategies for getting out of tax debt.
1) Installment agreement: a monthly payment plan for paying off the IRS.
2) Partial payment installment agreement: a fairly new debt management program where you have a long-term payment plan to pay off the IRS at a reduced dollar amount.
3) Not currently collectible: a program where the IRS voluntarily agrees not to collect on the tax debt for a year or so.
4) Filing bankruptcy: discharge your tax debts under Chapter 7 or 13 bankruptcy petition.
5) Offer in Compromise: a program where you can settle your tax debts for less than what you owe. Requires making a lump sum or short-term payment plan to pay off the IRS at a reduced dollar amount.
Looking for Immediate IRS Tax Relief?
Conclusion that taxpayers who really want to end the nightmare should hire a qualified professional to represent them before the IRS.
Free and confidential IRS tax debt consultation. As a member of the American Society of Tax Problem Solvers I am committed to resolving tax problems in the most favorable way possible.
All taxes are required to be filed.
We can help expeditiously get your taxes fled.
If you owe the IRS income tax, but do not have the financial ability to pay the tax, federal law allows the IRS to accept less than the amount you owe based on reasonable collection potential, which is determined by financial calculations as to how much the IRS could reasonably collect off of you over a period of time.
Tax Debt Strategies
There are five and only five strategies for getting out of tax debt.
1) Installment agreement: a monthly payment plan for paying off the IRS.
2) Partial payment installment agreement: a fairly new debt management program where you have a long-term payment plan to pay off the IRS at a reduced dollar amount.
3) Not currently collectible: a program where the IRS voluntarily agrees not to collect on the tax debt for a year or so.
4) Filing bankruptcy: discharge your tax debts under Chapter 7 or 13 bankruptcy petition.
5) Offer in Compromise: a program where you can settle your tax debts for less than what you owe. Requires making a lump sum or short-term payment plan to pay off the IRS at a reduced dollar amount.
Looking for Immediate IRS Tax Relief?
Conclusion that taxpayers who really want to end the nightmare should hire a qualified professional to represent them before the IRS.
Free and confidential IRS tax debt consultation. As a member of the American Society of Tax Problem Solvers I am committed to resolving tax problems in the most favorable way possible.
All taxes are required to be filed.
We can help expeditiously get your taxes fled.