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Five Irs Settlement Options For Tax Problems

By Author: Jasper Avila
Total Articles: 165

THE FIVE IRS SETTLEMENT OPTIONS

For those dealing with a legal issue, there are various types of settlement options that are available, each one different from the next. Be aware of the options at hand, and find out what you are working towards.

INSTALLMENT AGREEMENTS

Sometimes the best option is to set up monthly payments for past due tax liabilities. These installments need to be set up with the IRS. Even within this section there are three different types depending on if you owe less than $25,000, between $25,000 and $50,000, or more than $50,000. Each method decides a fixed monthly payment based on what you can afford, and works to get your tax debt taken care of.

OFFER IN COMPROMISE

If you are not able to pay your tax debt on the payment plan, there is an Offer in Compromise option that the IRS gives to get rid of your tax debt. You must have already filed your tax returns to qualify for this payment option. The amount that you owe will be determined by your assets, your income, and how much you owe.

TAX APPEALS

Depending on your situation, you may have the option to appeal the IRS or the Tax Court. With a 30 day notice from the IRS, you can appeal your case. Do not ignore the notice if this is the course you wish to take, but take action immediately. Failing to respond to the notice will forfeit your right to bring your case to tax court.

COLLECTION APPEALS

For those who have had their installment agreement request rejected by the IRS, you can file a Collection Due Process Appeal, or a Collection Action Program Appeal. Both of these will help you if the IRS is taking action to levy your bank accounts or is working towards garnishing your wages. Take these steps as soon as possible to prevent this from happening.

CORPORATE RESTRUCTURING

For those who own a business, income and employment tax debt can be detrimental if not paid on a regular basis. Look to restructure your business if you have problems paying the correct amount of taxes. This will help your business assets, and keep your business running smoothly.

There are many different types of settlement options, depending on what your tax situation is. If you need help with any of these, call us at Michelle Turpin P.C. We can help you find the best solution for you, and make it easier for you to free yourself of any tax debt you may have accumulated.

From taxlawsolutions.com By Cassie Costner

http://taxlawsolutions.com by Michelle Turpin is the founder of Michelle Turpin P.C. She has over 20 years representing taxpayer’s in Federal and State controversies (e.g., representation during audits, appeals, collection, Offer in Compromise, Trust Fund Recovery Penalty, levies seizures, failure to file and United States Tax Court litigation). Michelle’s practice also focuses on tax planning for businesses and estates, she is experienced in partnership tax, corporate tax, individual income tax, estate tax, fundamental estate planning, entity formation and asset protection planning.

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