How to Go About The Tax Settlement With IRS

Tax settlement means when a tax payer is settling his taxes, or tax liabilities, with the help of certain IRS programs. These programs are offered by IRS to those people who are unable to pay their taxes on time due to some valid or legitimate reasons and they should not be penalized. So many options are offered by the IRS in which the taxes owed by these tax payers can be paid. One important thing has to be taken care of and that is the IRS has to be sure that the tax payer is really not in such a financial position to pay the taxes and therefore he is qualified for the offer of settlement.

In tax settlement the IRS can accept a less amount than the amount actually owed in taxes after negotiation with the tax payer. Other option is the IRS can allow the tax payer to pay those taxes through installments. If the tax payer chooses any of these options, then he has to fill and submit the required forms to the IRS. Following are the methods by which a tax payer can pay his back taxes, Offer in Compromise, partial payment settlement agreement, penalty abetment, installment agreement and the declaration of financial hardship.

The Offer in compromise is the most common but most difficult to qualify method of tax settlement. In this method the tax payer has to make an offer of an amount which is the maximum amount which he can afford to pay. If the IRS accepts this offer then the tax liability of the tax payer is over once he pays the decoded amount. Another method is partial payment installment agreement where the tax payer will pay the taxes owed to IRS over a fixed period of time and the amount will be less than actually owed. In penalty abetment the penalties for nonpayment of taxes are waived if there is a valid and legitimate reason behind the delay in payment by the tax payer. The tax payer can opt for any of these programs through which he can pay the taxes which are overdue in monthly payments or by making one single payment for lesser amount.

Wiping your tax debts - Is a DIY method better than taking help of a tax professional

As the Federal Reserve makes money at the expense of the US tax payers, the present financial condition in the US is such that most people are going through financial crisis as the unemployment rate is reaching a double-digit level. There are millions of people who are delinquent on their credit cards that are taken out from the banks and financial institutions but being delinquent on your taxes and owing debt to the government is a different thing than owing debt to a private organization. You can seek tax debt help, so that you may come out of debt and lead a debt free future. Here are some strategies that you can adopt.

• Calculate your debt amount: The first step that you need to take is to calculate the debt amount so that you can take the exact steps that are needed to get out of debt. Make a list of the debt amount and then determine your monthly income so that you get to know the amount of effort that you may have to make in order to repay your debts.
• Negotiate with your IRS representative: The next step that you must take is to negotiate with the representative of the IRS so that they get to know about your financial hardship and think about altering the payments on your tax debts. Tell them everything honestly so that you may be able to grab the best installment plan that they can offer you with.
• You can opt for guaranteed installment agreement: If your outstanding balance is due and is not above $10,000, you can choose this particular option. However, you need to make sure that for the previous 5 years, you have not paid late, all your tax returns are filed, and the monthly installments that you will make will repay your debt within the next 36 months. If only you meet the aforementioned criteria, you can qualify for this guaranteed installment agreement.
• Streamlined installment agreement: If the amount that you owe will be less than $25,000, you can agree to repay the balance within 60 months by opting for the streamlined installment agreement. The IRS will require the entire payment within the SOL of the region and soon after you opt for this option, you have to make sure that you file the tax returns on time and also pay them.

Therefore, if you're knee deep in tax debt and you want to seek tax debt help, you must try out the steps mentioned above. It is always better to opt for DIY steps than choosing a tax consultant who may charge you hefty legal fees.

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