How to Resolve Your Tax Debt with the IRS:
Take Action! Unlike fine wine, and some cheeses, tax debt does not get better with age. Something happened that caused you to be unable to pay taxes owed and you may keep getting further behind. The IRS has 10 years to try and collect debt, and they are aggressive in their collection methods. The IRS can make your life difficult using bank levies, wage garnishment and liens. Meanwhile, penalties and interest keep piling on! It may be time to phone a friend…and Taxpros+ will take the call!
If you owe the IRS money, let’s discuss if you may qualify for one of these options:
1). A Partial Payment Installment Agreement can result in repaying a portion of a tax debt until the 10-year collection period expires. What remains unpaid at the end of the 10-year period is “forgiven.”
2). An Offer in Compromise (“OIC”) is a tax settlement whereby the IRS (or state) agrees to settle for less than the amount owed—sometimes for a small fraction of the total amount owed.
3). Currently Not Collectible Status (“CNC”). Taxpayers in CNC are not required to make any payments towards their tax liability. The IRS will not enforce against a taxpayer in CNC Status, and some taxpayers are able to remain in CNC for the entire 10-year collection period. With this status, it is possible to pay nothing and have a tax debt “forgiven.”
Talk with Pierre today to get a No B.S. response for your situation. As a Tax Resolution Professional, Pierre has access to various tax resolution programs and is ready to help.