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Owing the IRS

owing the IRS

Financial difficulties are enormous when a taxpayer ends up owing money to the IRS.  Tax liens and levies leave a lasting negative impact on an individual’s finances.  A tax lien, or “hold” to secure the IRS money owed, can stay on your credit report for up to seven years.  This can affect many areas of your life, from buying a home to taking out a loan for a child’s college tuition.  With the guidance and quick action of a professional tax company, you can get the help you need with your IRS debt and have a tax settlement request submitted and accepted before the IRS sends a notice of levy.

Not all taxpayers are eligible for a tax resolution with the IRS.  Owing the IRS does not necessarily entitle you to have a resolution.  In some cases, the IRS may deem a taxpayer capable of paying their debt and require payment in full.  On the other end of the spectrum of resolution are taxpayers who cannot financially pay the IRS without unfair financial hardship.  These individuals are typically dealing with close to negative income at the end of each month.  By working with a professional tax company, both taxpayers with extreme financial hardship and those who simply cannot afford the full amount, can get a tax settlement negotiated to their satisfaction.

IRS money owed

There are three types of tax resolution that a taxpayer who owes the IRS may qualify to enter.  Installment agreements are reached when a taxpayer agrees to pay all or most of their tax debt back to the government over the course of a maximum six years in monthly installments.  An Offer In Compromise is a tax resolution in which a taxpayer is capable of paying most or some of their income tax debt within a shorter amount of time (six months to two years) and can show the IRS they meet the eligibility requirements.

Finally, taxpayers in financial hardship who can show the IRS they are close to or at negative income each month may qualify for Currently Not Collectible Status (CNC).  CNC status enables delinquent taxpayers to have the relief of having the IRS stop tax collection actions.  CNCs remain in effect until the tax debt expires or the individual who owed money to the IRS has a better financial status and can pay. A taxpayer who owes to the IRS can get relief quickly from a professional tax company.  A financial investigation will begin immediately to determine what information the IRS has on the taxpayer.  Comparing that data to what you submit to the professional tax company, the experts will make a decision on the best tax resolution for your case.

Anyone that owes money to the IRS can call now for a free consultation.  Know your rights, understand your options and discover your best chances for success for getting tax relief.  The IRS money you owe can be resolved with the experienced and trusted experts at a professional tax company.  Call today for a free consultation!

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