Do you Owe the IRS Money that you can't
pay?

There are so many reason you can’t afford your Tax Bill in April, such as not enough withholding, unexpected medical bills, other debts, financial hardship.

No matter the case, we know how overwhelming and extremely stressful this situation can be, especially if you debt with the IRS has been going for more than one year, since all of those penalties and interest just keep adding up.

How the IRS can get you?

They take this very seriously, They will seek every legal way to collect the money they are owed. They can seize your assets, freeze your bank account, garnish your paycheck, and even restrict your passport. They can file levies and liens on your property. Hopefully, this hasn’t happened to you yet, getting the help you need from a professional is key to avoid any of these.

What are your Options?

Start paying your current taxes first. You must be all caught up with filing your income tax returns and paying your current taxes before most of the following remedies are available to you.

Here are some of the options the IRS provides to taxpayers who owe money. Whether these are applicable to you depends on your circumstances. 

Installment plan

Installment plan

This is where you work out a payment arrangement with the IRS. There are several forms of agreements, including regular, partial-pay, and streamlined. Which one you should use is highly dependent upon your current financial situation and the amount you owe.

Offer in compromise

Offer in compromise

An offer in compromise is where the IRS agrees to accept less than the full amount owed. The IRS does not have to accept an Offer, but if the Offer is presented so that it meets the IRS guidelines, it increases the chance that the IRS accepts the Offer to resolve the outstanding balance.

Currently Not Collectible status

Currently Not Collectible status

This status allows you to defer your debt. The debt does not go away; you still owe the IRS money. But you’ll stop the process of getting your bank accounts levied or other collection efforts if you are granted this status. This often happens when you don’t have enough income to cover your current living expenses. Once your income rises, the IRS will re-evaluate your situation.

Bankruptcy

Bankruptcy

Bankruptcy can be extremely useful to stop IRS collection efforts, potentially discharge income taxes that are old enough, and force repayment plans on an otherwise unwilling IRS. Tax penalties may also be discharged through the bankruptcy. Since this is such a complex area, your best bet is to consult with several professionals – an accountant, a tax resolution professional, and an attorney that is expert at bankruptcy issues.

What we can do to help you?

Solutions For Resolving Your IRS Debt

Contact us at no obligation to you so we can understand your specific tax situation and
provide advice on the options available to you. Your tax issue is handled with the utmost
confidentiality and privacy..

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Here from those we helped

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