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Get Tax Relief And Get Out Of Debt
Author : Groshan Fabiola
If you have a very high amount of debt to the Internal Revenue Service and/or state tax authorities, there is tax relief available to get you out of the bad situation that you have gotten into. Perhaps you are facing an IRS bank levy or wage garnishment, and the fees and interest on your delinquent tax returns have gotten out of control. If the debt is more than you can conceivable pay without serious financial hardship, the Internal Revenue Service should be willing to work with you. It’s called an IRS Offer in Compromise.
Basically, with an IRS Offer in Compromise, a taxpayer reaches a “compromise” with the Internal Revenue Service about the amount that must be paid to retire a tax debt. The IRS will accept a much lower amount than the taxpayer owes if they can prove inability to pay the total amount with interest in fees. The taxpayer must include all owed taxes, plus penalties and interest, for their offer to be considered. In some cases IRS Penalty Abatement might be a better option, especially is the fees and penalties are the taxpayer’s biggest concern, but if the total amount is the biggest worry then a compromise can often be reached.
The odds of qualifying for an IRS Offer in Compromise used to be as low as one in four, but the Internal Revenue Service has relaxed many of its policies and they are also more willing to work with taxpayers to settle their debts since the economy has taken a downturn. But in order to get any kind of tax relief, you have to be very careful to follow the rules of the program and provide all the information and documents in a timely and professional manner. And it can take as long as a year to get approved, but those who have professional help often get through the system much faster.
If you want to avoid an IRS bank levy and other undesirable consequences, apply for compromise now.
Author's Resource Box
For more resources regarding tax audit defense or even about tax attorneys and especially about state income tax help please review these pages.
Article Source:
Articlebliss
Tags: tax audit defense, tax attorneys, state income tax help
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Submitted : 2009-09-03 Word Count : 368 Popularity: 76 Times Viewed: 17
