3 Tax Resolution Strategies the IRS Offers

Taxes are a fact of life, but tax problems shouldn’t be. If you find yourself in tax trouble, the IRS has clear plans for how to proceed in collecting what they believe you owe. After sending you notices, the IRS can garnish your wages, levy your bank account, even put a lien on your property.

However, the IRS also has clear tax relief options for taxpayers.  In this article, we’ll give you 3 options the IRS has to resolving your tax debt.

Note, we always recommend getting in touch with a specialized tax resolution professional to help avoid the harsh penalties and interest that accrued on your back taxes. It’s far easier to navigate towards tax resolution, if you have a professional working with you. If you’d like to schedule a no-cost confidential tax relief consultation, contact us here.

Let’s dive in to the 3 tax relief options.

Penalty Abatement (PA) – If I Can’t Afford to Pay My Taxes  Why do They Keep Adding Penalties?

The IRS doesn’t like being ignored so this is how they get your attention. They want to be sure you know they are not going away.  It’s like they haunt you with their ongoing letters.  If you don’t respond to them the penalties they tack on is like a club they keep hitting you over the head with.  Penalties are just the beginning of what they can do to your life. 

The IRS may provide administrative relief from a penalty that would otherwise be applicable under its First Time Penalty Abatement policy. To see if you qualify, call our firm at 281-564-4444

Offer in Compromise (OIC) – Pay Less Than You Owe

You’ve probably seen the tax relief firms advertising this on Radio and TV as a way to settle your tax debt for less than the full amount.

Not everyone qualifies, however. It’s important to get expert help so your offer has a higher chance of getting accepted. Before you submit an offer, you must also make sure you’re in compliance, file unfiled tax returns, and structure your offer in a way that the IRS will accept it. Having someone who’s negotiated these offers like our firm is indispensable. Think of it this way; would you go to court without a lawyer? Of course not.  Well, it’s the same thing here…you need an experienced IRS tax problem solver to represent you before the IRS.

Get On A Properly Structured Payment Plan

Your specific tax situation will determine which payment options are available to you. Payment options include full payment, a short-term payment plan (paying in 120 days or less) or a long-term payment plan (installment agreement) (paying in more than 120 days).

It’s important to structure your payment plan properly. Our tax resolution firm can help you set up an Installment Agreement (IA) or Partial Payment Installment Agreement (PPIA) depending on your situation

Here’s How We Help You Get Your Life Back

Some people don’t know what returns need to be filed or what they really owe: their personal or business bookkeeping and recordkeeping is a mess or non-existent.  After we register our Power of Attorney with the IRS and get you protected, the second step we take is to get all your IRS tax records from the IRS to see where you stand.

After that, with your help, we prepare all your delinquent income tax returns and get them filed with IRS.  And lastly, we negotiate the best possible resolution that permanently resolves your IRS difficulties. That may mean doing an Offer in Compromise, a properly structured Payment Plan, Currently Not Collectible Status, Penalty Reduction and more.

Most of this takes place without you ever coming to our offices. We live in a day and age where technology makes it easy for us to represent you no matter where you reside. Of course, you can always come to our offices if you prefer, whatever is more convenient for you.  

Believe it or not there are laws that have gone into effect to help financially strapped taxpayer’s today.  The IRS announced their “Fresh Start Initiative” which allows more taxpayers than ever before to settle up with the agency.  Now is the time to take advantage of these less-stringent, more flexible programs before the IRS changes its mind again.    

Schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem once and for all.

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