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Resolving tax debt with the IRS can be a very exhausting process, which is why if you live in New York, it may be best to seek the advice and counsel of NY tax attorney Joseph Y. Balisok. Mr. Balisok has experience in tax debt relief, payment arrangements, and levies. For more information on how to deal with the IRS, visit http://www.josephybalisok.com.
Generally, the only way to settle a tax debt is to pay it off. Of course you can submit a lump-sum payment; but you can also apply for an installment agreement with IRS, which allows you make monthly payment for your tax liability. IRS also has a partial payment installment agreement, which combines a traditional installment agreement with an offer in compromise (OIC). You can call IRS or hire a tax professional to decide what is your best interest to settle a tax debt. Check related link for more information
What else can I help you with?
What steps do you take to resolve tax debt?
You first need to contact the IRS to determine what kind of debt you are in and for how much. You then may need to try and negotiate a payment plan with the IRS directly.
What steps can I take to resolve my tax debt problem efficiently and effectively?
To resolve your tax debt problem efficiently and effectively, you can take the following steps: Contact the IRS or a tax professional to understand the full scope of your tax debt. Review your financial situation to determine how much you can afford to pay towards the debt. Consider setting up a payment plan with the IRS to pay off the debt over time. Explore options such as an Offer in Compromise or an installment agreement to settle the debt for less than the full amount. Stay in communication with the IRS and make timely payments to avoid further penalties and interest.
What are the options for settling a tax debt?
Settling your tax debt with the IRS depends on how much you owe, what the statues of limitations are on your liabilities, how your liability arose and what your ability to pay the IRS is. If you owe below $25,000 dollars you are elgible for an installment agreement. Above $25,000 or if you are not able to pay the instalment amount set by the IRS requires you to submit a financial disclosure form to prove to the IRS what you can pay. The time the IRS has to collect your liability has a lot to do with IRS collections as well as how the liability arose. As you can see it can be very complicated to resolve your tax debt with the IRS. Generally, the only way to settle a tax debt is to pay it off. Of course you can submit a lump-sum payment; but you can also apply for an installment agreement with IRS, which allows you make monthly payment for your tax liability. IRS also has a partial payment installment agreement, which combines a traditional installment agreement with an offer in compromise (OIC). You can call IRS or hire a tax professional to decide what is your best interest to settle a tax debt.
Where is it possible to get tax debt resolution?
Tax debt resolution is possible through the IRS directly, where options like installment agreements, Offers in Compromise, and penalty abatements are available. You can also seek guidance from licensed tax professionals such as CPAs, enrolled agents, or tax attorneys. For expert assistance, Better Tax Relief specializes in helping individuals resolve IRS tax debt quickly and effectively.
Are spouses responsible for tax debt?
That is a great questions and it relies on a couple key points of information. A spouse is only responsible for tax debt if they: A. filed a joint return during the year the tax event (or debt) occurred B. The spouse filed separately, but shares a bank account with an individual who has a tax lien or levy filed against them as the IRS may seize the bank account (and in doing so seize the spouses money as well). The good news is there are ways to detach a spouse from the liability via an Innocent spouse claim. Additionally, there are many ways to resolve back tax debt via IRS resolution programs aimed at assisting tax payers to resolve back tax liabilities. These include IRS settlements, income based repayment plans, and/or non collectible statuses where the tax payer's expenses exceed their income and show they have an inability to afford the tax debt. We always recommend consulting with an experienced tax practitioner who deals specifically with back tax debt and IRS & State tax resolutions.
Can an IRS lawyer get me an offer in compromise to settle my tax debt?
Most IRS lawyers will be able to help settle a tax debt. Before hiring, make sure you interview the lawyer and find out what their success rate is. Search for an IRS tax lawyer at http://www.irstaxattorney.com/.
Can I get the interest and penalties on a tax debt waived?
The IRS will typically not waive interest or penalities on tax debt. Consult with your CPA for additional information.
How do I resolve IRS tax settlements?
There are at least two sources you can go to, in order to find out what tax settlements you may owe the IRS. You can visit the IRS website at: www.irs.gov or you can telephone them at (800) 829-1040.
Where might one turn for IRS problem resolution?
There are many different resources one could find helpful if they are trying to resolve a problem with the IRS. There are great websites available for this type of assistance including Tax Payer Advocate and Debt Free Today.
Where can I get more information about tax debt settlements?
You can get more information about tax debt settlements directly from the IRS website, which explains programs like Offers in Compromise, installment agreements, and penalty relief. Many financial news outlets and consumer protection sites also provide guidance on navigating tax debt. For personalized help, Better Tax Relief offers expert support to evaluate your situation, negotiate with the IRS, and find the best settlement option for reducing your tax burden.
What happens when your income tax refund is garnished for debt?
So you were expecting a tax refund from the IRS after you filed a tax return. Insteasd of getting your refund, the IRS sent you a letter saying that your refund was used (garnished) to satisfy your back tax debt. What is going on? This means that you have a back tax liablility with the IRS and the IRS will take your refund to satidfy that debt. If you got your refund check garnished and you were unaware you owed the IRS, you need to take care of this situation fast. The IRS can start enforced collections against you and go as far as garnishment of your pay and levy your bank accounts. You can find out more at wallysworldoftaxes.blogspot.com.
Are IRS Tax Relief companies really able to reduce my tax debt?
IRS Tax Relief programs are not guaranteed to lower your tax debt. In most cases, they bother the IRS enough that they'll lower monthly payments or slightly reduce what you owe. However, these programs cost money which might worsen your ability to pay the IRS. A monthly payment plan to the IRS and having a CPA look over your taxes is the best option.
