Tax Debt Help: Tax Relief Help with Settling Tax Debt
Flat Fee Tax Service, Inc. is a tax relief firm that will analyze your tax and financial situation and come up with the best tax debt method for you. You can be assured that you will be working with an experienced IRS Tax Attorney who will protect you. You will work directly with our IRS Tax Lawyer. Our tax relief team are experts in tax settlements. We will give you all of your options and will not make promises about settling for less than what is possible. You can be assured your situation will be evaluated honestly and that our tax professionals will find the settlement method that will save you the most money.
How does tax debt help work?
- You will receive a free, no-obligation and confidential consultation.
- Our team will determine the best settlement method for your unique tax and financial problem.
- Find out if you are a good candidate for the offer in compromise program.
- Our IRS Tax attorneys will file a Power of Attorney with the IRS. You will no longer speak to the IRS.
Tax Debt Help – IRS Settlement – How To Settle With the IRS
The IRS realizes that there are special circumstances where taxpayers simply cannot pay their tax debt. As a result, there are several ways to settle for less than you owe. Here are some tax debt settlement options.
Offer in Compromise
An IRS settlement through the Offer in Compromise program is when you settle tax debt for less than you owe. Obviously, not everyone is eligible to settle their tax debt. The process can be confusing and difficult, and there are strict qualification requirements. The IRS will only accept an Offer in Compromise settlement if your settlement offer is equal to or greater than the amount the agency would be able to collect using forced collection mechanisms (seizing assets, IRS garnishments, etc.).
IRS Penalty Abatement
An IRS Penalty abatement is when the IRS forgives the penalties added to your tax debt. This is a very common method for settling taxes for less than you owe. In fact, about a third of all IRS penalties are removed at a later date. Please note: You only get one opportunity at an IRS penalty abatement. It is important to do it correctly.
Partial Payment – IRS Installment Agreement
An IRS Partial Payment Installment Agreement is when you make payments based on what you can afford rather than the monthly amount required to satisfy your tax debt in full before the CSEDs expire. The balance gets reduced as the statute of limitations comes into effect. Under the statute of limitations, tax debt expires after a certain period of time (generally 10 years from the date it is assessed). As the expiration date hits, that tax debt is erased, and you are no longer responsible for it.
Why pay the tax debt if it is just going to expire? Because setting up a payment plan stops the IRS from taking enforced collection actions like the seizure of assets, IRS garnishment of your wages, or taking your passport.
Tax Debt Help – Innocent Spouse Tax Relief
Innocent spouse relief is only available to taxpayers who have filed jointly with their spouse. Normally, both spouses are liable for all tax debt, IRS penalties, and interest, but there are some rare situations where it’s unfair to hold both spouses liable. If you qualify, the IRS will still hold one spouse liable, but you aren’t responsible.
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