Irs Tax Debt Settlement Help – When You Need Expert Tax Debt Help

With the recent downturn in the economy, Americans find themselves not only facing unsecured credit card debt problems, and difficulties handling their home and vehicle loans, but oftentimes unable to pay their IRS taxes in a timely manner. There is IRS tax debt help available to anyone who finds they owe money for back income taxes to the Internal Revenue Service. The federal government offers many tax relief programs that are designed to help the taxpayer repay the delinquent IRS tax debt due. But if you are a struggling taxpayer with a large IRS tax debt, then repaying the full IRS back tax debt may not be an option for you and your family. In fact, it may seem like an insurmountable financial hurdle you will never be able to overcome. That is why there is an IRS tax relief program called Offer in Compromise.

Federal law does grant the IRS the power to agree to a settlement of your IRS tax debt for less than the actual amount you owe. Sometimes, the IRS can accept significantly less to end your IRS tax debt. However, the process of actually getting the IRS to agree to a tax settlement is not simple or straightforward. You may need expert IRS tax debt settlement help to insure that you have filed everything correctly and that you give yourself the very best chance to be approved for a reduced tax debt settlement offer. The IRS does not widely promote this program and it is not a full amnesty program. It is however, a way to significantly reduce your IRS tax debt, and have the “compromised amount” be considered payment in full for the IRS back tax liability. It is as close as you can get to a “fresh start” with the IRS!

Knowing when it is prudent to seek professional IRS tax debt settlement help can be crucial to your success. The paperwork for the IRS tax debt settlement program is complicated. You are required to prove that you will never be able to pay back the entire tax debt, or that paying off your tax debt will cause “undue hardship”. You must commit to a full financial disclosure. The IRS looks at your income and all your “lifestyle expenses”. They even require an inventory of all your accounts, possessions, and the equity in your home. Getting approved can be a lengthy process and there are no guarantees you will quality for this form of IRS tax relief. The process can take up to a year. Having professional tax debt help can “make the difference” between success and failure. You simply cannot be expected to know all the complexities of the IRS settlement process to insure your tax debt settlement offer is accepted. But IRS tax relief professionals can give you this “much needed edge”.

There are a number of companies that are able to provide delinquent taxpayers with the IRS tax debt settlement help they need. Some of these firms are actually tax law firms, while some are companies with tax specialists that assist with IRS back taxes. These firms are typically staffed with tax attorneys, enrolled agents, CPAs, and even previous IRS employees who have the “inside track” on how to successfully secure a tax debt settlement offer from the IRS. These companies will offer a free tax analysis which allows you to have your tax matter reviewed at no initial cost. These tax firms are also aware of all other IRS tax relief programs available should it not appear that you are likely to quality for tax debt settlement through the Offer in Compromise program. It is always advisable to check the record of any professional tax debt help firm or company you intend to contract with to handle your IRS tax debt problem. It goes without saying that successful resolution of your IRS tax debt is important!

Liv Worthington has worked in debt management for many years. She takes pride in helping her clients also find IRS tax debt settlement help when they need IRS tax relief and expert tax debt help for IRS back taxes. Filed under: Tax Articles