If you owe money to the IRS, they will pursue payment from you, whether you are rich or poor. You no longer have to fear the taxman at your door because there is a way for you to pay off your taxes. The IRS has a payment plan, officially called an "Installment Agreement," that allows you, or a tax professional representing you, to negotiate a reasonable monthly payment in order to pay back your taxes. Once this plan is established, the IRS will not enforce collection action, including the levy of bank accounts or wages, as long as you remain current on your payments and your tax filings.
You can negotiate the payment plan yourself, but using a specialist, such as a tax attorney, is recommended. A tax specialist, who has worked with similar tax cases to yours, knows the ins-and-outs of dealing with the IRS and can probably save you money by negotiating the lowest possible monthly installment payments and will help you with securing the most convenient payment options such as payroll deduction, direct debit from your bank account or credit card, or paying by check or money order. The tax professional can also help you get your past tax problems in order, such as filing any delinquent returns, because the IRS will not negotiate a payment plan unless all your tax filings are current.
For those in extreme financial hardship, there is another tax relief option available called the Offer in Compromise. This option is designed to give those with significant financial troubles a fresh start, if they qualify. The Offer in Compromise gives a person the opportunity to pay a small amount as a full and final payment on what they owe to pay off their tax debt.
The key to this program is that it is something that you must qualify for and can be a complicated and drawn out process. Using a tax relief specialist can greatly improve your chances of negotiating a settlement because they are more familiar with the guidelines, rules and protocols of the Offer in Compromise. Keep in mind that this is a privilege and in 2007 only about 12,000 Offer in Compromise settlements were accepted of the 46,000 that had applied for it.
Even if you do not qualify for the Offer in Compromise settlement program, most people will qualify for an IRS payment plan that fits into their budget, especially under the guidance of a tax specialist. Once a payment plan is established, the burden of the taxman at your door will be removed and replaced with a feeling of tax relief, which is priceless!
Michael Rozbruch, one of the nation's leading tax experts, is a Certified Tax Resolution Specialist (CTRS), licensed CPA in the state of Maryland and the founder of Tax Resolution Services. He teams up with an expert staff of tax attorneys, CPAs, and tax relief professionals to help individuals and small businesses solve their IRS problems. Michael also shares valuable tax advice and information in his blog- Tax Resolution University
For more information on achieving a tax resolution for your IRS problems call 888-851-5894 for a free tax relief consultation.
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