subject: Tax Problems- Settle Your IRS Tax Debt [print this page] While the American citizens are loaded with IRS tax debt and going through a recession, the IRS may appear as the enemy. With the economy down, still the IRS is knocking door to door to collect the money you owe them. The IRS is not the enemy because they ask a person to pay their back taxes. So there are two ways to view this issue. With one side claiming the money and the other side are motivated to collect IRS tax debt they are owed.
The IRS clearly states that, "The intention of the IRS is to collect the proper amount of tax revenue as inexpensive as possible to the public and in a manner that warrants the highest level of confidence in our integrity, efficiency and fairness". So the organization is not as bad as they appear. To prove it you, they have introduced a offer in compromise program as a tax settlement option for the people who consider themselves unable of paying off their back taxes in full.
If you are able to qualify for this option, you will be allowed to make an offer to Uncle Sam, which you will either pay a lump sum or come to a payment agreement for less than the full balance you previously owed. If your offer is approved you will have to follow some firm protocols. You must agree to filing and paying your taxes on time for the next 5 years; otherwise, of course, there will always be the chance that IRS will terminate the agreement.
To get the most out of the offer, it is very important that you exercise the assistance of a professional tax relief attorney. You can leave your IRS tax problems at their front door and they will handle your tax settlement for you. If you want to try handling it alone, keep in mind that it will be a huge strain on you. Having the required paper work is not going to be enough. Are you sure that you know what kind of tax settlement you will present to Uncle Sam? Some tricky calculations have to be made to finalize the amount for the tax settlement. Even if you know the calculation, there are some procedures that should have skilled handling. First of all, making a offer does not mean your offer will be accepted, because the Government has been demonstrating real conservative attitude to accept any offer; there is only a sixteen percent approval rate. You could be waiting months on the IRS' decision. Uncle Sam can even take up to two years to make a decision on your offer. So being persistent in the right areas is a must to keep the process running strong.
A skilled tax relief specialist will review your current financial condition thoroughly and let you know what amount of the offer will be realistic to be approved. They can also help you to make the best decision between a lump sum or the monthly installments. If you decide the lump sum payment method, you have to put 20% down upfront. This entire process, as you can see, needs proper knowledge of the tax settlement system, IRS procedures, legal system and most of all negotiation skills.
Be sure to take advantage of the IRS tax settlement program, it might not be available a second time. So be sure to find the IRS tax help specialist to cut your IRS back taxes so you can feel like many of Americans who have already experienced tax debt relief.
Tax Problems- Settle Your IRS Tax Debt
By: Josh Blackburn
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