subject: IRS Tax Problem? Your Solutions to Back Tax Issues [print this page] "The IRS has many programs in place to assist with the taxpayers' back tax problems. The options include essentially an Installment Agreement, Offer in Compromise ( "OIC"), and Currently Not Collectible status"T
he IRS has many programs in place to assist with the taxpayers' back tax problems. The options include essentially an Installment Agreement, Offer in Compromise ( "OIC"), and Currently Not Collectible status.
Bankruptcy may be an option. But you need to analyze the age and the type of back taxes. In most cases, the most recent federal income tax opinions can not be dismissed. This also applies to unpaid payroll taxes.
An OIC is another choice for youto consider. You are required to disclose confidential financial information. Refusal to OICS prices are high, but your chances of success improve when you work with a tax professional. If your OIC is rejected, there is an appeals procedure.
In the OIC, the taxpayer must demonstrate that he or she will not be able to repay back taxes, also has one of only four to five years if a sale of all assets owned by the taxpayer. Like many other options, an OICaccepted only if the taxpayer filed income tax returns all again.
Receive a Currently Not Collectible option requires full disclosure of the financial situation of the taxpayer. Here, too, Currently Not Collectible status of the taxpayer's claim that he Submissions current on all tax matters.
Taxpayers should realize if they have tax problems, there are many opportunities afforded them by the IRS. The procedures were in service by the IRS in the position, most of tax Problems
