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Who Can You Relieved Yourself From The IRS Tax Debts?
Who Can You Relieved Yourself From The IRS Tax Debts?
Get IRS income tax help and its solution from experienced tax attorneys at Loans Store. Federal and state income tax help on IRS issues, resolve your tax problems.
New York,
New York,
United States
(pr4links.com)
27/11/2010
Many people are facing the tax problems with the IRS. It’s not good to find our self in this situation but if a person is in need of tax debt relief options than solutions do exist. In addition to the debt consolidation, those seeking tax debt help can make use of the currently not collectible status, offer in compromise or other installment arrangements.
Currently Not Collectible Status
Filing IRS form 433-F will permit a taxpayer to be declared in the currently not collectible status by the IRS. If a person is facing serious financial problems then he should consult a tax professional and discuss the problem. This form will give evidence to the IRS that one is unable to pay tax debts and this is the best tax solution. Thus IRS will stop all the collection procedure including the wage garnishment and tax liens. As the taxpayer is in currently not collectible status, the IRS will send an annual statement to the taxpayer and it will state the amount of debt owed. The IRS has ten years with them to collect their tax debts and they will send this statement every year. The tax debt expires after ten years and the IRS will not be able to collect further.
Installment Arrangements
Monthly payment plan is another alternative. Paying off installment arrangement is the most convenient method to pay the owed tax debt. One has to just fill up a form and send the mail. There is usually a fee for the new installment arrangement plan which ranges from $45 to $105 and it depends on the individual condition. The payments will normally be taken from the bank accounts every month. This is usually a great way to get tax debt relief because the IRS would be ready to receive late payments than rather not receiving at all.
Offer In Compromise
The offer in compromise is a smart option if one owes a large amount of debt to the IRS and is unable to pay. Filing an offer in compromise involves making offer to the IRS for paying less than the full amount of the IRS back taxes. If a person qualifies for the offer in compromise program than he must agree to pay in a lump sum or he can even spread the payments over a 24 month period. One needs to fill the IRS form 565 for applying offer in compromise.
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