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How Can You Resolve Your Irs Tax Debts?

How Can You Resolve Your Irs Tax Debts?


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Home Page > Finance > Debt Consolidation > How Can You Resolve Your Irs Tax Debts?

How Can You Resolve Your Irs Tax Debts?

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Posted: Feb 12, 2010 |Comments: 0
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Many of you may be struggling with IRS tax payments. You can resolve your tax with IRS by using one of the following options:

Offer in compromise: This is an IRS debt relief agreement made with the IRS. Through this agreement you can settle your debt for a significantly less amount than what you actually owe. This payment can be made through a lump sum or in installments. These offers are not as simple as they sound, neither are they commonly found. Only about 15% of such applications are approved by IRS. Applications take about 12 to 24 months to get processed.

• Installment agreement: This constitutes a monthly payment plan to pay up the full balance of the IRS debt. When you do not qualify for OIC or Offer in Compromise you may be offered an installment agreement by the IRS.  If you want to make a full payment, often times, you may apply yourself.

• Partial installment agreement: This constitutes a monthly payment plan that pays off a part of the tax debt. You may seek help from a tax professional when looking for partial payment plan.

• Not collectible at present: This an agreement that you sign with IRS or rather an agreement made by IRS not to seek collection of a debt for a particular period of time frame. Seek help from a tax professional for a currently not collectible plan if you have not qualified for Offer in Compromise (OIC).

• Bankruptcy: With chapter 7 and 13 you can discharge all or part of your IRS debt.

If you require IRS debt relief, your financial condition will determine the kind of payment arrangement you can get into with the IRS. You may walk into the office of IRS or simply contact them via telephone, facsimile, e-mail or even the traditional postal mails. You may seek help from the customer service agents who can work out a plan for you that will help you not to lose your wage and will assist in liquidating bank accounts or even keeping the tax return if there is one you owe the IRS.

You may also seek assistance from a CPA or Certified Public Accountant who may develop a plan keeping the IRS rules intact giving you IRS debt relief as long as you follow the arrangement. You may also seek assistance from an expert. Common IRS debt help services are only meant to provide advice to the taxpayer.

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Ryan Smith -
About the Author:

Ryan Smith is a contributory writer associated with the Debt Community and has written several articles for various financial websites. He holds his expertise in the Debt industry and has made significant contribution through his various articles.

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Questions and Answers

Ask our experts your Debt Consolidation related questions here…200 Characters left

How long does irs keep tax records ?
After my divorce was final, I filed my individual tax return. The IRS took my entire refund to pay back taxes from my marriage, that I knew nothing about. Is this legal? Can I get my money back?
Is 18% contingent fee fair. This is a Non formal Chapter 13 Debt Resolution? 18% is based on the original balance of resolved acct. I’m not sure what’s the norm?

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