Settling Tax Debt

It is not unusual for a lot of Americans to owe back taxes at some time in their lives. When you're unable to pay your taxes, tax bills can arise. With this tax bill, comes the added amount of penalties and interest that has compounded. If you're suffering from this kind of IRS issue, what can you do?

There are five ways that could help you pay your tax debt, depending on your financial situation.

Installment agreement: Monthly payment plan
A long-term reduced amount payment plan, or partial-pay installment agreement
*Either of these 2 installment agreements may require you to accomplish Form 9465 (Installment Agreement Request) and Form 433-A (Collection Information Statement). You'll need to figure out the amount you can afford to offer for your monthly payment. Three months' worth of documentation of income and expenses are required to complete Form 433-A. A letter is also written requesting for an installment agreement. Send it along with the forms and three months' worth of supporting documentation to the IRS. You should receive a response in about ninety days.
Submit Form 656 (Offer in Compromise) to reduce the tax bill, either through lump sum payment or short-term settlement plan, by showing Doubt as to liability, Doubt as to collectibility, or Hardship.
Currently not collectible status: The IRS agrees not to collect a tax bill for a specified duration, usually 1 year. This means that you have no ability to pay. Form 433-F has to be filled out. You'll receive an annual statement itemizing the amount you need to pay.
Declare bankruptcy to liquidate your debts (Chapter 7 bankruptcy), or ask for a payment plan (Chapter 11, twelve, or 13).

Get the situation under control so your life can be back to normal. A tax professional can help solve your IRS problems and tax bill.

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