You are faced with an IRS Debt and you cannot afford to pay what you owe.  The interests and penalties are compounding and the amount of the bill seems to be increasing 10 fold.  The Revenue Officer from the local IRS office is stalking you and a tax lien has been filed at the county courthouse.  Your employer just informed you that garnishment of your earnings will begin with the next paycheck.   The situation seems grim and you wonder if there is ever a way out.  The truth is, IRS debt settlement is a possibility and things may not be as hopeless as you fear.

The first decision that you must make is to fractional payment installment accord, a long term payment plan settle on if submitting your IRS debt settlement is something that you will do on your own or will you seek the assistance of a qualified and experienced tax attorney or tax professionals.  Tax laws are complex and the detail oriented paperwork can be cumbersome.  One wrong or omitted field on a document could ruin your chances of your settlement offer being accepted.  It’s your call, but a tax professional has the knowledge and the time to completely represent you in your negotiations with the IRS.

Now, once you have decided that, you need to learn about the “Fab Five.”  These are the top 5 options that you have for IRS Debt Settlement.

1.    Offer in Compromise – Offer an amount to the IRS that is less than owed.  The payment must be in one lump sum.   Sometimes the IRS will accept a short term payment plan in conjunction with an Offer in Compromise.
2.    Installment Agreement – Set up a monthly payment plan until the debt is paid in full.
3.    Incomplete Payment Installment accord – A long term imbursement diagram is established for an agreed upon reduced amount.
4.    Not Currently Collectible – This status is applied to individuals when the IRS does not believe that the taxpayer can pay the liability because of serious financial hardships.  This will temporarily halt IRS collection.
5.    Bankruptcy Filing – Chapter 7 and Chapter 13 bankruptcies may discharge some tax debts.
Still unsure which of the “Fab Five” is best for your IRS Debt Settlement?  Contact a tax attorney today for advice on how to proceed.

Call today at 1-877-839-1105 for a FREE consultation or use the contact form => Contact Form