Tax Debt Settlement Programs - How To Settle IRS Tax Debt For Less Than You Owe
Each and every one has to pay taxes to IRS.
When a person doesn't pay his taxes, IRS sends its collection officers to take money.
In some circumstances, it is very difficult to pay taxes because people have other liabilities and responsibilities too.
They have to pay other bills like credit card bills and medical bills etc.
most of people who don't get enough wages face real financial problems more often.
For these people, IRS has devised many programs based on its settlement policies.
First of all, Partial Payment Installment Agreement (PPIA) is the best option for those who have to pay more than $10,000.
According to the requirements of this program, a person needs to fill a form that describes complete and correct information about his assets, income and other sources of money.
This information is used for judging a person's eligibility for the current program.
In this regard, if he tries to fill the form himself then his chances of getting rejected increases because there are certain values that are acceptable to IRS.
If a person mistakenly enters these amounts then he may not get the approval.
So as a recommendation, it is better for him to consult a professional tax settlement attorney.
These people don't enter anything extra in it but they will calculate certain amounts proportional to your assets and income statement so that it cannot be rejected.
This will increase the chances of getting acceptance.
Offer in Compromise is another procedure.
People don't get lucky with it but it is worth trying.
For this procedure, a person needs to fulfill certain requirements.
These requirements are • In case a person proves doubt in tax amount.
• In case a person proves that his chances of paying back the whole amount are very less.
• In case a person proves that if he pays the tax in full, he has to face bad financial conditions.
The person who is applying for OIC should fulfill one of above three statements.
With the application form of this procedure, a person needs to pay 20% of the total tax amount.
In case, his application is rejected then this amount will not be refunded.
When a person doesn't pay his taxes, IRS sends its collection officers to take money.
In some circumstances, it is very difficult to pay taxes because people have other liabilities and responsibilities too.
They have to pay other bills like credit card bills and medical bills etc.
most of people who don't get enough wages face real financial problems more often.
For these people, IRS has devised many programs based on its settlement policies.
First of all, Partial Payment Installment Agreement (PPIA) is the best option for those who have to pay more than $10,000.
According to the requirements of this program, a person needs to fill a form that describes complete and correct information about his assets, income and other sources of money.
This information is used for judging a person's eligibility for the current program.
In this regard, if he tries to fill the form himself then his chances of getting rejected increases because there are certain values that are acceptable to IRS.
If a person mistakenly enters these amounts then he may not get the approval.
So as a recommendation, it is better for him to consult a professional tax settlement attorney.
These people don't enter anything extra in it but they will calculate certain amounts proportional to your assets and income statement so that it cannot be rejected.
This will increase the chances of getting acceptance.
Offer in Compromise is another procedure.
People don't get lucky with it but it is worth trying.
For this procedure, a person needs to fulfill certain requirements.
These requirements are • In case a person proves doubt in tax amount.
• In case a person proves that his chances of paying back the whole amount are very less.
• In case a person proves that if he pays the tax in full, he has to face bad financial conditions.
The person who is applying for OIC should fulfill one of above three statements.
With the application form of this procedure, a person needs to pay 20% of the total tax amount.
In case, his application is rejected then this amount will not be refunded.