Suzanne A. Ascher
ATTORNEY AT LAW
CERTIFIED PUBLIC ACCOUNTANT
If you owe the Internal Revenue Service (IRS) back taxes it is important to find the right solution. The last thing you want to do if you owe back taxes is to spend your time, money and effort attempting to resolve them in the wrong way. This guide will share with you how thousands of taxpayers across the United States have been able to resolve their IRS back tax liabilities. Although there are a number of different ways to resolve back taxes it is important to find which one is right for you. Not everyone qualifies for the solutions shared in this tax guide. The right solution will depend on your facts, circumstances and financial situation.
Failing to pay your IRS taxes is a serious matter. Many taxpayers in this situation worry about the IRS calling them, sending them letters, issuing a summons to appear and, even worse, levying their wages or bank accounts. However, depending on your particular situation, there may be an alternative way to resolve them.
1. Installment Agreement
An Installment Agreement is an arrangement with the IRS to pay your back taxes in monthly payments, instead of making one large payment. Payments are made in a series of multiple and smaller amounts over an extended period of time. The amount of your payment depends on a number of factors such as how much you owe, your financial situation and the amount of time the IRS has to collect the tax. If you can afford to pay your tax debt, but just not immediately an Installment Agreement may be a reasonable solution for you. To learn more about an Installment Agreement contact us today.
2. Offer in Compromise
An Offer in Compromise (OIC) is a settlement with the IRS for those taxpayers that donít have the ability to full pay their tax debt. An OIC allows a taxpayer to settle their back tax liability for a reduced amount. The IRS looks at a taxpayerís past, current and future facts and financial situation when evaluating whether an OIC should be accepted. If you qualify for an OIC it is a great way of settling your back taxes and starting over. After an OIC has been accepted the IRS expects taxpayers to be compliant with their taxes in the future. To learn more about an Offer in Compromise contact us today.
3. Currently Not Collectible
A Currently Not Collectible (CNC) status temporarily stops IRS collection activity and provides a taxpayer with a break from paying their IRS back taxes. The IRS does not collect back taxes from taxpayers while they are on a CNC status. The IRS has a limited amount of time to collect taxes. In some cases, a taxpayerís situation improves and the taxes are paid at a later date. In others, the situation stays the same and the time the IRS has to collect the back taxes may expire. To learn more about the CNC status contact us today.
The Right Solution
There are certain requirements and restrictions for the solutions presented in this guide. We can provide you with a FREE and confidential tax analysis to determine which solution may be right for you. A tax analysis reviews the different solutions in comparison to your situation. Your information is held in the strictest of confidence. Call today or fill out our contact form to request your FREE confidential Tax Analysis.
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IRS Tax Representation - Nationwide
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